HNB Assurance Group records 21% GWP growth in third quarter

HNB Assurance PLC (HNBA) and its wholly owned subsidiary HNB General Insurance Limited (HNBGI) ended the third quarter with the Group figures indicating a Profit After Tax (PAT) of Rs. 583 million. 
In terms of Gross Written Premium (GWP), the Group recorded Rs. 13.6 billion growing by an impressive 21 percent compared to the previous year. 

HNBA exhibited exceptional growth during the period by achieving a growth rate twice that of the industry average, while HNB General Insurance Limited (HNBGI) also demonstrated a robust performance, growing at a staggering five times the industry average.
“I’m extremely delighted by the outstanding performance exhibited by HNB Assurance Group during the third quarter. Our consistent growth is a clear indication that HNB Assurance as a group is in the forefront of providing exceptional services and adapting to the ever-changing demands of our clientele”, stated Rose Cooray, Chairperson of HNBA and HNBGI. 

In terms of the performance the group GWP grew by 21 percent compared to the same period last year. While the Group Assets surpassed the Rs. 48 billion mark to reach Rs. 48.42 billion with a growth of 18 percent. 
Over the last 10 months, the total equity along with the life fund notably surged, reaching a significant milestone of Rs. 9.1 billion and Rs. 30 billion, representing a remarkable increase of 17 percent and 24 percent respectively.
Reflecting on the Company’s performance during the third quarter, Lasitha Wimalaratne, CEO of HNBA, expressed his delight with the progress made during the last nine months. “Our strategic focus of enhancing and improving our distribution channels has yielded tremendous results, notably reflected in our impressive 19 percent growth in GWP to reach Rs. 7.8 billion, which is almost double the growth rate of the industry and the highest amongst the top tier players, also, the 26 percent increase in new business premiums compared to the previous year.”

HNBGI saw its GWP reach Rs. 5.9 billion growing by 24 percent over the same period last year. Sharing his thoughts on the company’s performance, Sithumina Jayasundara, CEO of HNB General Insurance stated, “We have been investing heavily in revamping our core systems and building a solid digital platform, setting us up for the future. These changes are all about making things better for our customers and equipping ourselves for the long run. I’m extremely delighted to see these efforts paying off as we have seen a steady growth in our GWP of 24 percent when compared to last year, which in comparison to the current industry growth rate reflects a 5-time increase.”
Diving further into the numbers, our Non-Motor sector saw a 58 percent growth compared to the industry’s 12 percent, while our Motor portfolio grew by 6 percent despite the industry’s negative growth of 1.3 percent.