HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), recorded outstanding financial results for the first half of 2024 with an impressive Gross Written Premium (GWP) of LKR 10.9Bn, which is a 20% growth when compared to the corresponding period last year.
HNBA and HNBGI Chairman Stuart Chapman said, “Our continued financial success is a direct result of our strategic focus on technology, operational efficiency, and customer satisfaction.
The Group’s overall GWP growth of 20% and PAT growth of 14%, certainly reflect this. We honoured claims and maturities exceeding LKR 3.3Bn as a Group, further solidifying the trust our policyholders have placed in us.”
“Our Group assets, 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 opportunities that lie ahead.”
HNB Assurance PLC CEO Lasitha Wimalaratne said, “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 totalling 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 include the SLITAD People Development Award and many more. 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, 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.
HNB General Insurance CEO 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 in their hour of need.”
Looking ahead, HNB General Insurance is poised to continue its 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.
“Further, throughout this year, we have actively pursued strategic partnerships to enhance our reach and provide additional value to our customers. During the first half of the year, HNBGI earned significant local and international accolades as well.”
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