HNB Assurance Group surpasses 20% growth mark for 3rd consecutive year

HNBA and HNBGI Chairperson Rose Cooray

HNBA CEO Lasitha Wimalaratne

HNBGI CEO Sithumina Jayasundara

HNB Assurance Group said it recorded yet another year of exceptional performance, marking the third consecutive year of achieving a growth rate exceeding 20% in terms of GWP (Gross Written Premium).

The year 2023 witnessed the Group achieving remarkable financial milestones and an array of local and international awards, solidifying its position as a frontrunner in the insurance industry.

HNB Assurance Group recorded a substantial GWP of Rs. 18.7 billion, showcasing a remarkable growth of 20% compared to the previous year.

HNBA and HNBGI Chairperson Rose Cooray said: “To me personally, the remarkable growth trajectory of the HNB Assurance Group stands as a testament to our commitment to delivering value to our stakeholders. Both teams at HNBA and HNBGI performed an outstanding job, leaving no stone unturned, meticulously analysing every challenge, and capitalising on every opportunity. This approach to business was imperative, particularly in the aftermath of COVID-19 and the subsequent economic and social upheaval, where we as a nation encountered numerous challenges in diverse forms.”

“In addition to our consistent growth of GWP, over the past three years, we as a group have so much to celebrate. Our Group assets grew by Rs. 10 billion during the year, well exceeding a remarkable total of Rs. 51.2 billion. Further, investment income for the Group surged to Rs. 7.2 billion, representing an outstanding growth of 49% from Rs. 4.8 billion in the preceding year. In terms of the Group’s profits, we recorded a commendable Rs. 1.76 billion in PAT,” Cooray added.

“I am proud to note that the HNB Assurance Group honoured claims of Rs. 6.6 billion, showcasing a growth of 19% compared to the previous year, aptly demonstrating our position as a reliable partner during our policyholder’s time of need,” explained Cooray. “As the Sri Lankan economy steadily makes progress towards recovery, I’m confident that our investments in technology, our teams and their skills along with all the fine-tuning we’ve done to our processes will hold us in good stead and propel us towards greater success,” added Cooray.

“Consistency has been our main focus and certainly the cornerstone of our success,” said HNB Assurance PLC CEO Lasitha Wimalaratne. At HNB Assurance, our track record speaks for itself. Year after year, we’ve demonstrated and honoured our commitment to our stakeholders and most importantly to our policyholders. This consistency is what set us apart and helped us in being recognised as the Best Life Insurance Company in Sri Lanka by the Indian Chamber of Commerce.”

The robust financial performance of HNB Assurance resonated with the numerous accolades garnered throughout the year. “I am delighted to highlight that as a team we have effectively translated our promises into action. Our Profit After Tax (PAT) reached Rs. 1.61 billion, marking a commendable 9% increase from the previous year. Moreover, we surpassed the significant milestone of Rs. 10 billion in GWP, representing a growth of 23%, which is almost twice the industry growth rate. We also witnessed a remarkable growth in our life fund from Rs. 24.3 billion to Rs. 30.6 billion.”

Speaking further, Wimalaratne added, “As we move into 2024, it is going to be a pivotal year for HNB Assurance, particularly as we anticipate the fruition of our investment in our core system. This strategic investment is expected to further enhance our operational efficiency and drive sustainable growth.”

HNB General Insurance Ltd. witnessed an impressive 18% surge in GWP when compared to 2023, a growth from Rs. 6.8 billion to Rs. 8 billion, which is a three-time increase when compared to the industry growth. Throughout the year, the company’s strategic emphasis on product innovation and customer service proved to be pivotal.

HNB General Insurance CEO Sithumina Jayasundara expressed his thoughts on the team’s achievements amidst turbulent times. “Despite economic uncertainties and high inflation rates, the team showcased remarkable proficiency in risk assessment and customer management. Our commitment as an organisation to deliver exceptional service led us to the prestigious title ‘Most Customer Centric General Insurance Brand’ by the Global Brand’s Magazine. Additionally, we secured a top three position among the most loved General Insurance Brands in the country, recognised by the renowned LMD Magazine. Moreover, we made Rs. 4.3 billion in claims, marking a 12% increase from the previous year, reaffirming our commitment to honouring the trust instilled in us by our valued customers.” “In a move to enhance customer value, we also launched the revolutionary ‘HNB General Insurance MotorGuard 3 in 1’ product, offering policyholders the convenience of three insurance coverages within a single annual premium payment. Further, this product not only simplifies their insurance management but also ensures they have the necessary coverage for various aspects of their lives, all under one policy. Additionally, we also introduced ‘Claimee’, a cutting-edge digital claims assistant aimed at revolutionising how we manage our claim settlement process. With Claimee, policyholders can easily initiate and track their claims through a user-friendly digital interface, eliminating the hassle of traditional paperwork and long waiting times.

“The launch of ‘Project Phoenix’ marks yet another significant milestone for us internally, representing a strategic investment aimed at enhancing our operational efficiencies. This internal core system is not merely a short-term fix, but a comprehensive revamp geared towards fostering long-term success and sustainable growth. Through these investments and innovations, I’m confident that our team will continue to drive innovation while delivering exceptional service and creating long-term value for our customers and stakeholders,” added Jayasundara.