HNB Assurance records GWP growth of 41%,
HNB Assurance PLC Group delivered a robust performance during 1Q22, recording a Profit After Tax (PAT) of Rs 235 million, reflecting an impressive growth of 144%, compared to the PAT of Rs 96 million recorded during the corresponding period of 2021. The Group recorded a Gross Written Premium (GWP) of Rs 4.3 billion depicting a notable growth of 33%.
Chairperson of HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), Rose Cooray stated, “In spite of several macro-economic challenges prevailing in the market, HNBA and HNBGI delivered an outstanding performance during the first quarter of the year.”
“These results demonstrate our customer-centric and well-curated business strategies in capturing markets with growth potential. The Life Insurance business recorded a GWP of Rs 2.3 billion and the General Insurance business recorded a GWP of Rs 1.9 billion, showcasing an impressive growth of 41% and 24% respectively. Other revenue of the group surpassed Rs1 billion during 1Q22 marking a 30% growth.”
During the period, total assets of the Group surpassed Rs 37 billion and Financial Investments surpassed Rs. 30 billion. The Investment Income of the Group for the period was Rs 938 million with an outstanding growth of 40% compared to corresponding period of the previous year and continued to maintain an investment portfolio with healthy credit quality.”
Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance PLC says, “HNBA concluded another successful quarter showcasing a steady and stable growth momentum, amidst increasing challenges in the external environment. During 1Q22 HNBA recorded a GWP of Rs 2.3 billion, showcasing a stellar growth of 41%.During the period, the Life Insurance fund reached Rs 21.4 billion. The Capital Adequacy Ratio (CAR) of HNBA during 1Q22 stood at 281%.”
“Owing to our promise, HNBA settled insurance benefits and claims amounting to Rs 527 million. These results are a testament to our well-focused strategies and collective efforts of all teams.”
Chief Executive Officer of HNBGI, Sithumina Jayasundara stated, “During a challenging period for the entire insurance industry, HNBGI was able to deliver steady financial results capitalizing on its service and operational excellence. Surpassing the industry growth rates, HNBGI recorded a GWP of Rs 1.9 billion showcasing an impressive growth of 24% during 1Q22.”
The miscellaneous and motor Insurance segments delivered a notable performance followed by fire and engineering segments. During the period, the company settled insurance benefits and claims amounting to over Rs 830 million showcasing our steady commitment to our customers.”