HNB Assurance records steady GWP growth of 41%

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HNB Assurance PLC Group delivered a robust performance during 1Q22, recording a Profit After Tax (PAT) of Rs 235 million, reflecting an impressive growth of 144%, compared to the PAT of Rs 96 million recorded during the corresponding period of 2021. The Group recorded a Gross Written Premium (GWP) of Rs 4.3 billion depicting a notable growth of 33%.

Sharing her views on the Group’s financial performance, Chairperson of HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), Rose Cooray said, “In spite of several macro-economic challenges prevailing in the market, HNBA and HNBGI delivered an outstanding performance during the first quarter of the year. Both HNBA and HNBGI held a firm stand in delivering these stellar results which contributed to the top-line and profitability growth of the Group. These results demonstrate our customer-centric and well-curated business strategies in capturing markets with growth potential. The Life Insurance business recorded a GWP of Rs 2.3 billion and the General Insurance business recorded a GWP of Rs 1.9 billion, showcasing an impressive growth of 41% and 24%. Other Revenue of the Group surpassed Rs 1 billion during 1Q22 marking a 30% growth. During the period, Total Assets of the Group surpassed Rs 37 billion and Financial Investments surpassed Rs 30 billion. The Investment Income of the Group for the period was Rs 938 million with an outstanding growth of 40% compared to corresponding period of the previous year and continued to maintain an investment portfolio with healthy credit quality.”

Lasitha Wimalaratne, CEO of HNB Assurance PLC said, “HNBA concluded another successful quarter showcasing a steady and stable growth momentum, amid increasing challenges in the external environment. During the period, the Life Insurance fund reached
Rs 21.4 billion. The Capital Adequacy Ratio (CAR) of HNBA during 1Q22 stood at 281%. This further reaffirms the Company’s financial stability as CAR is well above the minimum stipulated rate of 120% as directed by the Regulator.”

Expressing his views, CEO of HNBGI, Sithumina Jayasundara said, “During a challenging period for the entire insurance industry, HNBGI was able to deliver steady financial results capitalising on its service and operational excellence.The Company continued to deploy its agile business strategies despite the ongoing economic challenges and was able to seize several growth opportunities. The Miscellaneous and Motor Insurance segments delivered a notable performance followed by Fire and Engineering segments. Demonstrating the Company’s strong financial footing, the Capital Adequacy Ratio (CAR) of HNBGI stood at 247%, well above the regulatory requirement. The General Insurance Contract Liabilities surpassed Rs 4.2 billion.”