HNB Assurance group surpasses 20% growth again
HNB Assurance Group recorded yet another year of exceptional performance, marking the third consecutive year of achieving a growth rate exceeding 20% in terms of GWP (Gross Written Premium).
HNB Assurance Group recorded a substantial GWP of LKR 18.7 Bn, showcasing a remarkable growth of 20% compared to the previous year.
Rose Cooray, Chairperson of HNBA and HNBGI, said, “This approach to business was imperative, particularly in the aftermath of COVID-19 and the subsequent economic and social upheaval, where we as a nation encountered numerous challenges in diverse forms. In addition to our consistent growth of GWP, over the past three years, we as a group have so much to celebrate.”
“Our Group assets grew by LKR 10 billion during the year, well exceeding a remarkable total of LKR 51.2 billion. Further, investment income for the Group surged to LKR 7.2 billion, representing an outstanding growth of 49% from LKR 4.8 Bn in the preceding year. In terms of the Group’s profits, we recorded a commendable LKR 1.76 Bn in PAT.”
“I am proud to note that the HNB Assurance Group honored claims of LKR6.6 Bn, showcasing a growth of 19% compared to the previous year, aptly demonstratingour position as a reliable partner during our policyholder’s time of need.”
“Consistency has been our main focus and certainly the cornerstone of our success”, said CEO of HNB Assurance PLC Lasitha Wimalaratne.
The robust financial performance of HNB Assurance resonated with the numerous accolades garnered throughout the year.
“Our Profit After Tax (PAT) reached LKR1.61 Bn, marking a commendable 9% increase from the previous year. Moreover, we surpassed the significant milestone of LKR10 Bnin GWP, representing a growth of 23%, which is almost twice the industry growth rate.”
“We also witnessed a remarkable growth in our life fund from LKR24.3 Bn to LKR 30.6 Bn.” Wimalaratne added “As we move into 2024, it is going to be a pivotal year for HNB Assurance, particularly as we anticipate the fruition of our investment in our core system.”
HNB General Insurance Ltd witnessed an impressive 18% surge in GWP when compared to 2023, a growth from LKR 6.8 Bn to LKR 8 Bn, which is a three-time increase when compared to the industry growth.
CEO of HNB General Insurance, Sithumina Jayasundara, expressed his thoughts on the team’s achievements amidst turbulent times. “Despite economic uncertainties and high inflation rates, the team showcased remarkable proficiency in risk assessment and customer management.”
“We made LKR 4.3Bn in claims, marking a 12% increase from the previous year, reaffirming our commitment to honoring the trust instilled in us by our valued customers.”
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