HNB Assurance PLC (HNBA) and its wholly owned subsidiary HNB General Insurance Limited (HNBGI) ended the third quarter with the Group figures indicating a Profit After Tax (PAT) of Rs. 583 Mn. In terms of Gross Written Premium (GWP), the Group recorded Rs. 13.6 Bn growing by an impressive 21% compared to the previous year. HNBA exhibited exceptional growth during the period by achieving a growth rate twice that of the industry average, while HNB General Insurance Limited (HNBGI) also demonstrated a robust performance, growing at a staggering five times the industry average. “I’m extremely delighted by the outstanding performance exhibited by HNB Assurance Group during the third quarter. Our consistent growth is a clear indication that HNB Assurance as a group is in the forefront of providing exceptional services and adapting to the ever-changing demands of our clientele”, stated, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI. “Amidst the slow recovery of Sri Lanka's economy following a period of significant challenges, both HNB Assurance and HNB General Insurance undertook strategic measures to fortify their operations, which involved equipping themselves with enhanced capabilities, innovative strategies and resilient frameworks to navigate the economic fluctuations and effectively cater to the market. In terms of the performance the group GWP grew by 21% compared to the same period last year. While the Group Assets surpassed the Rs. 48 Bn mark to reach Rs. 48.42 Bn with a growth of 18%. Over the last 10 months, the total equity along with the life fund notably surged, reaching a significant milestone of Rs. 9.1 Bn and Rs. 30 Bn, representing a remarkable increase of 17% and 24% respectively.” stated Mrs. Cooray. She further noted, "The consistent progress achieved quarter by quarter can be attributed to the clear vision both companies possess regarding their vision and strategic trajectory for the upcoming years. It is truly remarkable to see the commitment of the teams towards our long-term objectives which has also helped us be creative and make effective decisions. On behalf of the board, I express my gratitude to the leadership, management and teams for their efforts." Reflecting on the Company's performance during the third quarter, Mr. Lasitha Wimalaratne, CEO of HNBA, expressed his delight with the progress made during the last nine months. “Our strategic focus of enhancing and improving our distribution channels has yielded tremendous results, notably reflected in our impressive 19% growth in GWP to reach Rs. 7.8 Bn, which is almost double the growth rate of the industry and the highest amongst the top tier players, also, the 26% increase in new business premiums compared to the previous year. In addition to our steady and sustainable growth, winning the 'Best Distribution Initiative' award, recognized by Insurance Asia, was extremely heartening as it validated our efforts and well-rounded strategy.” Eager to venture into the final quarter and witness its unfolding, Mr. Wimalaratne emphasized the significance of maintaining this momentum. “While we are happy about the progress made, I believe it's crucial to sustain it and finish the year on a high. Our team is motivated just to do that and with the surplus transfer from the life fund yet to take place, our collective aim is to close the year strong, ensuring substantial benefits for our shareholders." HNBGI saw its GWP reach Rs. 5.9 Bn growing by 24% over the same period last year. Sharing his thoughts on the company’s performance, Mr. Sithumina Jayasundara, CEO of HNB General Insurance, stated, “We have been investing heavily in revamping our core systems and building a solid digital platform, setting us up for the future. These changes are all about making things better for our customers and equipping ourselves for the long run. I’m extremely delighted to see these efforts paying off as we have seen a steady growth in our GWP of 24% when compared to last year, which in comparison to the current industry growth rate reflects a 5-time increase. Diving further into the numbers, our Non-Motor sector saw a 58% growth compared to the industry's 12%, while our Motor portfolio grew by 6% despite the industry’s negative growth of 1.3%. I must convey my sincere appreciation to all the sales and other support teams for their efforts and hard work, ensuring that we continue to make remarkable progress as an organization. Additionally, we were also recognized as the 'Most Customer-Centric General Insurance Brand' in the country, which is extremely big for us because it shows our commitment to putting customers first. Further, we were recognized with a Bronze Award at the CNCI Achiever Awards 2023, which is yet another validation of our efforts and innovation within the industry.”
May
HNB General Insurance has recently launched their dedicated hotline '1303', unleashing their latest initiative for enhanced customer experience. The new hotline '1303' is set to be a game changer for both the company and for customers alike by elevating convenience and accessibility to new heights. HNB General Insurance has long been committed to delivering exceptional service and care to its customers across Sri Lanka. And the significance of hotline '1303' lies in its promise of instant assistance and personalized support. Customers can now access expert help with just a simple phone call, eliminating the need for lengthy wait times and cumbersome processes. Whether it's filing a claim, updating a policy, or seeking information, hotline '1303' ensures that customers receive prompt and reliable service at their fingertips. In a statement regarding the launch, Sithumina Jayasundara, CEO of HNB General Insurance, expressed his excitement about the new initiative, highlighting its importance in enhancing customer satisfaction. "We're thrilled to introduce hotline '1303' as part of our ongoing efforts to prioritize customer convenience and accessibility," said Jayasundara. "At HNB General Insurance, we're dedicated to making the insurance experience as seamless as possible for our valued customers." “Beyond the obvious benefits, hotline '1303' also holds significance as a strategic move to elevate the overall service standards and operational efficiency, paving the way for HNB General Insurance to gain a great competitive edge in the market. Direct feedback from customers will also provide valuable insights for the company to continuously improve and innovate its offerings” remarked Dilshan Perera, Chief Transformation Officer of HNB General Insurance. The launch of hotline '1303' marks a significant milestone for HNB General Insurance, signaling its unwavering commitment to delivering excellence in customer service. As the company continues to prioritize convenience and accessibility, hotline '1303' reinforces its position as a trusted partner for all general insurance needs in Sri Lanka.\ About HNB General Insurance: 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.
April
HNB General Insurance and Hatton National Bank Renew Adhishtana Partnership Enhanced Services for Sri Lankans Working Abroad and their loved ones To offer enhanced services for Sri Lankans working abroad and their loved ones Adhishtana program underwent significant revamp to better help customers HNB General Insurance Limited (HNBGI), one of the fastest growing general insurance providers and a proud member of the HNB Group, marks a significant milestone with the renewal of its partnership with Hatton National Bank PLC (HNB). This partnership expansion aims to enhance the range of insurance coverage and services accessible to customers enrolled in HNB's Adhishtana loan program. Adhishtana, HNB's savings scheme tailored for Sri Lankan nationals employed abroad, is well-regarded for facilitating pre-departure loans. The partnership between HNBGI and HNB, initiated in 2023 to provide comprehensive insurance coverage to Adhishtana customers, has undergone a significant overhaul in renewal and the revamp introduces a more extensive array of services and benefits, positioning it as the best means of financial security and protection for those seeking foreign employment. In the renewed partnership, HNBGI now covers additional categories of Sri Lankan migrant workers and their immediate family members. The Adhishtana partnership between HNB and HNBGI is conducted in collaboration with the Association of Licensed Foreign Employment Agencies (ALFEA). Sithumina Jayasundara, CEO of HNB General Insurance, conveyed his contentment with the renewed partnership, expressing, "Recognizing the pivotal role played by Sri Lankan employees abroad in contributing to our economy, especially in the current context, it is our national obligation to express gratitude. The revitalized Adhishtana partnership with HNB stands as a significant achievement, as it not only enhances our service for foreign employees but also elevates it to a new level by providing additional benefits and extending coverage to a wider range of professionals." "Given the escalating number of Sri Lankan professionals actively pursuing employment opportunities abroad each month, it is imperative for us to elevate our service offerings and fortify our support for them. The ongoing partnership with HNB GI provides substantial peace of mind to our expanding customer base concerning their financial security and protection. This underscores our commitment as the HNB Group to capitalize on our respective strengths and deliver integrated services that truly resonate with our customers," stated HNB DGM – Retail Banking Group, Sanjay Wijemanne . 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.
April
HNB General Insurance proudly announces the appointment of Mrs. Dayalanie Abeygunawardena to its Director Board. Mrs. Abeygunawardena brings with her a wealth of experience and expertise in insurance, management consulting, and leadership development. With over 30 years of senior management experience, Mrs. Abeygunawardena has served in various leadership roles, including Chief Operating Officer at Janashakthi Insurance Company. During her tenure, she led General Insurance operations, facilitated two successful mergers, and championed staff engagement and leadership transformation initiatives. Mrs. Abeygunawardena is a Chartered Insurance Practitioner, a Professional Certified Coach, and holds an MBA from Edith Cowan University, Australia, and an MSc in Business Psychology from Herriot Watt University, UK. As a visionary leader, Mrs. Abeygunawardena has been recognized for her contributions to the industry, receiving the Gold Award in the Banking and Insurance Sector at the 6th Professional and Career Women Awards in 2016. In her new role at HNB General Insurance, Mrs. Abeygunawardena will leverage her expertise to drive strategic initiatives and further strengthen the company's position as a leading insurance provider in Sri Lanka. About HNB General Insurance: 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, 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.
Solution by Xiteb®
