HNB Assurance Group records 31% GWP growth in first half

HNB Assurance PLC (HNBA) and its fully-owned subsidiary HNB General Insurance Limited (HNBGI) recorded a gross written premium (GWP) of Rs.7.4 billion, depicting a steady growth of 31 percent during H1 of 2022. 
Expressing her views on the financial performance of the group, HNBA and HNBGI Chairperson Rose Cooray stated, “In reviewing the performance of each business, the life insurance company recorded a GWP of Rs.4.3 billion showcasing a growth of 37 percent and the general insurance business recorded a GWP of 3.3 billion, depicting a growth of 23 percent. These significant results were recorded amidst a number of unprecedented economic and social challenges in the country.”

HNBA Chief Executive Officer Lasitha Wimalaratne expressed his views stating, “During the first half of 2022, HNBA had a growth of 37 percent, recording the highest growth rate amongst the Top 10 Life Insurance Companies in Sri Lanka. This is a truly commendable achievement since we stand ahead of the industry growth rate of 18 percent. The company’s Life Insurance Fund stands at Rs.22.6 billion at the end of H1 of 2022 whilst the capital adequacy ratio (CAR) of HNBA stood at 320 percent. This further reaffirms the company’s financial stability as the CAR is well above the minimum stipulated rate of 120 percent as directed by the regulator. Keeping to our promise towards our valued policyholders, HNBA settled insurance benefits and claims amounting to 
Rs.1 billion.” 

HNBGI Chief Executive Officer Sithumina Jayasundara commenting on the progressive growth stated, “HNBGI recorded a GWP of Rs.3.3 billion with a growth of 23 percent. During the period the company settled insurance benefits and claims amounting to over Rs.1.6 billion, showcasing a steady commitment to our valuable customers. Demonstrating the company’s strong financial strength, the capital adequacy ratio (CAR) of HNBGI stood at 235 percent, which is well above the regulatory requirement.”