Be the First to Know

lanka matrimony

HNBA records Impressive 26% GWP, 30% New business growth in 2022

0 31

HNB Assurance PLC (HNBA) recorded an impressive growth of 26% in its Gross Written Premium (GWP) as of the end of December 2022 to reach Rs 8.9 billion.

This is, in fact, the highest GWP growth rate when compared with the Top 8 players in the Life Insurance industry in Sri Lanka, and is almost threefold that of the industry which saw a growth of 9%.

In terms of new business too, the company was able to notch up a fantastic new business growth of 30% compared to last year which is almost 10 times as much as the industry average.

HNBA CEO Lasitha Wimalaratne said, “Our growth has been driven consciously by way of acquisition of long-term endowment business that would ensure sustained growth of the business into the future”.

“We as a team fought tooth and nail in acquiring new business whilst also working tirelessly in maintaining policy persistence; both being extremely onerous endeavours in what was the most calamitous of environments to operate in.”

He said the year saw the unveiling of the flagship health proposition in Supreme Health Unlimited. Apart from this, the Company was also the recipient of many awards both locally and internationally.

The Company has also been able to produce 194 million Dollar Round Table (MRDT) qualifiers this year up from 164 produced a year earlier.

HNBA Chief Business Officer / GM – Advisor Distribution Channel Harindra Ramasinghe expressed his views stating, despite the numerous obstacles posed by the remnants of the global pandemic as well as economic and political upheaval, the HNBA Advisor Channel demonstrated unwavering performance, significantly boosting business growth.

“The Channel was able to contribute 56% to the total GWP of the Company growing by 19% to reach Rs 4.8 billion as of the end of 2022. The growth was made possible by the expansion of the channel to burgeoning markets throughout the country. Our channel produced 83 MDRT qualifiers during the year which is indeed a significant achievement”.

Chief Business Officer / GM – Partnership Business, Sanesh Fernando, stated “The Alternate Channel team recorded expectational results in 2022 with Total GWP growing by 34% compared to the previous year to reach Rs 4.2 billion. The Channel was also honoured to have received the Best Bancassurance Service Provider for the third consecutive year by the Global Banking and Finance Review and stands as a testament to the resilience and vitality of the channel.”

“With the development of other alternate channels of business, we are poised for a high growth trajectory for 2023”.

Monday, March 20, 2023 – 01:00

Leave A Reply

Your email address will not be published.