HNB Assurance Group records remarkable 20% growth in GWP during 1H 2024

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) have recorded outstanding financial results for the first half of 2024. 

Both companies demonstrated remarkable resilience, leveraging strategic foresight to deliver sustained growth within the competitive insurance landscape. The Group recorded an impressive Gross Written Premium (GWP) of Rs. 10.9 billion, which is a 20 percent growth when compared to the corresponding period last year.

“The Group’s overall GWP growth of 20 percent and PAT growth of 14 percent, certainly reflect this. We honoured claims and maturities exceeding Rs. 3.3 billion as a Group, further solidifying the trust our policyholders have placed in us. 

“This trust we’ve earned is a key driver, helping us continuously improve and achieve substantial growth in our Group assets, which have risen to Rs. 56.5 billion from Rs. 51 billion over the past six months. 

Additionally, our earnings per share increased by 14 percent and our investments grew from Rs. 43.8 billion to Rs. 48.7 billion during the same period positioning us well to capitalise on opportunity that lie ahead,” said  HNBA and HNBGI Chairman Stuart Chapman.

HNB Assurance PLC CEO Lasitha Wimalaratne noted that the entity has continued to maintain its growth way ahead of the industry growth rate achieving a total GWP of Rs. 6.4 billion which is a 24 percent increase when compared to the same period last year.  

Additionally, the life fund grew significantly, rising from Rs. 30.6 billion to Rs. 35.2 billion and 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 our 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 HNB General Insurance Limited (HNBGI) also experienced significant growth, with a substantial increase in its total GWP. Amidst a dynamic and complex market environment, HNBGI has demonstrated agility, not only adapting to changes but also seizing new opportunities.

HNB General Insurance CEO Sithumina Jayasundara noted that HNBGI continued to adjust its product offerings and invest in technology to meet the requirements of our customers. This allowed to achieve a GWP of Rs. 4.6 billion which represents a growth of 14 percent from last year and a three time increase when compared to the current industry growth rate. 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. Additionally, we have paid out net insurance claims and benefits of Rs. 2 billion, providing crucial support to our policyholders at their hour of need,” he said.