HNB Assurance celebrates fifth anniversary with Rs. 1 b turnover

Anjana SAMARASINGHE

TURNOVER: The HNB Assurance celebrates its fifth anniversary with the achievement of one billion rupees annual turnover this year.

The Managing Director of HNB Assurance Manjula de Silva said this is a significant achievement that HNB Assurance has gained within five years in the industry.

General insurance brought Rs 550 million to the total turnover while life insurance contributes Rs 450 million. Nearly 60 percent of the general insurance businesses generated through the HNB Bank and the balance was brought by brokers and advisors.

Nearly 20 percent of the life insurance businesses gained through the bank and insurance advisors brought large part of life insurance businesses for the company, he said.

The motor insurance segment contributes a lot for the annual turnover. Home insurance, medical insurance and construction related insurance also showed significant growth.

Support from the HNB bank has helped us lot in gaining business and other channels like insurance brokers and insurance advisors also contributed towards achievement, de Silva said.

"In the future we expect to focus more on filling the gaps in the industry and concentrate on areas such as travel insurance and micro insurance," he said.

Head of Finance of the HNB Assurance Ajantha De Vas Gunasekara said the company has recorded Rs 35.3 million net profit in the first nine months of this year and this is a 28 percent growth compared with the same period of last year.

The company has settled a total of Rs 171.7 million worth claims and benefits during this period.

Head of Life of the HNB Assurance Indrani Weerasinghe said there is a good response for the micro insurance launched by the HNB Assurance recently targeting SMEs and they have issued nearly 500 policies already under this segment.

Head of Sales of the HNB Assurance Lalith Fernando said this year they have added four more branches and another four branches in Ampara, Gampola, Ambalantota and Chilaw will be opened in this month.

HNB Assurance also introduced two new insurance products Travel Assist and Medical Insurance for top end individual according to their customer needs.