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From Strength to Strength: Fitch Upgrade Ratings of HNB Assurance PLC and HNB General Insurance Limited from ‘A’ (lka) to ‘A+ (lka)’; Outlook Stable.

Reaffirming the strength and stability of HNB Assurance PLC Group, Fitch Ratings upgraded the ‘National Insurer Financial Strength Rating’ (IFS) of both HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) from ‘A(lka)’ to ‘A+(lka)’ citing stable outlooks.


The Rating Actions Commentary issued by Fitch on the 3rd of June 2021 states “The upgrade reflects the insurers' improved capital position, as measured by strong regulatory risk-based capital (RBC) ratios. The ratings also take into account the insurers' 'Favourable' business profiles and a sustained improvement in their non-life underwriting performance, while maintaining satisfactory earnings in its life insurance operation”.


Sharing her views, Chairperson of HNB Assurance PLC Group, Mrs. Rose Cooray stated, “This indeed is another significant achievement for HNB Assurance as well as HNB General Insurance and demonstrates very clearly to the market the singular focus of both companies on maintaining and building their strength and stability. HNBA’s Life Fund has exceeded LKR 17.8 BN, HNBGI’s Contract Liabilities stood at LKR 3.5 BN while the Total Assets of the Group surpassed LKR 32.9 BN by the end of the first quarter of 2021.”  Mrs. Cooray further went on to state, “For our Group, it’s not business at any cost, rather, our drive is towards consolidated growth being driven through the focus on key business fundamentals and a prudent outlook to risk underwriting.” She further noted, “this rating upgrade augurs well for the soundness of strategies that have been crafted for both companies as well as for the capability and business acumen of the Management Teams. This will no doubt fortify our position in the market as a solid player and further infuse confidence in the mindset of key stakeholders to transact with both the Companies. I wish to thank each and every member of both teams for their dedication and commitment especially during these trying times that has enabled us to receive this upgrade in ratings by Fitch”.


Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando shared his thoughts stating, “We are delighted to announce the news of this upgrade to all our stakeholders. The ratings of HNBA and HNBGI have been upgraded by Fitch Ratings upon reviewing the business profiles, the improved capital position, and the sustainable underwriting performance of both entities. Further, an upgrade of this nature demonstrates our consolidated financial strength, low business risk and solid operational performance. Whist thanking Fitch Ratings for this recognition and all our stakeholders for being with us throughout our journey, it is with great reassurance I state that the management of both entities remain confident of driving our performance up further and are well positioned for growth.” Mr. Fernando added “I am happy to note that the Group recorded a Gross Written Premium (GWP) of LKR 3.2 BN for the first quarter of 2021. The Life Insurance business posted a remarkable 51% growth in GWP achieving LKR 1.6 BN and the General Insurance business recorded a GWP of LKR 1.6 BN marking a 27% growth. It is noteworthy to mention that the market rank of HNBGI has improved by one notch to the 7th position during the quarter with the growth in GWP.” Mr. Fernando further stated “the contribution of our Parent Company HNB too has helped us in this achievement and I am truly grateful to the Bank’s Corporate Management and the members of its branch network for all the support that they have given us.” Speaking on the contribution of the team, Mr. Fernando stated “each and every member of the HNBA and HNBGI teams have played a part in contributing towards this achievement, I am truly grateful and thankful to every single one of them for rallying around the Group and giving their best at all times. This upgrade has us all energized, excited and invigorated, and will, I am sure, further bolster the drive and passion of every team member to do better during these difficult times”.


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. HNB General Insurance has been assigned a ‘National Insurer Financial Strength Rating’ of ‘’A+’’ (lka) by Fitch Ratings Lanka Limited. HNBA is 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.

 

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04

March

HNB General Insurance Partners with SampathCards to Make Insurance Easy with 0% Interest Payment Plans

HNB General Insurance, a leading provider of insurance solutions in Sri Lanka, announced a collaborative partnership with Sampath Bank to offer customers 12-month 0% interest payment plans on both motor and non-motor insurance policies. This marks HNB General Insurance’s collaboration with a non-group member bank, significantly expanding its reach and making insurance more accessible for a wider audience across Sri Lanka. Through this partnership, Sampath Bank Credit Cardholders can now enjoy the convenience of budget-friendly installments on their insurance premiums. With no upfront interest charges, customers can spread the cost of their motor, home, travel, medical, or any other non-motor insurance policy over a year, easing financial constraints and making essential coverage more achievable. “We are thrilled to partner with Sampath Bank, a leading bank with a large card base and extensive network in Sri Lanka, to offer this unique benefit to our customers,” said Sampath Wickramarachchi, Chief Business Officer/ General Manager at HNB General Insurance “This collaboration underscores our commitment to making insurance more inclusive and affordable for everyone. By eliminating upfront interest costs, we hope to encourage more people to obtain their insurance and peace of mind.” Shiran Kossinna, Assistant General Manager - Card Centre at Sampath Bank, added, “We are always looking for ways to provide our cardholders with most ‘Valued Deals’. This partnership with HNB General Insurance perfectly aligns with that goal, allowing our customers to manage their insurance expenses more effectively and conveniently.” Key benefits for customers: • 0% interest: Spread the cost of your insurance premium over 12 months without incurring any interest charges. • Wide range of coverage: Available on both motor and non-motor insurance policies offered by HNB General Insurance • Convenience: Pay using your trusted Sampath Bank Credit Card for a seamless experience. • Affordability: Makes essential insurance more accessible by budgeting the cost over time. 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.

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26

February

HNB Assurance Group Surpasses 20% Growth Mark for the Third Consecutive Year

HNB Assurance Group Surpasses 20% Growth Mark for the Third Consecutive Year HNB Assurance Group recorded yet another year of exceptional performance, marking the third consecutive year of achieving a growth rate exceeding 20% in terms of GWP (Gross Written Premium). The year 2023 witnessed the Group achieving remarkable financial milestones and an array of local and international awards, solidifying its position as a frontrunner in the insurance industry. HNB Assurance Group recorded a substantial GWP of LKR 18.7 Bn, showcasing a remarkable growth of 20% compared to the previous year. Reflecting on this achievement, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI, expressed her delight, stating, "To me personally, the remarkable growth trajectory of the HNB Assurance Group stands as a testament to our commitment to delivering value to our stakeholders. Both teams at HNBA and HNBGI performed an outstanding job, leaving no stone unturned, meticulously analyzing every challenge, and capitalizing on every opportunity. This approach to business was imperative, particularly in the aftermath of COVID-19 and the subsequent economic and social upheaval, where we as a nation encountered numerous challenges in diverse forms. In addition to our consistent growth of GWP, over the past three years, we as a group have so much to celebrate. Our Group assets grew by LKR 10 Bn during the year, well exceeding a remarkable total of LKR 51.2 Bn. Further, investment income for the Group surged to LKR 7.2 Bn, representing an outstanding growth of 49% from LKR 4.8 Bn in the preceding year. In terms of the Group’s profits, we recorded a commendable LKR 1.76 Bn in PAT.” Honoring claims plays a vital role in maintaining the trust for any insurance company, “I am proud to note that the HNB Assurance Group honored claims of LKR 6.6 Bn, showcasing a growth of 19% compared to the previous year, aptly demonstrating our position as a reliable partner during our policyholder’s time of need.” explained Mrs. Cooray. “As the Sri Lankan economy steadily makes progress towards recovery, I’m confident that our investments in technology, our teams and their skills along with all the fine-tuning we’ve done to our processes will hold us in good stead and propel us towards greater success”, added Mrs. Cooray. “Consistency has been our main focus and certainly the cornerstone of our success”, said Mr. Lasitha Wimalaratne, CEO of HNB Assurance PLC. At HNB Assurance, our track record speaks for itself. Year after year, we've demonstrated and honored our commitment to our stakeholders and most importantly to our policyholders. This consistency is what set us apart and helped us in being recognized as the Best Life Insurance Company in Sri Lanka by the Indian Chamber of Commerce.” The robust financial performance of HNB Assurance resonated with the numerous accolades garnered throughout the year. “I am delighted to highlight that as a team we have effectively translated our promises into action. Our Profit After Tax (PAT) reached LKR 1.61 Bn, marking a commendable 9% increase from the previous year. Moreover, we surpassed the significant milestone of LKR 10 Bn in GWP, representing a growth of 23%, which is almost twice the industry growth rate. We also witnessed a remarkable growth in our life fund from LKR 24.3 Bn to LKR 30.6 Bn.” Speaking further, Mr. Wimalaratne, added “As we move into 2024, it is going to be pivotal year for HNB Assurance, particularly as we anticipate the fruition of our investment in our core system. This strategic investment is expected to further enhance our operational efficiency and drive sustainable growth.” HNB General Insurance Ltd witnessed an impressive 18% surge in GWP when compared to 2023, a growth from LKR 6.8 Bn to LKR 8 Bn, which is a three-time increase when compared to the industry growth. Throughout the year, the Company's strategic emphasis on product innovation and customer service proved to be pivotal. Mr. Sithumina Jayasundara, CEO of HNB General Insurance, expressed his thoughts on the team's achievements amidst turbulent times. “Despite economic uncertainties and high inflation rates, the team showcased remarkable proficiency in risk assessment and customer management. Our commitment as an organization to deliver exceptional service led us to the prestigious title ‘Most Customer Centric General Insurance Brand’ by the Global Brand's Magazine. Additionally, we secured a top three position among the most loved General Insurance Brands in the country, recognized by the renowned LMD Magazine. Moreover, we made LKR 4.3 Bn in claims, marking a 12% increase from the previous year, reaffirming our commitment to honoring the trust instilled in us by our valued customers.” “In a move to enhance customer value, we also launched the revolutionary ‘HNB General Insurance MotorGuard 3 in 1’ product, offering policyholders the convenience of three insurance coverages within a single annual premium payment. Further, this product not only simplifies their insurance management but also ensures they have the necessary coverage for various aspects of their lives, all under one policy. Additionally, we also introduced "Claimee," a cutting-edge digital claims assistant aimed at revolutionizing how we manage our claim settlement process. With Claimee, policyholders can easily initiate and track their claims through a user-friendly digital interface, eliminating the hassle of traditional paperwork and long waiting times. The launch of 'Project Phoenix' marks yet another significant milestone for us internally, representing a strategic investment aimed at enhancing our operational efficiencies. This internal core system is not merely a short-term fix, but a comprehensive revamp geared towards fostering long-term success and sustainable growth. Through these investments and innovations, I’m confident that our team will continue to drive innovation while delivering exceptional service and creating long-term value for our customers and stakeholders,” added, Mr. Jayasundara. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 64 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. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of 'A-' (lka) by Fitch Ratings Lanka Limited. HNBA is 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.

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16

January

HNB General Insurance Makes a Strategic Leap towards a Futuristic Insurance System with Project Phoenix

In a bold move to accelerate its digital transformation strategy, HNB General Insurance (“HNBGI”) has announced the launch of Project Phoenix, a transformative initiative in collaboration with Azentio Software to implement a world-class Core Insurance System. This ambitious project marks a significant milestone in HNBGI's digital transformation journey, promising unparalleled value to its stakeholders. Project Phoenix signifies HNBGI's unwavering commitment to enhancing efficiency, accuracy, and overall operational effectiveness, ultimately benefiting all stakeholders. "This initiative aligns perfectly with our mission to create sustainable value through innovation," said Sithumina Jayasundara, CEO of HNBGI. "The upgrade and customization brought about by Project Phoenix will propel us to new heights, elevating our competitiveness, operational efficiency, accuracy and agility in a rapidly evolving market. This, in turn, translates to better service delivery for our customers." Azentio Software, a leading banking, financial services & insurance (BFSI) software company headquartered in Singapore, is HNBGI's trusted partner in this transformative journey. With over 25 years of expertise, Azentio serves 1,000+ clients across 65 countries, including 130+ insurance clients in Asia Pacific, the Middle East, and Africa. Azentio ONEInsurance platform allows to launch unique and bold new insurance products quickly, sell aggressively, and engage digitally by transforming into a customer-obsessed organization, while remaining efficient, compliant, and secure. Jatinder Bedi, Vice President – BFSI at Azentio Software, expressed, "We are honored to collaborate with HNBGI on Project Phoenix. Our expertise lies in providing cutting-edge insurance solutions that meet the highest global standards, and we are committed to supporting HNBGI throughout this transformative journey." Project Phoenix transcends mere technological advancement; it signifies a strategic commitment to excellence in the face of rapid industry change. As HNBGI embraces its digital future, it remains steadfast in its dedication to delivering top-tier services and maintaining its position as a trusted insurance provider. This initiative is not just about implementing a new system; it’s about taking flight towards a brighter, more efficient, and customer-centric future. HNB General Insurance (“HNBGI”) 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, HNBGI 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, HNBGI is committed to creating sustainable value for stakeholders through innovation and care.

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