HNB Assurance Group records 31% growth in GWP in 1H

Thursday, 18 August 2022 00:00 - - {{hitsCtrl.values.hits}}

HNBA CEO Lasitha Wimalaratne

HNBGI CEO Sithumina Jayasundara

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Ltd. said yesterday it has recorded a Gross Written Premium (GWP) of Rs. 7.4 billion depicting a steady growth of 31% during H1 of 2022.

Chairperson Rose Cooray said: “It is indeed a great pleasure to announce that the HNB Assurance Group has achieved a 31% growth in GWP compared to the corresponding period of the previous year. In reviewing the performance of each business, the Life Insurance Company recorded a GWP of Rs. 4.3 billion showcasing a growth of 37% and the General Insurance business recorded a GWP of 3.3 billion, depicting a growth of 23%.

“These significant results were recorded amidst a number of unprecedented economic and social challenges in the country. However, the resilience of our core business model and focus on capturing market segments with growth potential has led to yield these significant results. The commitment and dedication of the Management and staff members of HNBA and HNBGI coupled with the solid business strategies will surely take the HNBA Group to new heights.”

HNBA CEO Lasitha Wimalaratne said: “I am delighted to share the impressive growth we have achieved despite the challenging market conditions and economic turbulence. During the first half of 2022 HNBA had a growth of 37%, recording the highest growth rate amongst the Top 10 Life Insurance Companies in Sri Lanka. This is a truly commendable achievement since we stand ahead of the industry growth rate of 18%.

“The company’s Life Insurance Fund stands at Rs. 22.6 billion at the end of H1 of 2022 whilst the Capital Adequacy Ratio (CAR) of HNBA stood at 320%. This further reaffirms the company’s financial stability as the CAR is well above the minimum stipulated rate of 120% as directed by the Regulator. Keeping to our promise towards our valued policyholders, HNBA settled Insurance Benefits and Claims amounting to Rs. 1 billion.

“These results are a depiction of our well-focused strategies, growth initiatives and synergy of all teams involved. The Management of HNBA remains confident of its competitive advantage and strong financial footing and is focused on what is ahead and seizing every opportunity to expand its footprint in the market.”

HNBGI CEO Sithumina Jayasundara said: “During this challenging period that we are facing as a country and as an industry as a whole, HNBGI was able to maintain a steady financial growth capitalising on its service and operational excellence. HNBGI recorded a GWP of Rs. 3.3 billion with a growth of 23%.

“During the period the company settled Insurance Benefits and Claims amounting to over Rs. 1.6 billion showcasing a steady commitment to our valuable customers. Demonstrating the company’s strong financial strength, the Capital Adequacy Ratio (CAR) of HNBGI stood at 235%, which is well above the regulatory requirement.

“HNBGI was adjudged the Best Insurance Company Claims Management Team – Sri Lanka 2022 by Global Banking and Finance Review and also as the Best General Insurance Company of the Year – Special Recognition Award at the recently held 3rd ICC Emerging Asia Insurance Awards 2021. Our team is set to continue its journey with a positive note capturing every growth opportunity in the market, moving forward.”