HNBA Group records robust 1H results with 22% growth in GWP
CEO HNBA Lasitha Wimalaratne and CEO HNBGI Sithumina Jayasundara
During the first half of 2023, HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), accomplished a noteworthy feat by collectively amassing a Gross Written Premium (GWP) totaling LKR 9.1 billion.
This accomplishment underscores a convincing and consistent growth rate of 22% when compared to the same period last year. This growth percentage, which is more than double the industry growth demonstrates the exceptional insurance service levels and innovative product offerings of the HNBA group, even during a challenging year.
Chairperson of HNBA and HNBGI Rose Cooray said, “To be consistent and deliver exceptional results quarter after quarter makes HNBA Group very desirable to all our customers as well as our investors.The Group delivered a remarkable 22% growth in Gross Written Premium
(GWP), achieving LKR 9.1 billion, a notable increase from the LKR 7.4 billion recorded in the same period last year. We also surpassed a significant milestone of LKR 45 billion in Total Assets, simultaneously reaching a LKR 38 billion for Investments in Financial Instruments.”
“The inspiring leadership provided by the two CEOs and their respective corporate management teams, has not only guaranteed the seamless continuity of our operations but also positioned us to leverage on emerging opportunities, which I’m certain will help us build on the momentum created and end this year on a very high note.”
CEO of HNBA, Lasitha Wimalaratne, stated, “I’m extremely proud to note that HNBA recorded one of the highest new business premium growth among the top 8 life insurance companies, achieving a total new business premium growth which is twice the industry’s rate.” Our GWP of 5.1Bn, recorded during the first half, is a 21% increase from the same period last year. Further, the Life Insurance Fund experienced impressive growth, surpassing the 4 billion mark to reach a substantial LKR 28.2 billion over the two quarters.”
CEO of HNBGI, Sithumina Jayasundara, said, “We at HNBGI recorded a growth of 24% when compared to the same period last year. With a GWP in excess of LKR 4 billion achieved over the first half of the year, this has helped us maintain our position as one of the companies with the highest growth rates within the top 10 General Insurance companies in the country.”
Despite the challenges posed by the regulatory changes along with the rising costs, Jayasundara was positive that the company can overcome these hurdles.
“Our resilience and proactive approach have always been our biggest strength and I firmly believe that our team is capable of overcoming any challenge that comes our way.”
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