HNBA Group records impressive 30% GWP growth in Q1 23

Thursday, 18 May 2023 03:18 - - {{hitsCtrl.values.hits}}

HNBA CEO Lasitha Wimalaratne

HNBGI CEO Sithumina Jayasundara

The HNBA Group has delivered a strong financial performance in 2022, setting a high bar for the company to maintain and meet in 2023.

Despite the challenging task of replicating these results, the company is steadfast in exceeding its previous year’s numbers and the steady start to 2023 suggests that it is geared to thrive and create value for its stakeholders. At the end of Q1, HNB Assurance posted a GWP of Rs. 2.9 billion and HNB General Insurance posted a GWP of Rs. 2.6 billion.

HNBA Group Chairperson Rose Cooray said: “Consistency and continuous creation of value are going to be vital propositions in 2023. We are confident that our dedicated teams will continue to drive our growth.”

“In addition to the focus on our customers we are also committed to creating value for our employees and other stakeholders, enabling a healthy business operation which benefits all. During the first quarter the Group achieved a Gross Written Premium (GWP) growth of 30%, with a GWP of Rs. 5.5 billion compared to Rs. 4.3 billion during the same period in 2022. The group also surpassed the Rs. 44 billion milestone of Total Assets during the first quarter of 2023 whereas the Investments in Financial Instruments also reached a value of Rs. 37 billion,” Cooray said.

“It is heartening to note that both companies have outperformed the market in terms of GWP growth. Further, HNBGI was able to move up one notch to be the sixth largest general insurer which augurs well into the robust strategies employed by the company,” Cooray further added.

The Group attributed the growth to its strategic initiatives implemented for new business acquisition, where in addition to strengthening its bancassurance and agency channels, efficient digitised processes and solutions have been introduced to customers for convenient product access.

HNB Assurance PLC CEO Lasitha Wimalaratne said: “A good start to the year was crucial for us and I’m extremely delighted to acknowledge the impressive work carried out by our teams to ensure we achieve outstanding numbers for Q1, surpassing industry achievements. HNB Assurance currently occupies a market share of 8.6%, with a GWP of Rs. 2.9 billion during Q1, the Life Insurance business showcased a growth of 24% compared to the overall industry degrowth. I must note that this was the highest percentage of growth recorded within the top 10 Life Insurance Companies. The Life Insurance Fund grew in excess of 2 billion to reach Rs. 26.9 billion during the first quarter, which certainly are encouraging numbers.”

HNB General Insurance CEO Sithumina Jayasundara said: “HNBGI has made great headway into the year recording the highest growth ever recorded in the company’s history. With our GWP growth, a little over double the industry growth rate, we have an extremely positive outlook on how the rest of the year will unfold. Also, I’m extremely delighted to note that all the initiatives we have embarked upon have contributed towards driving up our financials which is a testament to the success of our process and product improvements. In terms of financials, during Q1 we have already grown our GWP by 34% to Rs. 2.6 billion in comparison to the same period last year. Further, the total assets of HNBGI has grown to Rs. 9.7 billion during Q1 from 8.5 billion reflecting a growth of 14%.”