HNBGI ends 2022 with 21% jump in GWP over last year

HNB General Insurance (HNBGI) closed on yet another impressive year, contributing handsomely to the overall achievement of the HNB Assurance group. HNBGI recorded an impressive growth of 21 percent in its gross written premium (GWP) as at end-December 2022, to reach Rs.6.8 billion.

Sharing his thoughts on the performance of the sales efforts of the company, HNBGI CEO Sithumina Jayasundara opined, “These remarkable numbers are a result of a conscious effort, going into 2022, we knew we had to be precise and tailor our efforts to suit each region and channel.”

He further added, “We are proud to have achieved such remarkable growth in a challenging year. Our strategic focus on channel development and commitment to delivering innovative solutions to customers have paid off and we are confident that our focus on agency development will drive our growth in the future.” 

He went on to add, “I would also like to express my gratitude to all the teams for their unwavering dedication and hard work during a tough year and for putting their hands up to help achieve these remarkable results.”

HNBGI Chief Business Officer (CBO) Corporate and Branch Network/General Manager Sampath Wickramarachchi expressed his views stating, “Although faced with several challenges caused by the lasting effects of the global pandemic and ongoing economic and political instability, the entire team did well to contribute Rs.3.9 billion to the total GWP of the company, which is a growth of 24 percent compared to a year earlier. The corporate and alternate channel did well to outperform its target, by as much as 120 percent, to record an impressive 43 percent growth over the previous year. The broker unit also surpassed handsomely by 147 percent, recording a mammoth year-on-year growth of 58 percent. Furthermore, the corporate sales conventional unit exceeded its target by 104 percent, with a year-on-year growth rate of 46 percent.”

He further added, “These remarkable achievements are a testament to the hard work and commitment of all of HNBGI’s teams. We will continue to seek growth opportunities and implement new business strategies to enhance our corporate and bancassurance businesses, including introducing and pursuing new avenues and business acquisition models.”

CBO Branch Network and Personal Lines/General Manager Jude Benjamin sharing his thoughts stated, “In addition to the agency channel, we saw impressive growth in other key areas. Our HNB, HNB Finance and HNB bancassurance channels grew by 18 percent, 39 percent and 19 percent, respectively. These results reflect our dedication to delivering exceptional service and value to our customers across all channels. Looking ahead, we remain committed to upholding our high standards and providing top-quality services to our customers. We are confident that our continued focus on agency development, combined with our other growth initiatives, will enable us to maintain our position as a leading provider of insurance solutions.”