HNB Assurance Group records 20% GWP growth in 1H24

HNB Assurance Group recorded a gross written premium (GWP) of Rs.10.9 billion, which is a 20 percent growth when compared to the corresponding period of last year.

The entity saw its profit after tax expand 14 percent year-on-year while claims and maturities exceeded Rs.3.3 billion. The group assets expanded to Rs.56.5 billion, from Rs.51 billion over the past six months and the earnings per share increased by 14 percent. Investments grew from Rs.43.8 billion to Rs.48.7 billion during the same period.

Reflecting on the group’s financial accomplishments, HNBA and HNBGI Chairman Stuart Chapman expressed his confidence in the organisation’s direction.  “Our continued financial success is a direct result of our strategic focus on technology, operational efficiency and customer satisfaction. With so much going on around us, it is easy to lose focus. So, we as a team, have remained steadfast in our commitment and continue to deliver value to all our stakeholders and the results speak for themselves,” he said.

HNB Assurance PLC achieved a GWP of Rs.6.4 billion, a 24 percent increase when compared to the same period last year. The life fund grew, rising from Rs.30.6 billion to Rs.35.2 billion. The entity paid out maturities and claims totalling Rs.1.5 billion. The new business premium increased by 39 percent; long-term endowment grew by 24 percent while total assets reached Rs.47.6 billion.

“With an ambitious goal of achieving a 10 percent market share by 2026, HNB Assurance places a strong emphasis on the development of its people,” said HNB Assurance PLC CEO Lasitha Wimalaratne.

HNB General Insurance Limited (HNBGI) also experienced significant growth, with a substantial increase in its total GWP, which reached Rs.4.6 billion. 

The company also saw significant growth in non-motor, fire and engineering, medical and marine insurance segments, outpacing the industry growth rate by a considerable margin. 

“The challenges with managing motor insurance due to rising costs is no secret but our team has effectively leveraged on the non-motor segment, achieving growth more than 10 times the industry average and contributing Rs.2.3 billion to our total GWP,” said HNB General Insurance CEO Sithumina Jayasundara.

The entity paid out net insurance claims and benefits of Rs.2 billion.