HNBA Group records robust first results with 22% GWP growth

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) totalling Rs.9.1 billion. 

This accomplishment underscores a convincing and consistent growth rate of 22 percent 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.
HNBA and HNBGI Chairperson Rose Cooray sharing her views on the group’s 1H performance stated, “I’m extremely delighted to note that both HNBA and HNBGI have surpassed the market GWP growth and yet again managed to exceed all expectations. 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 percent growth in GWP, achieving Rs.9.1 billion, a notable increase from the Rs.7.4 billion recorded in the same period last year. We also surpassed a significant milestone of Rs.45 billion in total assets, simultaneously reaching a Rs.38 billion for investments in financial instruments.” 
Reflecting on the company performance, HNBA CEO Lasitha Wimalaratne stated, “I’m extremely proud to note that HNBA recorded one of the highest new business premium growth among the top eight life insurance companies, achieving a total new business premium growth, which is twice the industry’s rate. Our GWP of 5.1 billion, recorded during the first half, is a 21 percent increase from the same period last year. Further, the Life Insurance Fund experienced impressive growth, surpassing the four billion mark to reach a substantial Rs.28.2 billion over the two quarters.”

HNBGI CEO Sithumina Jayasundara echoed similar sentiments stating, “We, at HNBGI, recorded a growth of 24 percent when compared to the same period last year. With a GWP in excess of Rs.4 billion achieved over the first half of the year, I’m extremely happy to note that 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.”