HNBA Group records 30% GWP growth in Q1
The HNBA Group delivered a strong financial performance in 2022, setting a high bar for the company to maintain and meet in 2023 and at the end of Q1, HNB Assurance posted a GWP of LKR 2.9 billion and HNB General Insurance posted a GWP of LKR 2.6 billion.
“Consistency and continuous creation of value are going to be vital propositions in 2023”, said Chairperson of HNBA Group Rose Cooray, reflecting on the Q1 performance. “During the first quarter the Group achieved a Gross Written Premium(GWP) growth of 30%, with a GWP of LKR 5.5 billion compared to LKR 4.3 billion during the same period in 2022. The group also surpassed the LKR 44 billion milestone of Total Assets during the first quarter of 2023 whereas the Investments in Financial Instruments also reached a value of LKR 37 billion.”
“It is heartening to note that both companies have outperformed the market in terms of GWP growth. Further, HNBGI was able to move up one notch to be the 6th largest general insurer which augurs well into the robust strategies employed by the company.”
The Group attributed the growth to its strategic initiatives implemented for new business acquisition, where in addition to strengthening its bancassurance and agency channels, efficient digitized processes and solutions have been introduced to customers for convenient product access. Chief Executive Officer of HNB Assurance PLC, Lasitha Wimalaratne stated,“ A good start to the year was crucial for us and we have surpassed industry achievements.”
“HNB Assurance currently occupies a market share of 8.6%, with a GWP of LKR 2.9 billion during Q1, the Life Insurance business showcased a growth of 24% compared to the overall industry degrowth. I must note that this was the highest percentage of growth recorded within the top 10 Life Insurance Companies. The Life Insurance Fund grew in excess of 2 billion to reach LKR 26.9billion during the first quarter, which certainly are encouraging numbers.”
Chief Executive Officer of HNB General Insurance, Sithumina Jayasundara, opined “HNBGI has made great headway into the year recording the highest growth ever recorded in the company’s history. With our GWP growth, a little over double the industry growth rate, we have an extremely positive outlook on how the rest of the year will unfold.”
“In terms of financials, during Q1 we have already grown our GWP by 34% to LKR 2.6 billion in comparison to the same period last year. Further, the total assets of HNBGI have grown to LKR 9.7 billion during Q1 from 8.5 billion reflecting a growth of 14%.”