HNB Assurance PLC (HNBA), kicked off the year 2024 on an impressive note, showcasing robust performance and at end of Q1 HNB Assurance posted a Gross Written Premium (GWP) of LKR 3.3 billion while HNB General Insurance recorded an impressive LKR 2.9 billion.
“The formula for us has been quite simple, expand our reach while creating maximum value for our customers”, stated Rose Cooray, Chairperson of HNBA and HNBGI.
“We have been extremely fortunate to witness this philosophy not only guide our endeavors but also enable us to compete and grow within a highly competitive industry. During Q1 of 2024, our GWP once again surpassed last year’s performance by an impressive 13%, reaching a total of LKR 6.2 billion.”
Additionally, as a group, we expanded our total assets by LKR 4 billion, reaching a milestone of LKR 55 billion. Our Financial Investments portfolio also experienced significant growth, rising to LKR 46 billion from LKR 43 billion when compared to the same period last year.”
Chief Executive Officer of HNB Assurance PLC Lasitha Wimalaratne said, “Notably, our Life Insurance business achieved a remarkable 14% growth, reaching an impressive LKR 3.3 billion in GWP which included a New Business Premium growth of 34% against an industry growth of 24% and a long term Endowment growth of 23% against an industry growth of 15%.”
“Moreover, our Life Insurance Fund experienced substantial growth, exceeding LKR 2.5 billion to reach a significant milestone of LKR 33 billion during the first quarter.” Chief Executive Officer of HNB General Insurance, Sithumina Jayasundara, opined “Q1 has always been crucial for us in terms of setting the tone for the year and I’m delighted to note that we have recorded an impressive 9% growth in GWP to reach LKR 2.9 billion when compared to the same period last year.”
“In terms of our non-motor business we recorded a 15% growth against the industry which showcased no growth while our overall business including motor and non-motor recorded a 9% growth against the industry growth of 0.8% which is 9 times the industry growth rate. We also witnessed substantial growth with our total assets, growing to LKR 10.9 billion from LKR 9.6 billion.”
“Furthermore, we achieved a significant milestone by initiating our compliance journey with the International Financial Reporting Standard (IFRS) 17, pioneering the industry’s adoption of WTW’s ResQ Financial Reporter (FR), a move which underscores our commitment to transparency and regulatory adherence.”
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