HNBA Group records impressive 30% GWP growth in 1Q23

Lasitha Wimalaratne

Sithumina Jayasundara

The HNBA Group delivered a strong financial performance in 2022, setting a high bar for the company to maintain and meet in 2023. 
Despite the challenging task of replicating these results, the company is steadfast in exceeding its previous years’ numbers and the steady start to 2023 suggests that it is geared to thrive and create value for its stakeholders.
At the end of 1Q HNB Assurance posted a GWP of Rs.2.9 billion and HNB General Insurance posted a GWP of Rs. 2.6 billion.
“Consistency and continuous creation of value are going to be vital propositions in 2023”, said Chairperson of HNBA Group Rose Cooray, reflecting on the 1Q performance. 
During the first quarter the Group achieved a Gross Written Premium (GWP) growth of 30 percent, with a GWP of Rs. 5.5 billion compared to Rs.4.3 billion during the same period in 2022. The group also surpassed the Rs.44 billion milestone of Total Assets during the first quarter of 2023 whereas the Investments in Financial Instruments also reached a value of Rs.37 billion.
“It is heartening to note that both companies have outperformed the market in terms of GWP growth. Further, HNBGI was able to move up one notch to be the 6th largest general insurer which augurs well into the robust strategies employed by the company,” Cooray added.
Chief Executive Officer of HNB Assurance PLC Lasitha Wimalaratne sharing his thoughts on the financial performance, stated, “A good start to the year was crucial for us and I’m extremely delighted to acknowledge the impressive work carried out by our teams to ensure we achieve outstanding numbers for Q1, surpassing industry achievements.”
HNB Assurance currently occupies a market share of 8.6 percent, with a GWP of Rs.2.9 billion during 1Q, the Life Insurance business showcased a growth of 24 percent compared to the overall industry degrowth. The Life Insurance Fund grew in excess of 2 billion to reach Rs.26.9 billion during the first quarter, which certainly is encouraging numbers.
Sithumina Jayasundara, Chief Executive Officer of HNB General Insurance, opined “HNBGI has made great headway into the year recording the highest growth ever recorded in the company’s history. With our GWP growth, a little over double the industry growth rate, we have an extremely positive outlook on how the rest of the year will unfold.”
In terms of financials, during 1Q we have already grown our GWP by 34 percent Rs.2.6 billion in comparison to the same period last year. Further, the total assets of HNBGI grew to Rs.9.7 billion during 1Q from Rs.8.5 billion reflecting a growth of 14 percent.