HNB Assurance Group records 31% Growth in GWP during H1 of 2022

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HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) recorded a Gross Written Premium (GWP) of LKR 7.4 Bn depicting a steady growth of 31% during H1 of 2022.

Expressing her views on the financial performance of the Group, Chairperson of HNBA and HNBGI, Rose Cooray stated, “It is indeed a great pleasure to announce that the HNB Assurance Group has achieved a 31% growth in GWP compared to the corresponding period of the previous year. In reviewing the performance of each business, the Life Insurance Company recorded a GWP of LKR 4.3 Bn showcasing a growth of 37% and the General Insurance business recorded a GWP of 3.3 Bn, depicting a growth of 23%. These significant results were recorded amidst a number of unprecedented economic and social challenges in the country. However, the resilience of our core business model and focus on capturing market segments with growth potential has led to yield these significant results. The commitment and dedication of the Management and staff members of HNBA and HNBGI coupled with the solid business strategies will surely take the HNBA Group to new heights.”

Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance PLC. expressed his views stating, “I am delighted to share the impressive growth we have achieved despite the challenging market conditions and economic turbulence. During the first half of 2022 HNBA had a growth of 37%, recording the highest growth rate amongst the Top 10 Life Insurance Companies in Sri Lanka. This is a truly commendable achievement since we stand ahead of the industry growth rate of 18%. The Company’s Life Insurance Fund stands at LKR 22.6 Bn at the end of H1 of 2022 whilst the Capital Adequacy Ratio (CAR) of HNBA stood at 320%. This further reaffirms the Company’s financial stability as the CAR is well above the minimum stipulated rate of 120% as directed by the Regulator. Keeping to our promise towards our valued policyholders, HNBA settled Insurance Benefits and Claims amounting to LKR 1 Bn.”

Sithumina Jayasundara, Chief Executive Officer of HNB General Insurance Limited commenting on the progressive growth stated that “During this challenging period that we are facing as a country and as an industry as a whole, HNBGI was able to maintain a steady financial growth capitalizing on its service and operational excellence.  HNBGI recorded a GWP of LKR 3.3 Bn with a growth of 23%. During the period the Company settled Insurance Benefits and Claims amounting to over LKR 1.6 Bn showcasing a steady commitment to our valuable customers. Demonstrating the Company’s strong financial strength, the Capital Adequacy Ratio (CAR) of HNBGI stood at 235%, which is well above the regulatory requirement.”