The HNBA Group delivered a strong financial performance in 2022, setting a high bar for the company to maintain and meet in 2023. Despite the challenging task of replicating these results, the company is steadfast in exceeding its previous years’ numbers and the steady start to 2023 suggests that it is geared to thrive and create value for its stakeholders. At the end of Q1, HNB Assurance posted a GWP of LKR 2.9 billion and HNB General Insurance posted a GWP of LKR 2.6 billion.
“Consistency and continuous creation of value are going to be vital propositions in 2023”, said Chairperson of HNBA Group Mrs. Rose Cooray, reflecting on the Q1 performance. “We are confident that our dedicated teams will continue to drive our growth. In addition to the focus on our customers we are also committed to creating value for our employees and other stakeholders, enabling a healthy business operation which benefits all. During the first quarter the Group achieved a Gross Written Premium (GWP) growth of 30%, with a GWP of LKR 5.5 billion compared to LKR 4.3 billion during the same period in 2022. The group also surpassed the LKR 44 billion milestone of Total Assets during the first quarter of 2023 whereas the Investments in Financial Instruments also reached a value of LKR 37 billion.”
Congratulating the two CEOs and the teams on their impressive performance, “It is heartening to note that both companies have outperformed the market in terms of GWP growth. Further, HNBGI was able to move up one notch to be the 6th largest general insurer which augurs well into the robust strategies employed by the company.” Mrs. Cooray further added.
The Group attributed the growth to its strategic initiatives implemented for new business acquisition, where in addition to strengthening its bancassurance and agency channels, efficient digitized processes and solutions have been introduced to customers for convenient product access.
Chief Executive Officer of HNB Assurance PLC, Mr. Lasitha Wimalaratne sharing his thoughts on the financial performance, stated, “A good start to the year was crucial for us and I’m extremely delighted to acknowledge the impressive work carried out by our teams to ensure we achieve outstanding numbers for Q1, surpassing industry achievements. HNB Assurance currently occupies a market share of 8.6%, with a GWP of LKR 2.9 billion during Q1, the Life Insurance business showcased a growth of 24% compared to the overall industry degrowth. I must note that this was the highest percentage of growth recorded within the top 10 Life Insurance Companies. The Life Insurance Fund grew in excess of 2 billion to reach LKR 26.9 billion during the first quarter, which certainly are encouraging numbers.”
Mr. Sithumina Jayasundara, Chief Executive Officer of HNB General Insurance, opined “HNBGI has made great headway into the year recording the highest growth ever recorded in the company’s history. With our GWP growth, a little over double the industry growth rate, we have an extremely positive outlook on how the rest of the year will unfold. Also, I’m extremely delighted to note that all the initiatives we have embarked upon have contributed towards driving up our financials which is a testament to the success of our process and product improvements. In terms of financials, during Q1 we have already grown our GWP by 34% to LKR 2.6 billion in comparison to the same period last year. Further, the total assets of HNBGI has grown to LKR 9.7 billion during Q1 from 8.5 billion reflecting a growth of 14%.”
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 specialize 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 organized by the Institute of Chartered Accountants of Sri Lanka.
Photo Caption:
- Mr. Lasitha Wimalaratne – CEO HNBA
- Mr. Sithumina Jayasundara – CEO HNBGI