HNBA Group posts Rs 11.3 Bn. GWP in 9 months
HNB Assurance PLC (HNBA)) reported a consolidated Gross Written Premium (GWP) of Rs 11.3 Bn marking a steady growth of 26% and a consolidated Profit After Tax (PAT) of Rs 1.5 Bn marking a growth of 228% during the nine months ended September 30, 2022 compared to the comparative period last year.
Rose Cooray Chairperson of HNBA and HNBGI said that despite the negative impact caused by the economic turbulence, both companies have performed extremely well in terms of both topline and bottom line.
“Both HNBA and HNBGI were able to increase their respective market shares by growing well above the market averages. Group PBT grew by 167% for the period reaching Rs 1.9 Bn compared to Rs 731.4 Mn in the corresponding period last year.’
“The key reason for the exceptional growth is the transfer of Rs 1.1 Bn surplus from Life policyholders fund, subsequent to the valuation of the Life Fund as at September 30, 2022. It must be noted that no surplus transfer from Life policyholders was made in 3Q 2021 as it was done in December 2021.”
“These profits posted were after incurring Rs 4 Bn as Net Insurance Benefits and Claims to our policyholders in 2022, compared to Rs 2.9 Bn in the corresponding period.”
Chief Executive Officer of HNBA Lasitha Wimalaratne stated “I am happy to note that the resilience of our core business model has led to yield these remarkable results despite the challenges we had to face in the previous months.While the business keeps retooling itself with tech transformations and keeping abreast of market trends, HNBA’s GDP increased by 32% achieving Rs 6.6 Bn.
“HNBA posted a PAT of Rs 1.2 Bn recording a 483% growth with the surplus transfer from the Life Fund.The Company’s Life Insurance Fund stands at Rs 23.1 Bn at the end of Q3 of 2022. Contributing to this momentum HNBA’s Capital Adequacy Ratio (CAR) stood at 283%.”
HNBA is the only insurance company to be listed among the Top 70 Best Workplaces in Asia whilst also being recognised amongst the Top 50 Best Workplaces in Sri Lanka.
Chief Executive Officer of HNBGI Sithumina Jayasundara stated that the company was able to maintain a sustainable financial growth in 2022 compared to 2021 and that he is confident with the solid business strategies in place, the business will continue to grow to greater heights.. Jayasundara also stated that the business delivered a great performance during Q3 2022 recording a GWP of Rs.4.8 Bn. Further reviewing the performance of the business, HNBGI recorded PAT ofRs.417.6 Mn compared to Rs.372.2 Mn last year.
The Company’s Capital Adequacy Ratio (CAR) stood at 266% well above the regulatory requirement”.