HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), yet again, secured spots among the prestigious Top 100 Most Valuable Brands in the country, according to the renowned Brand Finance and LMD Business Magazine. Amidst the challenges posed by the pandemic and the economic uncertainty that was widely prevalent in the country, HNBA and its fully owned subsidiary, HNBGI, showed exceptional resilience and agility, proactively responding to customers' changing needs and swiftly adjusting insurance solutions to offer the best possible protection and support, to all its customers. The forward-thinking leadership and consistent customer-centric approach have been instrumental in both companies achieving this milestone, yet again. Mr. Lasitha Wimalaratne, CEO of HNB Assurance PLC, sharing his thoughts on this recognition, stated, “We are incredibly proud of this recognition as it serves as an endorsement to the professional excellence and the service standards offered by HNBA. We have featured in the Top 100 Most Valuable Brands by Brand Finance and LMD for over a decade now and we will continue to be steadfast in our commitment to delivering innovative insurance solutions that cater to the diverse needs of our valued customers, as we have done in the past,. So, I’d like to dedicate this recognition to all members of our staff – who continue to elevate our service standards and offerings.” Echoing similar sentiments, CEO of HNB General Insurance Mr. Sithumina Jayasundara, said, “We are in the business of selling a ‘promise’. Hence, trust and perception play a vital role in the success of our company. As a young brand, I’m delighted to see us grow in rank year after year, which certainly indicates that we are doing the right thing by our customers. I’d also like to express my gratitude to Brand Finance and LMD for this recognition.” In the face of challenging times, there is a prevalent yearning for the luxury, which is peace of mind, expressed Mr. Dinesh Yogaratnam, Chief Marketing and Customer Experience Officer. “During moments of uncertainty, the assurance of safeguarding what matters most becomes paramount, this is what we strive to offer to our customers. This recognition from Brand Finance and LMD further motivates us to continue setting new standards in the industry and cater to the evolving needs of our valued clients.”
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.”
Solution by Xiteb®
