HNB General Insurance Grows Well Above Industry Growth Rates Amidst Volatile Conditions

HNB General Insurance Limited (HNBGI) a leading General Insurance service provider in the country recorded an impressive growth of 13% surpassing the industry’s growth rate of 2.8%, posting a Gross Written Premium (GWP) of LKR 5.6 Billion during the 12 months ended, December 2021. HNBGI surpassed the LKR 5 Billion GWP mark for the first time in the Company’s history and recorded the second highest growth in tier 01 & 02 categories.

Speaking on the performance of the Company, Mr. Sithumina Jayasundara stated, “Amidst many challenges and barriers during 2021, HNBGI held a firm stand in the market and was able to deliver these impressive results. The Profit After Tax (PAT) of the Company surpassed LKR 338 Million in FY21. Both Personal and Corporate Lines immensely contributed to the growth of the business by capturing market segments with growth potential. During the year the Company implemented several initiatives and structural changes to seize new market opportunities. In terms of Claims, HNBGI paid LKR 2.7 Billion for both Motor and Non-Motor segments. It is noteworthy to mention that the Company settled a total 1,458 COVID-19 related claims amounting to LKR 105 Million in 2021. These numbers reflect on our commitment to stand beside our customers in times of uncertainty”.

Mr. Jayasundara further added, For the Company’s stability and strong financial footing, the Fitch Rating of HNBGI was upgraded to ‘A+’ (lka) for ‘National Insurer Financial Strength Rating’. Taking its winning streak to new heights, the Company was awarded the Motor Insurance Initiative of the Year Sri Lanka Award By Insurance Asia Awards for its revolutionary motor product Pay As You Claim. The Management of HNBGI remains confident of what’s ahead and of HNBGI’s growth momentum in terms of business expansion, product and service excellence during 2022”.

Mr. Jude Benjamin, Chief Business Officer – Personal Line and Branch Network of HNBGI shared his views stating, “During 2021 HNBGI delivered a steady performance recording impressive results due to its well curated business strategies. Personal Lines and Branch Network recorded a GWP of LKR 3 Billion showcasing a significant growth. Categories such as Motor, Medical, Fire and Engineering immensely contributed to the growth of the business. The Company enhanced its technology initiatives as a response to the on-going market and economy challenges and to provide a superlative and meaningful experience to our customers”.

Speaking on the growth Mr. Sampath Wickramarachchi, Chief Business Officer – Corporate Line and Branch Network of HNBGI shared his views stating, “HNBGI continued to grow against a challenging economic backdrop, recording impressive results during 2021. The Corporate Lines and Branch Network recorded a GWP of LKR 2.4 Billion during FY21. During the year, the business strengthened its ties with the corporate community of the country and is well positioned in its differentiated portfolios to further expand the business by seizing new market segments and further consolidating its footprint in the market”.

Mr. Wickramarachchi added, “I wish to extend my sincere gratitude to all our stakeholders, especially the Broker Community and Financial Institutes for their continuous support to grow from strength to strength”.

HNB General Insurance Limited (HNBGI) was incorporated in January 2015 and specializes in Motor and Non-Motor Insurance Solutions and is presently one of the fast-growing General Insurance Companies in Sri Lanka, with a network of 56 branches. The Company is ranked within the Top 100 Brands and has been awarded a ‘National Insurer Financial Strength Rating’ of ‘’A+’’ (lka) by Fitch Ratings Lanka Limited and has obtained the Great Place to Work® Certification. The Company was awarded the Motor Insurance Initiative of the Year – Sri Lanka award at the Insurance Asia Awards 2021, and is a fully owned subsidiary of HNB Assurance PLC.

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