HNB Assurance Group recorded another year of exceptional performance, marking the third consecutive year of achieving a growth rate exceeding 20% in terms of GWP (Gross Written Premium). The year 2023 witnessed the Group achieving remarkable financial milestones and an array of local and international awards, solidifying its position as a frontrunner in the insurance industry.
HNB Assurance Group recorded a substantial GWP of LKR 18.7 Bn, showcasing a remarkable growth of 20% compared to the previous year. Reflecting on this achievement, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI, expressed her delight, stating, “To me personally, the remarkable growth trajectory of the HNB Assurance Group stands as a testament to our commitment to delivering value to our stakeholders. Both teams at HNBA and HNBGI performedan outstanding job, leaving no stone unturned, meticulously analyzing every challenge, and capitalizing on every opportunity.This approach to business was imperative, particularly in the aftermath of COVID-19 and the subsequent economic and social upheaval, where we as a nationencountered numerous challenges in diverse forms.In addition to our consistent growth of GWP, over the past three years, we as a group have so much to celebrate. Our Group assets grew by LKR10Bn during the year, well exceeding a remarkable total of LKR51.2Bn. Further, investment income for the Group surged to LKR 7.2 Bn, representing an outstanding growth of 49% from LKR 4.8 Bn in the preceding year. In terms of the Group’s profits, we recorded a commendable LKR 1.76 Bn in PAT.”
Honouring claims plays a vital role in maintaining the trust for any insurance company, “I am proud to note that the HNB AssuranceGroup honored claims of LKR6.6Bn, showcasing a growth of 19% compared to the previous year, aptly demonstratingour position as a reliable partner during our policyholder’s time of need.” explained Mrs. Cooray. “As the Sri Lankan economy steadily makes progress towards recovery, I’m confident that our investments in technology, our teams and their skills along with all the fine-tuning we’ve done to our processeswill hold us in good stead and propel us towards greatersuccess”, added Mrs. Cooray.
“Consistency has been our main focus and certainly the cornerstone of our success”, said Mr. Lasitha Wimalaratne, CEO of HNB Assurance PLC. At HNB Assurance, our track record speaks for itself. Year after year, we’ve demonstrated and honored our commitment to our stakeholders and most importantly to our policyholders. This consistency is what set us apart and helped us in being recognized as the Best Life Insurance Company in Sri Lanka by the Indian Chamber of Commerce.”
The robust financial performance of HNB Assurance resonated with the numerous accolades garnered throughout the year. “I am delighted to highlight that as a team we have effectively translated our promises into action. Our Profit After Tax (PAT) reached LKR 1.61Bn, marking a commendable 9% increase from the previous year.”
