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Every Step of Your Life EVERY STEP OF YOUR LIFE HNB Assurance PLC | Integrated Annual Report 2019 EVERY STEP OF YOUR LIFE From the moment our life on earth begins, we face countless decisions, challenges and opportunities. No matter how daunting the future may seem, through joy and sorrow, achievement and adversity, at HNB ÂÂ;s«ƕ×ƕí«ƕ±Í¾ƕȾÍƕ»Í¾»±Âƕ«ƕÂȾ«È««ƕ every step you take; helping you take on tomorrow with ±«í«ƕs«ƕ¾Ès«ÈÝƕ«±«ƕs«ƕªsÈŸ As we continue to uphold our reputation for strength and stability, we look back on a year of excellent performance - having truly delivered on our promise to every stakeholder; enhancing and uplifting lives, providing consistent returns and winning your trust, above all. We’re with you always, every step of your life. CONTENTS 01ABOUT THIS REPORT 05 STATUTORY DISCLOSURES AND 3 The Integrated Report FINANCIAL STATEMENTS 150 Financial Calendar 151 Audit Committee Report 02 ABOUT US 155 Human Resources and Remuneration Committee 6 HNB Assurance Report 10 Our Milestones 157 Related Party Transaction Review Committee 12 Statement of Value Creation 159 Nomination Committee Report 14 Chairperson's Message 161 Report of the Investment Committee 18 Managing Director's Review 163 Report of the Risk Mangement Committee 21 To Our Investors 165 Strategy Review Committee Report 22 Strategic Report 166 Directors' Statement on Internal Control 28 Awards & Accolades 168 Annual Report of the Board of Directors 175 Directors' Interest in Contracts with the Group/ 03 RESPONSIBLE LEADERSHIP Company 30 Board of Directors 176 Directors' Responsibility for Fianancial Reporting 36 Group Executive Committee 178 CEO's and CFO's Responsibilty Statement 39 Management Team 179 Report of the Life Actuary 41 Corporate Governance ƕşŦŞƕ ¾Èísȱ«ƕ±ƕ&«Í¾¾ƕ ÍÈƕ9±ÈƕL»±¾Èƕƅ& 9LƆƕ 66 IT Governance s«ƕ&«Í¾¾ƕ ÍÈƕ9±Èƕ«±ÍƕL»±¾Èƕƅ& 9LƆƕ Claims Reserve 67 Group Performance Governance 181 Independent Auditors' Report 71 Risk Management 184 Statement of Financial Position 86 Share Information ƕşŦţƕ PÈsȪ«Èƕ±ƕI¾±íÈƕ±¾ƕ2±ÂÂƕs«ƕ?Ⱦƕ 91 Compliance Summary Comprehensive Income 186 Statement of Changes in Equity – Group 187 Statement of Changes in Equity – Company 04 MANAGEMENT DISCUSSION 188 Statement of Cash Flows AND ANALYSIS 189 Accounting Policies and Notes to the Financial Statements 96 Operating Environment 200 Index to Financial Notes 103 Financial Capital 201 Segmental Reporting 111 Human Capital 120 Social and Relationship Capital 129 Intellectual Capital 134 Natural Capital 06 SUPPLEMENTARY 137 Manufactured Capital INFORMATION 140 Performance of Business Segments 300 Statement of Financial Position of the Life Insurance Fund - Supplemental 301 Notes to the Supplemental Financial Statements - Life Insurance Fund 306 Insurance Revenue Account šŞťƕ Us¢sͤƕ Í«ÂÂƕ«s¤ÝÂÂƕƉƕI¾±íÈs~¤ÈÝ 310 Quarterly Analysis 2019 and 2018 - Group 311 Quarterly Analysis 2019 and 2018 - Company 312 Decade at Glance 317 Glossary 318 GRI Content Index 320 Notice of Meeting 323 Form of Proxy 325 Stakeholder Feedback Form 327 Corporate Information Please scan the QR Code to view our report online 2 HNB ASSURANCE PLC Integrated Annual Report 2019 01 ABOUT THIS REPORT ABOUT THIS REPORT This is our 08th Integrated Report GUIDING FRAMEWORKS AND PRINCIPLES prepared in accordance with the IR Framework and our 11th report using Integrated Reporting the applicable GRI Guidelines/Standards &«È¾«sȱ«s¤ƕ&«È¾sÈƕL»±¾È«ƕƅ&&L Ɔƕ¾sª×±¾¢ƕ as we continue our quest to achieve excellence in corporate reporting. We Financial Reporting have adopted an approach of reporting Companies Act, No. 7 of 2007 on the capitals to provide readers with insights of how these tangible and ƕ 2ÂÈ«ƕLͤÂƕ±ƕÈƕ ±¤±ª~±ƕPȱ¢ƕÜs«ƕƅ PƆƕ intangible assets are managed. ƕ P¾ƕ2s«¢sƕ«s«s¤ƕL»±¾È«ƕPÈs«s¾ÂƕƅP2LPƆƕs«ƕP¾ƕ2s«¢sƕ±Í«È«ƕ PÈs«s¾ÂƕƅP2PƆƕÂÂÍƕ~ÝƕÈƕ&«ÂÈÈÍÈƕ±ƕ s¾È¾ƕ±Í«Ès«ÈÂƕ±ƕP¾ƕ SCOPE AND BOUNDARY 2s«¢sƕƅ P2Ɔ dƕ»¾Â«Èƕí«s«s¤ƕs«ƕ«±«Ɖí«s«s¤ƕ Regulations and Directions issued by the Insurance Regulatory Commission information of HNB Assurance PLC and ±ƕP¾ƕ2s«¢sƕƅ&L P2Ɔ our fully-owned subsidiary HNB General Regulation of Insurance Industry Act No. 43 of 2000 and subsequent Insurance Limited. The report spans amendments from 1st January 2019 to 31st December 2019. The last Annual Report was for Corporate Governance Reporting the twelve-month period ended 31st Code of Best Practices on Corporate Governance issued by the Institute of December 2018. s¾È¾ƕ±Í«Ès«ÈÂƕ±ƕP¾ƕ2s«¢sƕƅ P2Ɔ Companies Act No. 7 of 2007 Improvements in ƕ 2ÂÈ«ƕLͤÂƕ±ƕÈƕ ±¤±ª~±ƕPȱ¢ƕÜs«ƕƅ PƆ Annual Report 2019 Sustainability Reporting ¤±~s¤ƕL»±¾È«ƕ&«ÈsÈÖƕƅ L&ƆƕPÍÂÈs«s~¤ÈÝƕL»±¾È«ƕPÈs«s¾Âƕ ƕ PÍÂÈs«s~¤ƕÖ¤±»ª«Èƕ ±s¤ÂƕƅP ÂƆƕ±ƕZ«Èƕ9sȱ«Â SOURCES OF INFORMATION Reduced 52 pages from previous Uƕ«±¾ªsȱ«ƕ±¾ƕÈÂƕ¾»±¾Èƕ×sÂƕ±¤¤sÈƕ¾±ªƕ¾¤Ös«Èƕ»s¾Èª«Ès¤ƕ±ís¤Âƕs«ƕ report. management information systems such as Oracle EBS, HRIS and TCS bancs and other reports. External information has been obtained from the IRCSL reports, weekly and Improved connectivity to Vision monthly publications of the Central Bank of Sri Lanka and other reliable source which 2020 with icons throughout the have been quoted. report. QUALITY AND CREDIBILITY OF THE REPORT Included quantitative Uƕ«±¾ªsȱ«ƕÂƕÖ¾íƕsÂƕs»»¤s~¤ƕ~ÝƕÈƕ ±s¾ƕ±ƕ¾È±¾ÂųƕÍÈƕ ±ªªÈÈųƕƕ information in the Risk Report. Other Sub-Committees of the Board and Group Executive Committee. Balanced use of visuals and narrative for a better reading EXTERNAL ASSURANCE experience. The Financial Statements and the resulting Notes are audited by Messers, Ernst & Young, the independent Auditors of the Group. AVAILABLE FORMS OF THE ANNUAL REPORT Any feedback to; Email - [email protected] Website - www.hnbassurance.com CD-Rom Print Online Posted to all Available on Available as PDF at Tel - +94 114 793732 and +94 112 337423 Shareholders request www.hnbassurance.com Company Secretary - HNB Assurance PLC, 4th Floor, Iceland Business Centre, No.30, Sri Sinhala and Tamil translation of Chairperson’s Message, ZÈÈs¾s«s«sƕ8s×sÈsųƕ ±¤±ª~±ƕŞšųƕP¾ƕ2s«¢s Managing Director's Review and Financial Statements are available Print – Available on request Stakeholder feedback form is given on Online – Available as PDF at www.hnbassurance.com pages 325-326 HNB ASSURANCE PLC 3 Integrated Annual Report 2019 ABOUT THIS REPORT MATERIALITY 8sȾs¤ÈÝƕsª«ÈÂƕ«s~¤Âƕ±Í¾ƕ ¾±Í»ƕȱƕ«ÈÝƕs«ƕ»¾±¾ÈÂƕÖs¾±ÍÂƕsȱ¾Âųƕ~±Èƕ«È¾«s¤ƕs«ƕÜȾ«s¤ƕ«îÍ««ƕ performance and value creation. Discussions with multiple stakeholders and closely monitoring trends in our operating environment helps us identify the material aspects in our business model. These aspects are prioritised by considering the level of impact to stakeholders and the Group and presented on a materiality map as below. During the year, we emphasised on the aspects which are important to achieve our corporate goals and Vision 2020. These topics have been reported fully in the Annual Report along ×Èƕ¾¤Ös«Èƕ ¤±~s¤ƕL»±¾È«ƕ&«ÈsÈÖÂƕƅ L&Ɔƕ«sȱ¾ÂŸƕUƕ±¾»±¾sÈƕÂȾsÈÝƕ±ÍÂƕ±«ƕÈÖ¤Ýƕªs«s«ƕÈÂƕªsȾs¤ƕ concerns while exploiting emerging opportunities. Various metrics were used to measure and monitor these material topics. GRI Standard GRI Coverage Importance to HNBA Importance to External Stakeholders Economic 201 Economic Performance 202 Market Presence 203 Indirect Economic Impacts 204 Procurement Practices 205 Anti-Corruption 206 Anti-Competitive Behaviour Environmental 301 Materials 302 Energy 303 Water 304 Bio-Diversity 305 Emissions 306 îÍ«ÈÂƕs«ƕdsÂÈ 307 Environmental Compliance Supplier Environmental 308 Assessment Social 401 Employment 402 Labour/Management Relations 403 Occupational Health and Safety 404 Training and Education 405 Diversity and Equal Opportunity 406 Non-Discrimination Freedom of Association and 407 Collective Bargaining 408 Child Labour 409 Forced or Compulsory Labour 410 Security Practices 411 Rights of Indigenous Peoples 412 Human Rights Assessment 413 Local Communities 414 Supplier Social Assessment 415 Public Policy 416 Customer Health and Safety 417 Marketing and Labelling 418 Customer Privacy 419 Socioeconomic Compliance High Medium Low 4 HNB ASSURANCE PLC Integrated Annual Report 2019 ABOUT US At HNB Assurance, we believe in providing solutions that help you live life as you have envisioned it; reassuring your future with a 02 service that's fully dedicated to you. Giving you the Strength to Cherish Life Together ABOUT US MARKET POSITIONING AND OVERVIEW $9 ƕÂÂ;s«ƕI2 ųƕ«±¾»±¾sÈƕ«ƕŠŞŞşųƕÂƕsƕ¤s«ƕ»¾±Ö¾ƕ±ƕ«Â;s«ƕ±¤Íȱ«Âƕ~s¢ƕ~ÝƕÈƕí«s«s¤ƕ»±×¾±ÍÂųƕ$sÈȱ«ƕ National Bank PLC. Our passion lies in ‘Strengthening Every Step of Your Life’ by partnering with businesses and individuals to cope with uncertainty through diverse insurance policies. Our business segments, namely Life Insurance and General Insurance, support customers by strengthening their resilience to risks, thereby improving quality of lives and enabling inclusive economic expansion. Our success is built on trust. We seek to be a trusted partner by delivering high-quality, innovative and expert insurance solutions through a committed team aligned to our corporate values. Today, HNB Assurance is among the top 100 brands according to Brand Finance Lanka and have been accredited with national and international awards within 18 years in operation. HNBA was also included in the prestigious S&P Top 20 in 2019. MARKET EQUITY TOTAL LIFE PROFITABILITY CAPITALISATION 6.7 ASSETS FUND PAT 6.9 (Rs. Bn.) 26.6 14.3 1.01 (Rs. Bn.) (Rs. Bn.) (Rs. Bn.) (Rs. Bn.) INCOME FINANCIAL EMPLOYEES GWP: STRENGTH RATED ‘A (LKA)’ 9.9 POSITIVE OUTLOOK 1,076 (Rs. Bn.) BY FITCH OUR BUSINESS LINES Life Insurance General Insurance HNB Assurance PLC HNB General Insurance Limited Provides a spectrum of Life Insurance solutions covering Provides a range of motor and non-motor insurance protection, saving and retirement needs of individuals and solutions to individuals and corporates.
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