HNB General Insurance Limited (HNBGI), the fully owned subsidiary of HNB Assurance PLC (HNBA) announced a tie-up with its Parent Shareholder, the Hatton National Bank PLC (HNB). This tie-up offers a bouquet of General Insurance solutions for Small and Medium Enterprises and enables customers to enjoy a range of striking features such as special premium rates, an effective platform to obtain services and a personalized claims process.
Mr. Jonathan Alles, Managing Director/CEO of HNB stated “the SME sector contributes a significant amount to the GDP of the country and is considered to be the backbone of this economy. HNB as a leading entity in the private banking sector has taken various measures over the years to strengthen the SMEs, entrepreneurs and start-ups in Sri Lanka. The introduced initiative is one such measure to boost business opportunities as well as to provide fund capital and protection to stabilize the SME sector in the country”.
Sharing his views on the tie-up Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “the growing corporation across the Group has created many opportunities and the Company has always endeavored to provide effective Insurance solutions to its customers. Through the synergies of the Group we were able to develop a collaborative and a unique business proposition which offer a special range of General Insurance solutions for SMEs together with other banking solutions under one roof. A collaboration of this nature would offer a significant long-term value creation for stakeholders of both entities. This tie-up marks a natural business extension and opens up new prospects for both HNB and HNBGI. This would further strengthen the Group’s footprint in the financial services market by creating new business prospects for HNB and HNBGI”.
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HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) posted a Profit After Tax (PAT) of Rs. 910 Mn for the year ended 31st December 2017, depicting a steady growth of 41% in comparison with the PAT of Rs.647 Mn recorded in 2016. The Group recorded a Gross Written Premium (GWP) of Rs 7.82 Bn, signifying a growth of 17% as contrasted with the GWP of Rs. 6.65 Bn recorded in the financial year 2016. The Parent Company, HNB Assurance PLC recorded a GWP of Rs 3.96 Bn and the subsidiary, HNB General Insurance Limited recorded a GWP of Rs. 3.86 BN.
The Group was able to yield an Interest and Dividend Income of Rs. 1,693 Mn, showcasing a growth of 43% against an Interest and Dividend Income of Rs. 1,180 Mn achieved during the previous year. Total Assets of the Group reached a mark of Rs. 18.65 Bn and Investments in Financial Instruments reached a value of Rs 15.05 Bn. During the course of 2017, the Life Insurance Fund reached a value of Rs. 10.9 Bn and the General Insurance Fund reached a value of Rs 2.38 Bn.
Expressing her views on the solid financial performance during the year under review, Chairperson of HNB Assurance Group, Mrs. Rose Cooray stated “the Group delivered a superlative financial performance during the course of 2017, depicting a steady flow of revenue generation and accelerating progress towards achieving our corporate goals during 2017. The Management guided by the Board has meticulously executed a well-crafted plan that focused on creating value to all stakeholders. Not only have we been able to fulfil the aspirations of the shareholders, the Group paid out Rs 2.29 Bn in claims and have focused on rewarding its employees, while contributing towards society through various corporate stewardship initiatives and we are confident that this growth we’ve embarked on will continue during 2018”.
Sharing his thoughts on the Group’s financial performance, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “the strategies deployed during the course of 2017 led the Group capture emerging and dynamic markets. The Group was able to maintain its solid industry position throughout the course of 2017, despite the volatile macro-economic conditions and heightened competition. The financial growth of HNBA Group in 2017 has been consistent throughout the year. The positive growth momentum of these financial results was triggered by the strategic investments of the Group and the dynamic policies followed in underwriting risk. The General Insurance business showcased an exponential growth during the course of 2017, surpassing the growth rates of the industry. HNBGI was able to achieve this outstanding growth as a result of its well-focused risk selection, effective management of claims settlement as well as its pricing strategy. It is noteworthy, that both the Life and General Insurance businesses took great measures in settling claims, especially claims pertaining to catastrophes such as floods and epidemics such as Dengue. The Management of HNBA Group remains confident of its future outlook and in seizing every opportunity to further consolidate the Group’s financial standing”.
HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) celebrated the outstanding performance of the Branch Managers and key members of the Retail Banking Management team of the Hatton National Bank PLC (HNB) at a glamorous event held recently. This event was graced by the presence of Mrs. Rose Cooray, Chairperson of HNBA and HNBGI and Director of HNB together with Mr. Kalum Wijesooriya, Chief Employee Experience Officer/Assistant General Manager – Deposits and Remittances of HNB and Mr. Deepthi Lokuarachchi, Managing Director/CEO of HNBA and HNBGI as Guests of Honor together with the senior management of HNB, HNBA and HNBGI.
Sharing her thoughts, Mrs. Cooray stated “the synergies of cooperation, expertise and assistance of the Group have helped both HNBA and HNBGI extensively in capturing growing markets and stabilizing its position in a competitive industry such as insurance. The interlinkages seen within the Group set a strong base for greater financial responsiveness and to be able to offer a holistic proposition to one’s financial needs as a Group”. Speaking at the event, Mr. Wijesooriya congratulated the winners of the night for their achievements and emphasized on the significant role of banking and insurance in growing financial markets of our economy and how important it is to develop product propositions to cater to the financial and protection needs of individuals as a Group. Mr. Lokuarachchi thanked the Board of Directors and the senior management of HNB for their continuous support, stating “Banking and Insurance together provides us the opportunity as a Group to help people build and sustain their wealth and it is up to us to advice customers on the optimal levels of returns and protection they ought to have for themselves. So let us continue to work together to enrich lives of them that we serve”.
HNB General Insurance Takaful, the Islamic Insurance unit of HNB General Insurance Limited (HNBGI), a fully owned subsidiary of HNB Assurance PLC (HNBA), received the Gold Award for ‘Takaful Window/Unit of the Year’ at the recently held Islamic Finance Forum of South Asia. Amongst many nominees from India, Pakistan, Maldives and Bangladesh, the Takaful Window of HNBGI claimed Gold proving its financial stability, diversity and scope in an emerging market.
Sharing his thoughts, Managing Director/CEO of HNBA and HNBGI Deepthi Lokuarachchi stated “This achievement augurs well for us as we transcend our services through cross sections of our society, while providing protection to people and businesses. I am extremely pleased and honored to note that we have emerged as the winner of this prestigious Gold Award”. Sharing views, HNBGI’s Chief Business Officer, Corporate Lines Chandana L. Aluthgama stated “the Takaful Window of HNBGI has been successful in establishing its presence in this specialized and unique market and the Takaful Window of HNBGI has been well focused on the needs of the community. The Company has taken extensive measures to develop more effective Takaful solutions in compliance with the Insurance Board of Sri Lanka and the Sharia Board guidelines. This accolade will further strengthen our resolve to keep improving on our product proposition, service delivery and customer interactions”. Speaking on the victory, Hifly Huzair, Senior Manager, Takaful thanked the team for their dedication, commitment and efforts to overcome the challenges in the market and to stabilize the venture within a short span of time.
Image caption: HNBGI Chief Business Officer, Corporate Lines Chandana L. Aluthgama receiving the Gold Award.
HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) posted a Profit After Tax (PAT) of LKR 176 MN for the second quarter of 2017, reflecting a phenomenal growth of 332% compared to the PAT of LKR 41 MN recorded during the same period of 2016. The impressive performance of the Group reflected in all performance indicators. The Parent Company, HNBA posted a PAT of LKR 100 MN marking a growth of 54% while its subsidiary with a PAT of LKR 76 MN recorded a more impressive growth of 414% in PAT.
During the second quarter of 2017, the Group achieved a 22% growth in its Gross Written Premium (GWP), depicting a value of LKR 3.8 BN as against the GWP of LKR 3.1 BN recorded during the comparable period in 2016. The Life Insurance segment contributed a GWP of LKR 1,919 MN and the General Insurance segment contributed a GWP of LKR 1,901 MN to the overall GWP. The Life and General Insurance segments recorded Premium growth rates of 17% and 27% respectively. During the second quarter of 2017, the group recorded an investment income growth of 54% reaching a value of LKR 771 MN against LKR 500 MN recorded during the same period of 2016. The Total Assets of the Group reached a value of LKR 16 BN and Investments in Financial Instruments reached a value of LKR 13 BN. During the same period the Life Insurance Fund and General Insurance Fund grew by 14% and 29% reaching values of LKR 10 BN and LKR 2.5 BN respectively.
Sharing her thoughts on the Group’s financial performance, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated, “We are indeed delighted to announce the results of another successful quarter. Both Life and General Insurance segments have showcased steady revenue growths. The concerted and well targeted efforts the Group has taken throughout 2017 to grow profitable business has made both HNBA and HNBGI more resilient and competitive Insurance companies in the industry. The Group continues to leverage on its core competencies in stabilizing its market share by delivering a substantial long-term value to our shareholders whilst meeting all our obligations to our valued customers with highest responsibility. These financial results are a testament of the Group’s continuous financial stability and its growth momentum”.
Speaking on the financial performance of the Group, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “Despite many tough challenges in a rapidly changing market, the Group has made significant strides by creating a stronger platform for growth by delivering a steady financial performance. This growth momentum of the Group showcases the strength of our business strategy and we are confident that both our Life and General Insurance companies will reach out as strong players in this industry”.
Striving for excellence and delivering value to its customers and stakeholders, HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) relocated its Galle Branch recently. The Branch offers a full spectrum of Life, General and Takaful insurance solutions.
Speaking at the opening, Chief Operating Officer of HNBA, Mr. Prasantha Fernando stated “The Company has been expanding its Branch network across Sri Lanka, offering the best protection plans for individuals and families to face the challenges of tomorrow. The Branch is located in the heart of Galle and offers a range of Life, General and Takaful Insurance solutions. The Branch offers an interactive customer experience intertwined with the expertise of our professional Insurance Advisors and staff helping customers select the best form of protection for themselves as well as their families both in Life and General Insurance”. Expressing his views, Chief Business Officer of HNBGI, Mr. Jude Benjamin stated “We’re indeed thankful to the team led by the Galle HNBA Cluster Manager Harishchandra Rajanayake and HNBGI Cluster Manager Madusha Kulathunga, for their dedication and support as well as for the efficient management of Branch operations and for their customer service excellence which has led the Branch to foster blooming results”.
The Branch is located at No. 46/1/1, Colombo Road, Kaluwella, Galle.
The ‘people factor’ of an organization with no doubt is its greatest strength, making its management crucial in a highly competitive industry such as Insurance. HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) has deployed a Human Resource strategy for its staff which focuses on enriching the life of its employees, both through enhancing quality of time at work as well as providing for greater work-life balance.
Sharing views on the Human Resource strategy, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “The Human Resource strategy is a key success driver of any organization and it is believed that the Human Resource function adds a great deal of value to the corporation and the ‘people factor’ provides for greater stability of the business as well as superior organizational performance. Cherished Human Resource practices could result in a pool of competent and dedicated employees. The Group pays great emphasis on its recruitment strategy as well as in retaining its employees. As a Group with over 900 employees, the Strategic Human Resource practices extend beyond the standard Human Resource practices, to help our staff and their families fulfill their aspirations and dreams. Extensive measures are taken in order to create a contemporary organization culture with augmented values as well as a support mechanism to enable one to go forth in one’s career.”
Speaking further Mr. Lokuarachchi added “The Group has an ‘open door’ policy where employees could access the top management concerning any matter. Continuous learning and development is encouraged throughout each tier of the organization. The Group envisions creating charismatic leaders and has invested its resources in talent management and talent development which helps in building competencies and skills within employees. As part of the Human Resource strategy, training programs are conducted on a monthly basis focusing on professional as well as personal development of employees. These programs range from personal grooming to professional training to workshops on striking the right work-life balance and healthy living. A case in point here is the workshop that was held for staff on the prevention of Dengue and H1N1 as well as a workshop to help individuals understand what measures should be taken in order to spend the golden eve of one’s life in a happy and a healthy manner. These workshops were conducted by Dr. Shiromi Maduwage and Dr. Sameera Sennanayake of the College of Community Physicians of Sri Lanka. The Group identifies the true potential of each staff member and set in place a compensation scheme which has both monetary and non-monetary components. The Group constantly encourage employees in enhancing leadership roles and in empowering employees by creating additional tiers in the management hierarchy to allow career progression. In addition, the Group has taken a step forward in implementing advanced Human Resource Information systems and reward schemes”.
Deepthi Lokuarachchi, Chief Executive Officer of HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) was appointed to the Boards of HNBA and HNBGI as Managing Director recently. The appointment is made subject to the approval of the Insurance Board of Sri Lanka. Mr. Lokuarachchi now functions as the Managing Director/Chief Executive Officer of both Companies.
Mr. Lokuarachchi is an old boy of Trinity College, Kandy. Having obtained his Law degree (LL.B) from the University of Colombo, he was enrolled and admitted as an Attorney-at-Law in 1996. He obtained his Associate Membership of the Chartered Insurance Institute, UK and the status of a Professional Chartered Insurer in 2004. As of recent times, his professional status was converted to that of a Chartered Insurance Risk Manager.
Mr. Lokuarachchi counts over two decades of professional experience in the fields of general management, distribution and risk management and overall operations management. His career began at Eagle Insurance in 1993. During his tenure with the company he held various key positions culminating in 2007/2008 as General Manager, Distribution and Risk Management. Climbing up the corporate ladder, he then joined AIG Insurance Limited Sri Lanka in 2008 and served for a period of 3 years and bade farewell in 2011 as the Deputy Chief Executive and the Chief Operating Officer in charge of the Sri Lankan and Maldivian operations. His last two appointments included the appointment as Chief Executive Officer of Orient Insurance Limited Sri Lanka, a subsidiary of Arab Orient Insurance, UAE as the overall in charge of the Sri Lankan operations and the appointment as Chief Executive Officer of Sri Lanka Insurance Corporation Limited for a period of two years.
HNB General Insurance Limited (HNBGI), the fully owned subsidiary of HNB Assurance PLC (HNBA) held its annual sales convention and staff conference, ‘Celebrating Excellence’ for the 3rd consecutive year in order to felicitate the top achievers of the HNBGI sales force at the Grand Ballroom of Cinnamon Grand, Colombo recently and was graced by many distinguished guests including Mrs. Rose Cooray, Chairperson of HNBA and HNBGI as Chief Guest, the Board of Directors of HNBGI as well as the Corporate Management of HNBA and HNBGI.
Sharing views on this special day, HNBA and HNBGI Chief Executive Officer Deepthi Lokuarachchi, thanked the sales force and the staff of HNBGI for their immense contribution stating “this event signifies the accomplishments of our sales force, which as a result of their dedication and commitment has led the Company to turn the business around in a challenging business landscape”. Speaking on the growth perspectives of HNBGI and the contribution rendered, Chief Business Officer – Corporate Lines of HNBGI, Chandana L. Aluthgama stated, “HNBGI witnessed a steady growth over the 4th quarter of 2016 and the immense contribution of the entire sales force of HNBGI helped us to achieve this significant growth. HNBGI constantly strives in delivering a service that is of high quality in order to meet the Insurance needs of our clientele and the capabilities and competencies of our sales force and staff helps in identifying the Insurance requirements of our society as well as in deriving solutions to meet the Insurance requirements”. Accordingly, N. S. Niroshan of the Biyagama Branch was awarded as the Best Sales Person of 2016.
Image Caption: L-R: HNBA & HNBGI Head of Marketing – Dinesh Yogaratnam, HNBA Chief Operating Officer – Prasantha Fernando, HNBA & HNBGI Chairperson – Rose Cooray, HNBGI Director – Faizal Salieh, HNBA & HNBGI Chief Executive Officer – Deepthi Lokuarachchi, HNBGI Chief Business Officer (Corporate Lines) – Chandana L. Aluthgama, HNBGI Chief Business Officer (Personal Lines & Branch Network) – Jude Benjamin and HNBGI Chief Technical Officer – Sithumina Jayasundara with the Best Sales Person, N. S. Niroshan.