HNB Assurance PLC Group posted a Profit After Tax (PAT) of Rs 1.2 billion for FY21. The Gross Written Premium (GWP) of the Group showcased an impressive growth of 22% recording Rs 12.6 billion.
Chairperson of HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), Rose Cooray stated, “HNB Assurance PLC Group had a solid fourth quarter of fiscal 2021 and ended the year posting impressive financial results.”
“It is noteworthy to mention that the Life Insurance Business showcased a growth of 29% and the General Insurance Business showcased a growth of 13% recording GWP of Rs 7.1 billion and 5.6 billion respectively and the Net Income and Interest and Dividend Income of the Group surpassed Rs 13.7 billion and Rs 2.5 billion respectively. Total Assets of the Group surpassed Rs 35.9 billion during the year”.
“These results are an outcome of the Group’s well-curated business strategies and well-focused Management practices. The Group’s financial performance is proof that both companies have navigated through a dynamic and challenging environment and will continue to do so.”
HNB Assurance PLC, Lasitha Wimalaratne, Chief Executive Officer stated, “HNBA ended 2021 delivering impressive financial results and continued its growth momentum amidst a challenging economic backdrop. In reviewing the performance of the business, HNBA recorded a GWP of Rs 7.1 billion during FY21, depicting a growth of 29% and the PAT of HNBA for the year surpassed Rs 1 billion, showcasing a growth of 38%.”
“As a result of our commitment of taking care of our Policyholders and delivering superlative returns, the Life Insurance Business settled Insurance Benefits and Claims amounting to Rs 1.6 billion during the year. Reaffirming the strong financial footing of the business, the Life Insurance Fund surpassed Rs 20 Bn during the year.”
“Taking the winning spirit of the business to new heights, HNBA produced a record breaking 164 million Dollar Round Table (MDRT) qualifiers, including 05 Court of the Table (COT) and 02 Top of the Table (TOT) achievers in 2021.”
HNB General Insurance delivered a robust performance during FY21, recording notable results during the fiscal 2021.
Sithumina Jayasundara, Chief Executive Officer stated, “HNBGI recorded a GWP of Rs 5.6 billion depicting a growth of 13% and recording a PAT of LKR 338 million. These results were recorded against a number of challenges presented by the continuation of a global pandemic. During the year, the business settled Insurance Benefits and Claims amounting to over Rs 2.5 billion fulfilling its promise to its valued customers.”
“From a segmental perspective, the Motor Insurance segment delivered an exceptional performance followed by Fire, Engineering and Marine Segments. During FY21, the General Insurance Contract Liabilities surpassed Rs 3.7 billion”.
“HNBGI being an innovative and leading General Insurance service provider in the market has adapted a number of strategies to identify existing gaps in the market and to provide innovative and customer centric solutions to our customer-base.”
“Facing several challenges caused due to adverse weather conditions and COVID-19 related challenges, the business has navigated through a volatile environment to record these impressive results.” “In driving towards its ambitious targets and goals, the business has crafted short and and medium-term strategies for the year and the Management of HNBGI remains well-focused on expanding its operations, accelerating innovative technologies and improving execution to create a meaningful difference in the market.”