HNB General Insurance achieves higher growth in 2021

Thursday, 3 March 2022 02:38 - - {{hitsCtrl.values.hits}}

CEO Sithumina Jayasundara

Chief Business Officer – Personal Line and Branch Network Jude Benjamin

Chief Business Officer – Corporate Line and Branch Network Sampath Wickramarachchi

HNB General Insurance Ltd. (HNBGI) has recorded an impressive growth of 13% surpassing the industry’s growth rate of 2.8%, posting a Gross Written Premium (GWP) of Rs. 5.6 billion during the 12 months ended, December 2021.

HNBGI surpassed the Rs. 5 billion GWP mark for the first time in the company’s history and recorded the second highest growth in tier 01 and 02 categories.

Chief Executive Officer Sithumina Jayasundara said: “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 Rs. 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 Rs. 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 Rs. 105 million in 2021. These numbers reflect on our commitment to stand beside our customers in times of uncertainty.”

Jayasundara said that 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.”

Chief Business Officer – Personal Line and Branch Network Jude Benjamin said: “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 Rs. 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 ongoing market and economy challenges and to provide a superlative and meaningful experience to our customers.”

Chief Business Officer – Corporate Line and Branch Network Sampath Wickramarachchi said: “HNBGI continued to grow against a challenging economic backdrop, recording impressive results during 2021. The Corporate Lines and Branch Network recorded a GWP of Rs. 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.”