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 |
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HNB Assurance plc published this content on 10 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2023 04:13:04 UTC.