HNB Assurance hits 37% GWP growth during 1H – 2022
HNB Assurance PLC., (HNBA) one of the fast-growing Life Insurance Companies in the country recorded a Gross Written Premium (GWP) of 4.3 bn during the first half of 2022 which is an impressive growth of 37% compared to the comparative period last year. Whilst this growth is well over that of the industry which grew at 18%, it is also the highest growth recorded amongst the top 10 life insurers in the country.
Chief Executive Officer of HNBA Lasitha Wimalaratne stated, “I’m extremely impressed to see this growth moment of the Company despite the challenges we had to face during the first half of the year, which is a reaffirmation of and a testament to the robust strategies that have been employed by the Company.”
“Both business lines of the Company, namely the Agency and the Partnership Channel have made great headway in tapping into diverse customer pools to offer a very robust full-bodied insurance proposition addressing the financial protection needs of a very discerning clientele. The business is also retooling itself with the latest in terms of technological capability to ensure that we stay reachable and relevant to the various markets that we operate in”.
Chief Business Officer/ General Manager – Advisor Distribution Channel of HNBA, Harindra Ramasinghe said: “Amidst many challenges and negative impacts caused by the economic turbulence of the country, the Advisor Force of HNBA has gone the extra mile to keep the business steady and growing.”
“During the first half of the year 2022, the Advisor Channel recorded a total GWP of Rs 2.4 bn. The business continued to seize new and potential market segments across the country. The Advisor Channel showed a steady growth as several recruitment campaigns continued throughout the country.”
Sanesh Fernando, Chief Business Officer/ General Manager – Partnership of HNBA said, “The Partnership Channel delivered an exceptional performance during 1H 2022, setting new benchmarks in the market recorded a GWP of Rs 1.8 bn. As one of the key business channels of the Company the overall partnership network has grown and contributed immensely to the business.”
“I’m confident that, with the solid business strategies in place, the Partnership Channel will continue to grow to new heights. I also record our most heartfelt appreciation of all our Bancassurance partners without whose support achievements such as this would not have been possible.”