HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), recorded outstanding financial results for the first half of 2024. Both companies demonstrated remarkable resilience, leveraging strategic foresight to deliver sustained growth within the competitive insurance landscape. The Group recorded an impressive Gross Written Premium (GWP) of LKR 10.9Bn, which is a 20% growth when compared to the corresponding period last year.
Reflecting on the Group’s financial accomplishments, Mr. Stuart Chapman – Chairman of HNBA and HNBGI, expressed his confidence in the organization’s direction, stating, “Our continued financial success is a direct result of our strategic focus on technology, operational efficiency, and customer satisfaction. With so much going on around us, it is easy to lose focus, so we as a team have remained steadfast in our commitment and continue to deliver value to all our stakeholders and the results speak for themselves. The Group’s overall GWP growth of 20% and PAT growth of 14%, certainly reflect this. We honored claims and maturities exceeding LKR 3.3Bn as a Group, further solidifying the trust our policyholders have placed in us. This trust we’ve earned is a key driver, helping us continuously improve and achieve substantial growth in our Group assets, which have risen to LKR 56.5Bn from LKR 51Bn over the past six months. Additionally, our earnings per share increased by 14% and our investments grew from LKR 43.8Bn to LKR 48.7Bn during the same period positioning us well to capitalize on opportunity that lie ahead.”
“Starting the year with the prestigious title of ‘Best Life Insurance Provider’ from the Indian Chamber of Commerce, we embraced the approach of ‘being the best in all we do’ guided by the principles of Protection, Persistency and Productivity. Thus, this recognition has been a catalyst for us to not only maintain but elevate our standards across all facets of our operations, which was evident by our financials during the first half of 2024, stated, Mr. Lasitha Wimalaratne, CEO of HNB Assurance PLC. “I’m proud of how our team has turned our goals into real achievements. We have continued to maintain our growth way ahead of the industry growth rate achieving a total GWP of LKR 6.4Bn which is a 24% increase when compared to the same period last year. Additionally, our life fund grew significantly, rising from LKR 30.6Bn to LKR 35.2Bn. We also paid out maturities and claims totaling LKR 1.5Bn. Our new business premium increased by 39%, long-term endowment grew by 24% while our total assets reached LKR 47.6 Bn.”
With an ambitious goal of achieving a 10% market share by 2026, HNB Assurance places a strong emphasis on the development of its people. “I must also make mention of the several honors we have received during the year which includes the SLITAD People Development Award, acknowledgment as a Company with Great Managers, a mom-Inclusive Workplace and recognition from the National Convention on Quality and Productivity highlight our commitment to our people who also play a vital role on the growth of our organization. These achievements in addition to our business-related accolades along with us recently being recognized as finalists for our marketing efforts at the Drum Awards and MobEx Awards certainly validate our efforts and execution.” added, Mr. Wimalaratne.
HNB General Insurance Limited (HNBGI) also experienced significant growth, with a substantial increase in its total GWP. Amidst a dynamic and complex market environment, HNBGI has demonstrated agility, not only adapting to changes but also seizing new opportunities.
CEO of HNB General Insurance, Mr. Sithumina Jayasundara, emphasized the importance of agility in driving the company’s success. “In today’s rapidly changing world, it is crucial to remain agile and responsive to market trends. At HNBGI, we continue to adjust our product offerings and invest in technology to meet the requirements of our customers. This, coupled with our focus on transformational initiatives, has significantly contributed to our business success, enabling us to achieve a GWP of LKR 4.6Bn which represents a growth of 14% from last year and a three time increase when compared to the current industry growth rate.
The company also saw significant growth in non-motor; fire and engineering, medical and marine insurance segments, outpacing the industry growth rate by a considerable margin. “The challenges with managing motor insurance due to rising costs is no secret, but our team has effectively leveraged on the non-motor segment, achieving growth more than 10 times the industry average and contributing LKR 2.3 Bn to our total GWP. Additionally, we have paid out net insurance claims and benefits of LKR 2 Bn, providing crucial support to our policyholders at their hour of need.”
Looking ahead, HNB General Insurance is poised to continue their growth trajectory expecting its investments in the new core system to take shape, “We are excited about the future as our new core system begins to take effect. This investment is improving our efficiency and service capabilities, allowing us to better meet the needs of our customers while capitalizing on emerging trends and sustaining our growth momentum.
Further, throughout this year, we have actively pursued strategic partnerships to enhance our reach and provide additional value to our customers. Additionally, we launched HNBGI Loyalty Rewards collaborating with various partners to offer exclusive discounts to our policyholders, further delivering added value. We also introduced the short code ‘1303’ to access our 24/7 dedicated hotline anytime, anywhere.” Added, Mr. Jayasundara.
During the first half of the year, HNBGI earned significant local and international accolades, including the ‘Runner-up in the General Insurance category at the prestigious National Business Excellence Awards (NBEA) 2024’, ‘Best General Bancassurance Provider in Sri Lanka 2024’ from the Global Banking and Finance Review – UK, the ‘Takaful Window/Unit of the Year 2023/2024’ award from the Sri Lanka Islamic Banking & Finance Industry (SLIBFI), and the Silver Award at the SLITAD People Development Awards 2023/24.
Image: Mr. Stuart Chapman – Chairman, HNBA and HNBGI
