Pressroom

HNB General Insurance Limited (HNBGI), the fully owned subsidiary of HNB Assurance PLC (HNBA) held its 4th Annual Sales Convention recently at the Kingsbury, Colombo. The event was graced by the presence of Mrs. Rose Cooray, Chairperson of the HNBA Group as Chief Guest together with the Members of the Board of both HNBA and HNBGI and the senior management of the two companies.

Sharing her views at the 4th Sales Convention, Mrs. Cooray stated “we are gathered here today to applaud the efforts, dedication and commitment of our top agents and to honor their achievements during the past year. The general insurance industry of Sri Lanka is a highly competitive industry and is often threatened by adverse economic conditions and natural catastrophes. The efforts and dedication of our sales teams have helped in establishing the brand in the market within a short span of time and I’m extremely pleased on the results showcased during the previous year”.

Addressing the gathering, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi “the agency force of HNBGI consists of outstanding and competent sales professionals across the country and within a short span of time we have been successful in strengthening our footprint in the general insurance market. Our other units such as Broker teams and Takaful teams too have done exceptionally well and together have been able to put on a great performance which we are celebrating today in this very beautiful manner”.

Chief Business Officer of HNBGI Mr. Jude Benjamin thanked all sales teams for their constant and tireless efforts to strengthen the ‘HNBGI’ brand name in the market stating “our rapid growth is a result of the steady performance of our agents and sales teams and the emergence as an innovative general insurance provider”.

The Best Sales Person of Corporate Lines was awarded to Mr. Prabath Silva and the Best Sales Person of Personal Lines was awarded to Ms. Nimeshi Dishala Happuarachchi.

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).  HNBGI is rated within the Top 100 Brands in Sri Lanka.

HNB General Insurance Takaful, the Islamic Insurance Unit of HNB General Insurance Limited (HNBGI), received the Silver Award for the Takaful Entity of the Year 2017 at the Sri Lanka Islamic Banking and Finance Industry Awards held recently.

Speaking about the award, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “We’re indeed honored to be the recipient of this award under the category ‘Takaful Entity of the Year’ for the second consecutive year. As a leading business outfit in the country, our Takaful operations are well poised to further expand into unique and growing market segments. This award is a testament to the consistency in our service quality and a product offering with comprehensive features for individuals and businesses in compliance with the Insurance Regulatory Commission of Sri Lanka as well as the Sharia Board Guidelines.” Head of Takaful, Hifly Huzair extended his sincere gratitude to the entire Takaful Unit of HNBGI for their dedication, commitment and go-getter spirit in overcoming challenges and developing the business model in a short span of time.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 59 branches.  HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for “National Insurer Financial Strength Rating” and “National Long- term 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 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 and also won many awards for its Annual Reports at the Award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation of Accountants).

HNB Assurance Group delivered impressive financial results for the 1st half of 2018, posting a Profit After Tax (PAT) of LKR 805 MN. The 1st half PAT is inclusive of the regular profits together with the One-off Surplus which arose from the insurance industry valuation rule change as well as the 1st quarter valuation of the Life Fund under the new valuation method. The profit growth thus reflected the 357% growth over prior. However, the resultant increase remains uniquely applicable only for the year 2018, the Company communication stated. The Group recorded a Gross Written Premium (GWP) of LKR 4.2 BN depicting a growth of 12% amidst very tight market conditions when compared with the GWP of LKR 3.8 BN recorded during the corresponding period of 2017.

Sharing her views on the financial results, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI stated, “The Group has made progress during the first half, further strengthening our footprint in the insurance industry. These impressive results were achieved amidst many economic and operational challenges. The first half operating results showcase solidity of the HNBA Group and the improved efficiencies of the Life and General businesses and the strategies in place to cater to the insurance needs of our community. Both businesses of the Group are committed to deliver value to all stakeholders as well as to further consolidate firm standing of the Group in the insurance industry”.

Expressing his views on the first half financial results, Mr. Deepthi Lokuarachchi, Managing Director/CEO of HNBA and HNBGI stated, “These results are an outcome of the Group’s well-founded strategies and well-focused management practices. In a challenging economic backdrop, the Group was successful in achieving a GWP growth of 12% during 1H 2018”. Speaking on the performance of each business, Managing Director/CEO, Mr. Lokuarachchi commented “classes such as motor and fire of the General Insurance business showcased an impressive growth while other classes including the Life Insurance business have grown consistently with the market ratios of growth. Total assets of the Group reached LKR 20 BN and the investment in financial instruments surpassed the value of LKR 16.5 BN. As at 30th June 2018, the Life Insurance Fund reached a value of LKR 11.6 BN and the General Insurance Fund reached a value of LKR 2.6 BN”. Speaking on the Group’s future prospects, Mr. Lokuarachchi added that the Group remains confident of its ability to deal with ongoing and imminent challenges facing the business and to grow beyond benchmarks.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 59 branches.  HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for “National Insurer Financial Strength Rating” and “National Long- term 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 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 and also won many awards for its Annual Reports at the Award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation of Accountants).