HNB Assurance PLC (HNBA) and its wholly owned subsidiary HNB General Insurance Limited (HNBGI) ended 2022 in spectacular fashion with the Group figures indicating a growth in Profit After Tax (PAT) of 50 percent to Rs. 1,830.5 million for the year ended December 2022 compared to Rs. 1,223.6 million recorded a year earlier. 

In terms of Gross Written Premium (GWP), the Group recorded Rs. 15.6 billion growing by a handsome 24 percent compared to the previous year. 

“I certainly am elated by the performance of both companies in a year of unprecedented challenges,” said Rose Cooray, Chairperson of HNBA and HNBGI sharing her views on the Group’s performance, and pointed out that at a Group level, GWP grew by 24 percent to Rs. 15.6 billion as a result of the very aggressive strategies of new business acquisition that were put in place by HNBA and HNBGI, taking into account the volatilities that were prevalent in the socio economic and political fronts.”

“While the Group Assets surpassed the Rs. 40 billion mark to reach Rs. 41.1 billion with a growth of 15 percent, the Earnings Per Share (EPS) grew by 50 percent to Rs. 12.20 compared to Rs. 8.16 as at the end of 2021. The Group has been able to honour maturities and claims to the tune of Rs. 5.6 billion growing by 36 percent compared to the previous year,” she added.

In terms of the Life Businesses PAT, the company was able to reach Rs.1, 483.6 million growing by an impressive 48 percent compared to Rs. 1,000.5 million recorded a year earlier, whilst in terms of GWP the company recorded a growth of 26 percent to reach Rs. 8.9 billion by the year end, which in fact is the highest growth when compared with the top 8 players in the industry, whilst growth in terms of New Business achieved is 10 times more than that of the industry average. 

Lasitha Wimalaratne, CEO of HNBA sharing his thoughts on the performance of the company stated, “this has been a remarkable year for us, not only have we been able to grow in terms of all our financial indicators; we have also had the honour of being the only Sri Lankan insurer to be listed amongst the top 70 best workplaces in Asia by Great Place to Work. 

Apart from this, we have won many awards during the year including Gold Award for Service Sector at the CNCI Achiever Awards as well as other awards for Digital Marketing, Financial Reporting, and also for our Bancassurance Operation. The Life Fund has reached Rs. 24.4 billion while the total assets of the company have reached Rs. 33.7 billion and an increase of Return on Equity (ROE) by 22 percent as at the end of 2022.” 
Speaking further, Wimalaratne added, “The company has made much headway in terms of increasing the output and efficiencies of both the Advisor and the Partnership business channels. 

The company was able to produce 194 MDRT qualifiers with 4 TOT’s and 12 COT qualifiers including the company’s first MDRT Lifetime Member. The company whilst unveiling its premier health proposition Supreme Health Unlimited during the year, which enables customers to have the best medical treatment both here and overseas, also rolled out its new branch outlook at three strategic locations offering both customers and employees the best in terms of aesthetics, ergonomics, and convenience”. “All in all”, he reiterated “the company is well on course to reach its 5-year plan and thanked the Board, Sales force and staff for their untiring efforts in this remarkable achievement”, and re-emphasized the company’s commitment to its customers and all stakeholders in adding value to them. 

HNBGI saw its GWP reach Rs. 6.8 billion growing by 21 percent over 2021. Sithumina Jayasundara, CEO of HNBGI stated that the General Insurance business has done well amidst many a challenge with almost no new vehicle registrations and a contraction in trade and commerce, whilst also grappling with an ever-increasing claims costs. 

The company’s PAT grew by 33 percent to Rs. 450.4 million from Rs. 338.1 million recorded a year earlier. The company saw a healthy rise in Total Assets which grew by 13 percent and a ROE of 20 percent as at the year end. 
A noteworthy fact was also the improvement of the Non-Motor segment which demonstrated a growth of 46 percent from the previous year. Further, the company was the recipient of the Service Sector Silver Award at the CNCI Achiever Awards in 2022 and stands as testament to the overall performance of the company.