HNB Assurance Group maintains 30% growth momentum in 1Q 2025

HNB Assurance Group (HNB Assurance and HNB General Insurance) delivered an outstanding performance in the first quarter of 2025, continuing its growth momentum and building on the success achieved in the previous year.

The group reported Rs.8 billion in gross written premium (GWP): a 30 percent increase when compared to the same period last year and paid Rs.1.7 billion in net insurance benefits and claims during the first three months of 2025.

HNB Assurance and HNB General Insurance Chairman Stuart Chapman stated, “Whilst the group’s GWP grew by an impressive 30 percent, the bottom line too grew by 28 percent to surpass the Rs.300 million mark during the period under review. Total assets increased by Rs.5.7 billion, bringing the total assets of the group to Rs.68.1 billion. In addition, the group’s financial investments rose by Rs.3 billion during the period under review.” 

HNB Assurance CEO Lasitha Wimalaratne said, “Our life insurance business has continued its upward momentum, posting a GWP of Rs.4.5 billion, a 36 percent increase compared to the same period last year. We are also proud to have grown our new business premiums by 37 percent and to have seen a 34 percent increase in long-term endowment policies, when compared to last year.” 

He further highlighted the growth of the Life Insurance Fund, which surpassed Rs.41 billion in 1Q, increasing by over Rs.3 billion within the quarter. 

HNB General Insurance CEO Sithumina Jayasundara said, “The first quarter plays a pivotal role in shaping our momentum for the year and I’m pleased to share that we have had a strong start, where we achieved the highest growth amongst the top 10 general insurance companies, reaching a market share of 9.1 percent. Our GWP reached Rs.3.6 billion, reflecting a 23 percent increase against an industry growth of 2 percent when compared to the same period last year. While the industry showed a degrowth in the non-motor segment, we delivered a remarkable 43 percent upthrust, reaching Rs.2.3 billion. On the financial front, we are pleased to report that our total assets have grown to Rs.11.9 billion. During the same period, we paid over Rs.950 million in claims. 

We also recorded a 12 percent increase in profits. Looking ahead, now that vehicle imports are allowed, we see new opportunities for growth in the motor segment as well and with the progress we have made so far in other segments, we are confident that there’s a lot to look forward to in the future.”