HNB Assurance : Annual Report 2022

HNB ASSURANCE PLC - INTEGRATED ANNUAL REPORT 2022

ABOVE ALL

WE RISE

H N B A S S U R A N C E P L C

I N T E G R A T E D A N N U A L R E P O R T 2 0 2 2

HEADING

At HNB Assurance, we are committed to empowering the people of our nation as they keep rising towards their hopes and dreams. We believe in their ambitions and we are honoured to be a part of their rise to prosperity.

As a trusted partner that understands the unique needs of people, and ensures that they feel safe and secure as they journey through life, our legacy is one of stability, focus and care. As we rise in our own journey, so has our legacy brought countless ambitions to reality.

We strive to continue serving the best to our stakeholders, establishing benchmarks and always renewing our aspirations. Above all, we rise.

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CONTENTS

ABOUT HNB ASSURANCE GROUP	MANAGEMENT DISCUSSION		GOVERNANCE AND LEADERSHIP
		AND ANALYSIS
page06		page41		page102
About the Report	4	About Our Business		Strategic Leadership	103
Our Long Term Strategy	7	How we Create Value	42	Corporate Governance	104
Our Journey to 2022	8	Listening to Stakeholders	44	Risk Management Review	131
A Review of 2022	10	Operating Environment	47	Investor Information	144
Group Performance Highlights	12	Looking Ahead	53	Compliance Summary	152
Awards & Accolades	15	Determining Materiality	54
Independent External Assurance	16	The Strategic Report
Chairperson's Message	18
Our Integrated Strategy	59
Board of Directors	22
Sales Force Expansion	61
Chief Executive Officer's Review	28
Exceptional Customer
Group Executive Committee	34
Experience	65
Senior Management Team -
	Technological Transformation	67
HNBA	39
Comprehensive Product Suite	70
Senior Management Team -
	A Remarkable Brand	72
HNBGI	40
		Passionate Human Capital	73
		Fund Management	78
		Business Line Review
		Life Insurance	82
		General Insurance	88
		Accounting for Our Capitals
		Review of Capitals	92
		Financial Capital Review	94

HNB ASSURANCE PLC - INTEGRATED ANNUAL REPORT 2022	3

FINANCIAL STATEMENTS
page155
Audit Committee Report	156
Human Resources and Remuneration Committee Report	160
Related Party Transaction Review Committee Report	162
Nomination Committee Report	164
Investment Committee Report	165
Risk Management Committee Report	167
Strategy Review Committee Report	169
Director's Statement on Internal Control	170
Annual Report of the Board of Directors	172
Director's Interest in Contracts with the Group/Company	180
Statement Of Directors Responsibility for Financial Reporting ...	181
CEO's and CFO's Responsibility Statement	183
Report of the Life Actuary	184
Certification of Incurred But Not Reported (IBNR) and Incurred
But Not Enough Reported (IBNER) Claims Reserve	185
Independent Auditors' Report	186
Statement of Financial Position	190
Statement of Profit or Loss and Other Comprehensive Income ...	191
Statement of Changes in Equity - Group	192
Statement of Changes in Equity - Company	193
Statement of Cash Flows	194
Accounting Policies and Notes to the Financial Statements	195
Index to Financial Notes	205

SUPPLEMENTARY INFORMATION
page323
Statement of Financial Position of the Life
Insurance Fund - Supplemental	324
Notes to the Supplemental Financial Statements -
Life Insurance Fund	325
Insurance Revenue Account	330
Takaful Business Analysis - Profitability	331
Shari'ah Report of HNB Assurance Takaful Unit	332
Shari'ah Report of HNB General Insurance
Takaful Unit	333
Quarterly Analysis 2022 and 2021 - Group	334
Quarterly Analysis 2022 and 2021 - Company	335
Decade at a Glance	336
Glossary	340
GRI Content Index	341
Sustainability Disclosure Topics & Accounting
Metrics	343
Notice of Meeting	345
Form of Proxy	347
Stakeholder Feedback Form	349
Corporate Information	351