HNB Assurance PLC. (HNBA) recorded a gross written premium (GWP) of Rs. 4.3 billion during the first half of 2022, which is a growth of 37% compared to the comparative period last year.
Whilst this growth is well over that of the industry which grew at 18%, it is also the highest growth recorded amongst the top 10 life insurers in the country.
Sharing his views, HNBA Chief Executive Officer Lasitha Wimalaratne stated: “I’m extremely impressed to see this moment of growth of the company despite the challenges we had to face during the first half of the year, which is a reaffirmation of and a testament to the robust strategies that have been employed by the company as we chart our course during these trying times.
“Both business lines of the company, namely the agency and the partnership channel have made great headway in tapping into diverse customer pools to offer a very robust, full-bodied insurance proposition addressing the financial protection needs of a very discerning clientele. The business is also retooling itself with the latest in terms of technological capability to ensure that we stay reachable and relevant to the various markets that we operate in.”
Wimalaratne also noted with deep appreciation the contribution of the company’s advisor force – the bancassurance team, alternative sales team, and the distribution management team – for their sheer hard work and unwavering determination which has delivered these impressive results in the most arduous of conditions.
HNBA Chief Business Officer/ General Manager –Advisor Distribution Channel, Harindra Ramasinghe expressed his views stating: “Amidst many challenges and the negative impact caused by the economic turbulence of the country, the advisor force of HNBA has gone the extra mile to keep the business steady and growing, and I am extremely delighted to elaborate on the achievements we have recorded as a result of it.
“During the first half of the year 2022, the advisor channel recorded a total GWP of Rs. 2.4 billion. The business continued to seize new and potential market segments across the country. The advisor channel showed steady growth as several recruitment campaigns continued throughout the country. Whilst appreciating the dedication and efforts of the entire advisor force, branch network and distribution management teams, with the direction of the management, I’m sure the advisor channel will continue its growth trajectory during the second half of 2022.”
HNBA Chief Business Officer and General Manager – Partnership Sanesh Fernando expressed his views stating: “The partnership channel delivered an exceptional performance during 1H 2022, setting new benchmarks in the market recording a GWP of Rs 1.8 billion. As one of the key business channels of the company, the overall partnership network has grown and contributed immensely to the business, and I would like to convey my sincere gratitude to the entire bancassurance, broker and alternate teams for their continuous dedication. I also record our most heartfelt appreciation of all our bancassurance partners without whose support achievements such as this would not have been possible. I’m confident that, with the solid business strategies in place, the partnership channel will continue to grow to new heights.”
HNBA is a leading life insurance company in Sri Lanka with a network of 64 branches. HNBA has been assigned a rating of “A+” (lka) by Fitch Ratings Lanka for “National Insurer Financial Strength Rating”. Following the introduction of the segregation rules by the insurance regulator, HNB General Insurance Ltd. (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialise in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC.
HNB General Insurance has been assigned a “National Insurer Financial Strength Rating” of “A+” (lka) by Fitch Ratings Lanka Ltd. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and has won international awards for brand excellence, digital marketing, and HR excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organised by the Institute of Chartered Accountants of Sri Lanka.
HNB Assurance records 37% GWP growth
29 Aug 2022
HNB Assurance records 37% GWP growth
29 Aug 2022