HNB Assurance Group records remarkable 22% growth in GWP

HNB Assurance PLC (HNBA) and HNB General Insurance Ltd. (HNBGI) continued to build on their impressive performance, recording strong financial growth and achieving impressive operational success during the third quarter of 2024. 

With a focus on innovation, customer-centricity and expanding their market presence, both companies for the nine months ending 30 September 2024, reported a Gross Written Premium (GWP) of Rs. 16.6 billion, a 22% increase when compared to the same period last year. This growth was fuelled by HNBA’s GWP of Rs. 9.9 billion, reflecting a 27% increase, and HNBGI’s GWP of Rs. 6.7 billion, marking a 14% increase. Additionally, the Group’s PAT saw a notable growth of 26%, rising from Rs. 583 million to Rs. 734 million when compared to the same period last year. These exceptional financial performances were further fortified by the affirmation of Insurer Financial Strength ratings of HNBA and HNBGI as ‘A-’ (lka) from Fitch, with a stable outlook.

“Our robust performance this quarter speaks to the strength of our team and the focus we’ve maintained in expanding our reach,” commented HNBA and HNBGI Chairman Stuart Chapman. “The year 2024, we navigated with careful optimism, mindful of the elections and the unpredictability they could bring. Despite these uncertainties, our teams not only anticipated the challenges but surpassed expectations, achieving outstanding growth targets. The Group’s GWP saw a substantial increase of 22% compared to the same period last year. Meanwhile, the Group’s Assets grew by almost 15%, rising to Rs. 58.9 billion, during the first nine months. Additionally, our total equity touched Rs. 10.6 billion and our life fund reached Rs. 37.6 billion, a noteworthy increase of 23%, during the first three quarters of the year. These achievements reflect our commitment to sustainable growth, positioning us strongly for the future as we continue to create value for our stakeholders,” added Chapman.

“I am delighted to note that we have continued to maintain our remarkable financial performance during the third quarter and maintain our position as the only fitch A- rated life insurance provider in Sri Lanka,” stated HNB Assurance CEO Lasitha Wimalaratne. “Our Gross Written Premium has grown by 27%, reaching Rs. 9.9 billion from Rs. 7.8 billion when compared to the same period last year. The company posted a 6% growth in profitability by recording Rs. 550 million as profit after tax. It must be noted that the company is yet to recognise surplus from the Life fund which will be at the end of the year. An achievement which highlights the success of our strategic focus in offering accessible and innovative insurance solutions that truly resonate with the needs of our customers, through collaborations and new partnerships.”

For HNBGI, the Q3 performance highlights its proactive stance in navigating challenges while seizing growth opportunities. HNBGI CEO Sithumina Jayasundara commented, “Our commitment to improved underwriting and efficient claims management has been instrumental to our success. We continue to make considerable strides in offering tailored insurance solutions that resonate with our clients, which has helped us achieve a GWP of Rs. 6.7 billion, a 14% increase when compared to the same period last year. Our business and efficiency improvements allowed us to increase our profit after tax threefold, to reach a 187% growth when compared to the same period last year. Notably, our focus on diversifying our portfolio beyond motor insurance has yielded significant growth, with our non-motor segment growing by 22% when compared to the same period last year. Within this category, we saw remarkable performances in marine, fire, and engineering insurance lines, which have grown by 121% and 27%, respectively, highlighting our proactive strategy to expand into areas of high demand.”

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 64 branches. HNBA is a Life Insurance company with a rating of ‘A-’ (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialise in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a ‘National Insurer Financial Strength Rating’ of ‘A-’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organised by the Institute of 

Chartered Accountants of Sri Lanka.