HNB Assurance Group records 21% GWP growth in 2024

HNBA and HNBGI Chairman Stuart Chapman

HNB Assurance CEO Lasitha Wimalaratne

HNB General Insurance CEO Sithumina Jayasundara

HNB Assurance Group (HNBA and HNBGI) posted yet another year of remarkable performance, improving on its impressive growth rate maintained over the last few years. 

For the financial year 2024, the HNBA group achieved a 21 percent increase in gross written premium (GWP), growing from Rs.18.8 billion to Rs.22.7 billion. The group also recorded a consolidated profit after tax (PAT) exceeding Rs.1.8 billion, marking a 7 percent growth compared to the previous year.

HNBA Group Chairman Stuart Chapman stated, “Our share price growth of 42 percent at end of 2024 reflects the trust the market places in our stability. It is also remarkable to note that both HNBA and HNBGI have maintained robust capital adequacy ratios of 379 percent and 219 percent, respectively, well above the regulatory requirement of 120 percent.”

The group’s funds under management increased by 24 percent in 2024, reaching Rs.55 billion, highlighting the strength of the investment strategy as a key pillar in maintaining the group’s financial stability and profitability. 

“Claims exceeded Rs.6.7 billion, with 98 percent of complaints being resolved successfully,” added Chapman. 

HNBA CEO Lasitha Wimalaratne stated, “Achieving a 7.5 percent market share is a huge milestone and we are well on our way to hitting that 10 percent target by 2026. Our new business premiums grew by 27 percent and our overall GWP up by 26 percent compared to 2024, which speaks volumes about the trust our customers place in us. Our investments also paid off, with an 8 percent boost in investment income, reaching Rs.6.9 billion.”

“Despite the higher operating costs from our IT upgrades, we managed to close the year with a 3 percent growth in profits. Additionally, our total assets have grown by 24 percent to reach Rs.53 billion, with a PBT of Rs.2.4 billion and PAT of Rs.1.66 billion. I’m extremely thankful to all the teams for their collective efforts in driving our business from strength to strength,” he added.

HNBGI CEO Sithumina Jayasundara stated, “HNBGI’s overall GWP growth of 14 percent, compared to the industry’s 6.9 percent, reflects the strong momentum we continue to drive. Notably, our non-motor segments surged by 24 percent, with marine, fire and engineering insurance achieving exceptional growth of 166 percent and 27 percent, respectively, which is the highest among the top 10 general insurers in the country. Despite challenges in the motor insurance sector, we remained agile, diversified our offerings and secured a solid 6 percent growth.”

“One of the aspects we paid close attention to during 2024 was customer satisfaction, which reflected in our renewal retention ratios of 77 percent for motor and 82 percent for non-motor segments as well as a remarkable Net Promoter Score of 77. Additionally, we achieved a 59 percent growth in profit after tax and a market share of 7 percent, which demonstrated the success of our strategy of driving sustainable growth in an uncertain environment. With our total assets reaching Rs.10.2 billion, a 7 percent increase, we’re confident that our approach is positioning HNBGI for long-term success,” added Jayasundara.