HNBA Group records robust 1H results with 22% growth in GWP

HNBA CEO Lasitha Wimalaratne

HNBGI CEO Sithumina Jayasundara

During the first half of 2023, HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Ltd. (HNBGI), accomplished a noteworthy feat by collectively amassing a Gross Written Premium (GWP) totalling Rs. 9.1 billion. 

This accomplishment underscores a convincing and consistent growth rate of 22% when compared to the same period last year. This growth percentage, which is more than double the industry growth demonstrates the exceptional insurance service levels and innovative product offerings of the HNBA group, even during a challenging year.

HNBA and HNBGI Chairperson Rose Cooray, sharing her views on the Group’s H1 performance, stated, “I’m extremely delighted to note that both HNBA and HNBGI have surpassed the market GWP growth and yet again managed to exceed all expectations. To be consistent and deliver exceptional results quarter after quarter makes HNBA Group very desirable to all our customers as well as our investors. The Group delivered a remarkable 22% growth in Gross Written Premium (GWP), achieving Rs. 9.1 billion, a notable increase from the Rs. 7.4 billion recorded in the same period last year. We also surpassed a significant milestone of Rs. 45 billion in Total Assets, simultaneously reaching a Rs. 38 billion for Investments in Financial Instruments.” 

Cooray further added, “I must make mention of the inspiring leadership provided by the two CEOs and their respective corporate management teams, who have consistently demonstrated the ability to swiftly adopt and navigate through any challenge that has come our way. Proactive measures and possessing strategic foresight, has not only guaranteed the seamless continuity of our operations but also positioned us to leverage on emerging opportunities, which I’m certain will help us build on the momentum created and end this year on a very high note.”

Amidst the backdrop of a complicated economic landscape, the group’s focus on new business acquisition and the pursuit of simple yet strategic objectives, coupled with an empowered sales force, has paid off during the first half of the year. Reflecting on the company performance, HNBA CEO Lasitha Wimalaratne stated, “I’m extremely proud to note that HNBA recorded one of the highest new business premium growth among the top 8 life insurance companies, achieving a total new business premium growth which is twice the industry’s rate. Our GWP of 5.1 billion, recorded during the first half, is a 21% increase from the same period last year. Further, the Life Insurance Fund experienced impressive growth, surpassing the 4 billion mark to reach a substantial Rs. 28.2 billion over the two quarters. I’m extremely thankful to my incredible sales force for this impressive feat, they have worked extremely hard to educate and earn the trust of our customers while delivering exceptional value which has been a standout feature of our performance this year.”

HNBGI CEO Sithumina Jayasundara echoed similar sentiments, stating, “We at HNBGI recorded a growth of 24% when compared to the same period last year. With a GWP in excess of Rs. 4 billion achieved over the first half of the year, I’m extremely happy to note that this has helped us maintain our position as one of the companies with the highest growth rates within the top 10 General Insurance companies in the country.” 

Despite the challenges posed by the regulatory changes along with the raising costs, Jayasundara was positive that the company can overcome these hurdles. “Our resilience and proactive approach have always been our biggest strength and I firmly believe that our team is capable of overcoming any challenge that comes our way. Also, we have a few exciting product launches and other initiatives lined up for the final half of the year and I’m personally excited to see how they unfold.”