HNB Assurance Group records 22% GWP growth

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) continued to build on their impressive performance, recording strong financial growth and both companies for the nine months ending September 30, 2024, reported a Gross Written Premium (GWP) of LKR 16.6 billion, a 22% increase when compared to the same period last year.

This growth was fueled by HNBA’s GWP of LKR 9.9 billion, reflecting a 27% increase, and HNBGI’s GWP of LKR 6.7 billion, marking a 14% increase.

Additionally, the Group’s PAT saw a notable growth of 26%, rising from LKR 583 million to LKR 734 million when compared to the same period last year.

“Our robust performance this quarter speaks to the strength of our team and the focus we’ve maintained in expanding our reach,” commented Stuart Chapman, Chairman of HNBA and HNBGI.The year 2024, we navigated with careful optimism, mindful of the elections and the unpredictability they could bring. Despite these uncertainties, our teams not only anticipated the challenges but surpassed expectations, achieving outstanding growth targets.”

“The Group’s GWP saw a substantial increase of 22% compared to the same period last year. Meanwhile, the Group’s Assets grew by almost 15%, rising to LKR 58.9 billion, during the first nine months.Additionally, our total equity touched LKR. 10.6 billion and our life fund reached LKR 37.6 billion, a noteworthy increase of 23%, during the first 3 quarters of the year.”

CEO of HNB Assurance Lasitha Wimalaratne said, “Our Gross Written Premium has grown by 27%, reaching LKR 9.9 billion from LKR 7.8 billion when compared to the same period last year. The company posted a 6% growth in profitability by recording Rs. 550 million as profit after tax. It must be noted that the company is yet to recognize surplus from the Life fund which will be at the end of the year.”

For HNBGI, the Q3 performance highlights its proactive stance in navigating challenges while seizing growth opportunities. Sithumina Jayasundara, CEO of HNBGI, commented, “Our commitment to improved underwriting and efficient claims management has been instrumental to our success.”

“We continue to make considerable strides in offering tailored insurance solutions that resonate with our clients, which has helped us achieve a GWP of LKR 6.7 billion, a 14% increase when compared to the same period last year.”

“Our business and efficiency improvements allowed us to increase our profit after tax threefold, to reach a 187% growth when compared to the same period last year. Notably, our focus on diversifying our portfolio beyond motor insurance has yielded significant growth, with our non-motor segment growing by 22% when compared to the same period last year.”

“Within this category, we saw remarkable performances in marine, fire, and engineering insurance lines, which have grown by 121% and 27%, respectively, highlighting our proactive strategy to expand into areas of high demand.”

Source: Daily News