HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) entered into a Memorandum of Understanding (MoU) with the Sri Lanka Institute of Directors (SLID) recently. The signing ceremony was witnessed by Mr. Lasitha Wimalaratne, Chief Executive Officer of HNBA, Mr. Sithumina Jayasundara, Chief Executive Officer of HNBGI as well as Mrs. Radika Obeysekere, Chief Executive Officer of SLID.
Sharing his views, Mr. Lasitha Wimalaratne stated, “This special agreement formalizes the mutual interaction between HNBA, HNBGI and SLID and sets the foundation for an exciting and strategic partnership between the three entities. I’m thankful to the Management of SLID for the opportunity and looking forward to this year’s event calendar”.
Mr. Sithumina Jayasundara, Chief Executive Officer of HNBA shared his thoughts stating, “HNBA and HNBGI has come together and formed this strategic collaboration with SLID to work towards a common purpose. This is a great opportunity for HNBGI to showcase our specialty product range needed for businesses to move forward knowing that they are covered. I’m sure this partnership will benefit all three entities and I extend my gratitude to SLID for the opportunity”.
Speaking on the MoU Mrs. Radika Obeysekere, Chief Executive Officer of SLID stated, “SLID is pleased to welcome onboard industry leaders in insurance - HNBA and HNBGI as our annual corporate partners for 2022-2023. I’m certain our membership of Directors and aspiring directors will greatly benefit from our partnership and the awareness created particularly around the importance of insurance coverage”.
HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 branches. HNBA is a Life Insurance company with a rating of ‘A+’ (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating'. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNBA and HNBGI are rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka. HNBGI has been awarded a ‘National Insurer Financial Strength Rating’ of ‘A+’ (lka) by Fitch Ratings Lanka Limited and has obtained the Great Place to Work® Certification. The Company was awarded the Motor Insurance Initiative of the Year - Sri Lanka award at the Insurance Asia Awards 2021.
The Sri Lanka Institute of Directors (SLID) stands at the forefront of corporate governance in Sri Lanka bringing together the largest community of Boardroom Leaders comprising of Directors representing the private and public sectors in Sri Lanka. SLID also recognizes “Aspiring Directors” as an important segment of its overall membership. The Institute is committed towards creating “Better Directors, Better Boards and Better Companies” through its ‘best in class’ Board Leadership training and wide range of knowledge and skills building programs.
December
HNB General Insurance (HNBGI) demonstrated its excellence by securing three prestigious awards at the National Sales Awards 2024, organized by the Sri Lanka Institute of Marketing (SLIM). This premier event is the pinnacle of recognition for sales professionals across industries in Sri Lanka. Reflecting HNBGI’s exceptional sales achievements during the 2023–24 period, the company’s Channel Development Manager, Danidu T. Galappaththi, clinched the coveted Silver Award under the National Sales Manager category. Danidu’s multifaceted contributions have been instrumental in driving HNBGI’s sales success. His leadership encompassed managing a dynamic sales team to achieve enhanced performance, leveraging innovative technologies, and adopting strategies such as product diversification and bundling to penetrate new market segments. In the Territory Manager category, Pulasthi Bandara, HNBGI Malabe Branch Manager, was honored with a Gold Award for his strategic planning capabilities, financial acumen, and strong communication skills which were pivotal in achieving sales targets and implementing best practices. In the same category, Ranga Deshan, Cluster Manager – Colombo South, HNBGI, won a Merit Award for his outstanding efforts in overseeing branch performance. His expertise in branch-level strategy, target achievement, and team development were critical to HNBGI’s consistent growth. Expressing his pride in the sales team’s accomplishments, Sithumina Jayasundara, CEO of HNBGI, stated, “The steady sales growth we have achieved over the last few years is a testament to the dedication and exceptional performance of our sales force. At HNBGI, we ensure their hard work is recognized and celebrated internally but seeing them honored on a national stage is incredibly rewarding. I extend my heartfelt congratulations to our award winners for their outstanding contributions to the company.” These accolades underscore HNBGI’s commitment to fostering a culture of excellence, innovation, and continuous improvement within its sales force. The recognition at SLIM National Sales Awards 2024 solidifies HNBGI’s position as a leader in the industry, driven by a passionate and high-performing team.
November
HNB General Insurance (HNBGI) recently entered into a bancassurance partnership with Commercial Bank of Ceylon PLC, one of Sri Lanka’s largest and most reputed private banks. This strategic partnership marks a milestone in their shared mission to provide innovative, customer-centric insurance solutions. The partnership was formalized by Mr. Sanath Manatunge, Managing Director / Chief Executive Officer of Commercial Bank, and Mr. Sithumina Jayasundara, CEO of HNB General Insurance, during a ceremonial signing. This strategic partnership alliance leverages the strengths of both institutions to deliver unparalleled convenience and tailored insurance options for their customers. Through this collaboration, Commercial Bank’s extensive customer base of over 3.5 million, served through Over 270 branches nationwide, will gain access to HNB General Insurance’s innovative portfolio of general insurance products. These carefully curated offerings are designed to deliver comprehensive coverage, promoting greater inclusivity and peace of mind for Sri Lankans. Commenting on the collaboration, Mr. Sithumina Jayasundara, CEO of HNB General Insurance, stated, “Joining forces with Commercial Bank is a significant milestone for HNBGI. This partnership not only enhances our footprint across Sri Lanka but also reaffirms our dedication to delivering best-in-class insurance solutions to meet the diverse needs of Sri Lankans.” “This partnership reflects Commercial Bank’s commitment to enriching the financial wellbeing of our customers by offering them innovative and tailored solutions. Collaborating with HNB General Insurance allows us to deliver added value and convenience to our clients, aligning with our mission to empower communities across Sri Lanka,” said Mr. Sanath Manatunge, Managing Director/ Chief Executive Officer, Commercial Bank of Ceylon. This collaboration reinforces both organizations' commitment to advancing inclusivity in Sri Lanka while prioritizing customer convenience and satisfaction. HNB General Insurance, as part of the HNB Assurance PLC which in turn is part of the reputed HNB Group and Commercial Bank, widely recognized for their excellence in banking, bring together their expertise to redefine convenience and security, setting a new benchmark for service excellence for customers of both institutions. HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNB General Insurance operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNB General Insurance is committed to creating sustainable value for stakeholders through innovation and care.
November
HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) continued to build on their impressive performance, recording strong financial growth and achieving impressive operational success during the third quarter of 2024. With a focus on innovation, customer-centricity and expanding their market presence, both companies for the nine months ending September 30, 2024, reported a Gross Written Premium (GWP) of LKR 16.6 billion, a 22% increase when compared to the same period last year. This growth was fueled by HNBA’s GWP of LKR 9.9 billion, reflecting a 27% increase, and HNBGI’s GWP of LKR 6.7 billion, marking a 14% increase. Additionally, the Group’s PAT saw a notable growth of 26%, rising from LKR 583 million to LKR 734 million when compared to the same period last year. These exceptional financial performances were further fortified by the affirmation of Insurer Financial Strength ratings of HNBA and HNBGI as ‘A-’ (lka) from Fitch, with a stable outlook. "Our robust performance this quarter speaks to the strength of our team and the focus we’ve maintained in expanding our reach," commented Mr. Stuart Chapman, Chairman of HNBA and HNBGI. “The year 2024, we navigated with careful optimism, mindful of the elections and the unpredictability they could bring. Despite these uncertainties, our teams not only anticipated the challenges but surpassed expectations, achieving outstanding growth targets. The Group's GWP saw a substantial increase of 22% compared to the same period last year. Meanwhile, the Group’s Assets grew by almost 15%, rising to LKR 58.9 billion, during the first nine months. Additionally, our total equity touched LKR. 10.6 billion and our life fund reached LKR 37.6 billion, a noteworthy increase of 23%, during the first 03 quarters of the year. These achievements reflect our commitment to sustainable growth, positioning us strongly for the future as we continue to create value for our stakeholders.” Added, Mr. Chapman. “I am delighted to note that we have continued to maintain our remarkable financial performance during the third quarter and maintain our position as the only fitch A- rated life insurance provider in Sri Lanka.” Stated Mr. Lasitha Wimalaratne, CEO of HNB Assurance. “Our Gross Written Premium has grown by 27%, reaching LKR 9.9 billion from LKR 7.8 billion when compared to the same period last year. The company posted a 6% growth in profitability by recording Rs. 550 million as profit after tax. It must be noted that the company is yet to recognize surplus from the Life fund which will be at the end of the year. An achievement which highlights the success of our strategic focus in offering accessible and innovative insurance solutions that truly resonate with the needs of our customers, through collaborations and new partnerships.” For HNBGI, the Q3 performance highlights its proactive stance in navigating challenges while seizing growth opportunities. Mr. Sithumina Jayasundara, CEO of HNBGI, commented, “Our commitment to improved underwriting and efficient claims management has been instrumental to our success. We continue to make considerable strides in offering tailored insurance solutions that resonate with our clients, which has helped us achieve a GWP of LKR 6.7billion, a 14% increase when compared to the same period last year. Our business and efficiency improvements allowed us to increase our profit after tax threefold, to reach a 187% growth when compared to the same period last year. Notably, our focus on diversifying our portfolio beyond motor insurance has yielded significant growth, with our non-motor segment growing by 22% when compared to the same period last year. Within this category, we saw remarkable performances in marine, fire, and engineering insurance lines, which have grown by 121% and 27%, respectively, highlighting our proactive strategy to expand into areas of high demand.”
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