HNB Assurance PLC Group Records a Significant Growth in 1H20

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) recorded a Profit After Tax (PAT) of LKR 500 MN during 1H 2020, depicting a steady growth amidst the outbreak of a global pandemic.

Speaking on the financial performance of the Group, Chairperson of HNBA and HNBGI, Mrs. Rose Cooray stated, “it is indeed a great pleasure to announce that HNB Assurance Group has achieved a significant PAT growth compared to the corresponding period of the previous year following an economic downturn caused by the outbreak of a global pandemic. Through the tireless efforts, our teams successfully navigated the challenging environment to deliver a noteworthy performance. The Life Insurance business recorded a PAT of LKR 176 MN showcasing a growth of 25%. The profit does not include any surplus transfer from the Life Fund. The General Insurance business recorded a PAT of LKR 323 MN depicting an impressive growth of 120%. These results reiterate the resilience of our sustainable core business model and the Group’s undivided focus in capturing market segments with growth potential. The unprecedented challenges arising from the COVID-19 outbreak together with other adverse global and market conditions have created a challenging backdrop which businesses around the globe are currently experiencing; but with the strategies of the Management together with the dedication of the staff members of HNBA and HNBGI and the Advisor Force, I’m sure we could overcome this uncertain turbulence”.

Sharing his views on the performance of the Group, Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando stated, “HNBA Group delivered outstanding financial results amidst a number of macro-economic challenges presented during a global crisis. In a market backdrop where most businesses succumbed its profits to the outbreak of COVID-19, HNBA Group has delivered a notable performance. The Group recorded a Gross Written Premium (GWP) of LKR 4.5 BN. The investment income of the Group surpassed LKR 1.2 BN and the total assets of the Group surpassed LKR 29 BN. The Group has taken swift and effective measures and has adapted various agile initiatives following the COVID-19 outbreak, including enhancing its digital selling portals and claims settlement platforms. It is noteworthy to mention that the Life and General Insurance Funds surpassed values of LKR 15.7 BN and LKR 2.9 BN respectively reaffirming the Group’s firm footing”. Mr. Fernando further added, “the Management is thankful for the commitment and dedication of all employees during these trying times. The Management remains confident that together with the diversified business strategies the Group will be able to sustain its continuous growth and deliver value to all stakeholders”.

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.

HNBA and HNBGI Relocates Branch in Embilipitiya.

HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Limited (HNBGI) announced the relocation of its Branch in Embilipitiya recently. The ceremonious occasion was graced by the presence of its Chief Guest, CEO of HNBA and HNBGI, Prasantha Fernando, accompanied by the senior members of the management in HNBA and HNBGI as well as other distinguished guests.

Speaking at the event, CEO of HNBA and HNBGI, Prasantha Fernando articulated, “The Company holds a long-standing relationship of togetherness with its customers in Embilipitiya, providing them all-inclusive protection and the value of fringe benefits one can experience through the service of insurance to protect their belongings and those who are dear to them . Dedicated to serving this cause, today’s momentous occasion demonstrates the Group’s continued commitment towards giving our best to customers, in fulfilling their insurance needs. Whilst the Company is focused on actively undertaking the many service enhancement initiatives, it has been our notion that cutting edge facilities would deliver greater service satisfaction, and in turn would make a ‘happy customer’. Thus, it is no doubt that this Branch will drive greater levels of service excellence, further contributing to the Company’s value creation framework”.

Sharing his views, Chief Operating Officer and Principal Officer of HNBA, Lasitha Wimalaratne stated, “This Branch would fortify an already strong customer servicing attribute of the Group, fostering streamlined service delivery between our invaluable customers and staff. Therefore, I am sure the commitment of our staff would nurture our singular aim towards industry best, and achieve the many milestones of excellence for a successful future of HNBA and HNBGI”.

Chief Operating Officer and Principal Officer of HNBGI, Sithumina Jayasundara expressed his views stating, “Strong and stable branch operations within our General Insurance business is a key pillar of business growth. This new facility is a strong testament for our firm stand within the market, also assisting our business goals in challenging 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 and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation of Accountants).

HNBA Group Recognizes Staff Ceremonially, in Keeping with Health Guidelines.

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) recently concluded its Chairman’s and Long Service Awards Ceremony 2020 at the Taj Samudra, Colombo. Held in celebration of staff excellence, the event was attended by a limited number of guests as set out by the Company in adherence to all health and safety guidelines. This special occasion was joined by the members of the Senior Management of HNBA and HNBGI and other distinguished guests, to present and witness the crowning of 12 Chairman’s Award Winners and 08 Long Service Award Winners.

Expressing views on the event, Chief Executive Officer of HNBA and HNBGI Mr. Prasantha Fernando stated, “Operating amidst concerning times in terms of both, health and the economy, the Group has chartered its way through to confidently address many of its business pillars including stakeholder value creation and employee wellbeing as part of the Company’s drive towards industry excellence. Celebrating achievements, winning spirit and talents in this setting is a challenge, and yet we have come together to admire and reward the laudable efforts of our very fellow staff members as their immense dedication is core to the Group’s success. This is also evident by the Group’s recent Great Place to Work® certification. Furthermore, we firmly believe that tapping the capacity and contribution of our professional staff members to guide and equip them with skills and knowledge for their individual career development is primary in our advancement, and would also assist our market stand remain deep-rooted. I extend my heartiest wishes to the Winners and wish them all the very best in their future endeavors”.

Sharing his thoughts, Chief Human Resource Officer of HNBA and HNBGI Mr. Dinuka Pattikiriarachchi stated, “Recognizing and appreciating the value of an exceptional employee should not be determined upon the overall performance standards of a company, nor the favorability of the economic outlook posed by a particular year. It is a blunt fact that the COVID-19 Pandemic had brought about a challenging state over business, staging an inflexible uphill battle to reach pre-pandemic growth rates. Nevertheless, we as an organization stand firm in our commitment to nurture a great place to work in which employee recognition is an essential part in our way of life”.

Speaking further, Mr. Pattikiriarachchi stated, “This occasion is one such event in our employee calendar in which we stood not to divest from the said grounds. It is indeed in times such as this, that employers are required to ‘walk the talk’ for their most important asset, the inner public, the go-getters.  I am gladdened, and am sure that this ceremony was a reward for the past, and an investment for the future.”

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 Insurer 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 Accountants).

HNB Assurance and HNB General Insurance Earn Great Place to Work® Certification

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) obtained the Great Place to Work® certification upon meeting the global assessment standards and cultural audit requirements. Global people analytics and consulting firm Great Place to Work® is the global authority on assessing and benchmarking employee perception and organizational culture.

Sharing his views on this global recognition, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “At HNBA and HNBGI, we continue to evolve and grow and this recognition is a testament to the continuous growth HNBA Group has demonstrated. This designation further validates our ethos, processes and practices and it solidifies our vision of sustained growth and creating a workplace of shared values, empowering culture and streamlined practices. As an organization spearheaded by values, people and processes, we firmly believe that we should continue to evolve and grow by understanding our people and their needs. Keeping this in mind, I firmly trust in achieving a brighter and stronger future for the two companies together, operating with each other in the ups and downs as one true family”.

Chief Human Resources Officer of HNBA and HNBGI Mr. Dinuka Pattikiriarachchi shared his views stating “Our values are deeply engraved in our people practices and processors. Our laid down behaviour framework works as a moderator for all our decisions from hiring talent to performance management, from compensation management to talent management etc. As a team, we understand the importance of consistency and continues improvement needed in fostering a happy work place. To do that we invest time and resources in understanding our people, their needs and changes in the business environment and I feel we are reaping the benefits of such investment now. This recognition is a significant milestone in our journey but surely not an end destination. Achievements of this nature will certainly provide more thrust to our efforts in creating a benchmark in Employee Satisfaction”.

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HNB General Insurance to Renew Personal Motor and Home Policies

HNB General Insurance Limited (HNBGI), the fully owned Subsidiary of HNB Assurance PLC (HNBA) wishes to inform all its Personal Insurance Policyholders that Motor and Private Dwelling risks due for renewal from 1st to 31st March, 2020 will be held covered by the Company on expiring terms.

Spokesperson for the Company stated that this decision was made considering the prevailing situation in the country and the limited mobility. Whist the Company requests all Policyholders to access its services through the 24×7 call center, Company website and other social media platforms, the Company urges all citizen to stay indoors and follow all procedures as directed by the Government of Sri Lanka to combat COVID-19.

HNB General Insurance Limited (HNBGI) was incorporated as a fully owned subsidiary of HNB Assurance PLC (HNBA) in January 2015, to give effect to the regulatory requirement of segregation of Life and General Insurance businesses. HNBGI specializes in motor and non-motor insurance solutions, and is presently one of the fastest growing General Insurance Companies in Sri Lanka, with a network of 56 branches.

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HNB Assurance and HNB General Insurance is Committed to Honor all Claims Related to COVID-19

HNB Assurance PLC and its fully owned subsidiary HNB General Insurance Limited will honor all claims both life and medical related to COVID-19.

The spokesman for both companies stated that Insurance Companies are not liable to honor claims when a disease is classified as a pandemic. However, as a responsible corporate citizen, it is our duty to stand by our customers and our nation at this time of dire need. Therefore, HNB Assurance, the Life Insurance Company will honor the life and medical claims made by its customers related to COVID-19. What’s more, for those policies with the Hospitalization Per Day Cover, payment will be made for the number of days a person is confined to a structured quarantine process (excluding self-quarantine). Further, the General Insurance Company, HNB General Insurance will honor all hospitalization claims pertaining to COVID-19 if any.

The Company requests all persons to limit their movements in public, and encourages people to access its services through the call centers and the companies web sites as well as other digital channels. Premium payments could also be made online.

The Company urges all citizens to act responsibly at this time, and do each one’s part in containing the spread of this disease in our country by practicing simple measures such as social distancing, hand and face hygiene and above all, if exposed to an infected person, to follow the procedures as directed by the Government of Sri Lanka.

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Professional Indemnity Insurance, why you need it and why it matters.

You may excel in your profession, but deep down dwells the worry of uncertainty, no matter how affirmative you are in what you do.  As a professional in your line of work, you deserve to perform out of no fear in the event of such uncertainties that are likely to occur during the course of activity, be it:

  • Professional negligence
  • Breach of professional duty
  • Loss of documents
  • Loss of data
  • Unintended breach of copyright and/or confidentiality
  • Loss of goods
  • Loss of money

…so on and so forth.

This brings to attention that, what you seek is to carry out your work with greater confidence and peace of mind. Hence,

Professional Indemnity Insurance.

In a nutshell, this is an insurance product designed for professional entities and their people, which covers them in the event of certain errors made during the course of their business.

Why you need it?

Mistakes happen. Regardless of the number of years that your firm has been operating, regardless of the experience gained, there always stands a possibility that you or a colleague/team mate could make a mistake.

Why it matters?

Professional Indemnity Insurance covers a professional for their work. It covers the legal costs and expenses that might be incurred as a result of a legal case being made against a professional for their mistake. As an overall, it is important for a business as it brings out the freedom to offer services without having to build in the potential additional cost of any mistakes that the future holds.

So, Professional Indemnity Insurance matters. Be protected against the undesirable and unexpected business outcomes. Perform competitively. Perform professionally.

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HNBGI Tie-Up with HNB for SME Personal and Property Insurance

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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6 Tips for Driving in the Rain

Here are six useful tips for driving in the rain.

Slow down: Always drive at a slower speed when the roads are wet. The faster you drive in a rainstorm, the more likely you are to have an accident.

Maintain a reasonable distance with your front vehicle: Slick, wet roads and reduced visibility can lead to crash or accident. Give other vehicles plenty of space and brake early with reduced force.

Don’t brake while hydroplane: Pushing breaks may cause your vehicle to go into a skid or spin. Take your foot off the gas pedal and keep the wheel straight until your car reclaims.

Don’t use your cell phone while driving: Especially in the rainy days you need to give your full attention to your driving and keep your eyes on the road.

Clear your windshield: Heavy rain can cause your windshield to quickly fog up. clear your windshield to maximize your visibility.

Avoid big puddles: If you see a big puddle drive around or take a different route.

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HNBA and HNBGI Felicitate Managers of HNB

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”.

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