HNB Assurance Group maintains 30% GWP growth momentum in 1Q

HNB Assurance Group (HNB Assurance and HNB General Insurance) has delivered an outstanding performance in the first quarter of 2025, continuing its growth momentum and building on the success achieved in the previous year.

The Group reported Rs. 8 billion in GWP (Gross Written Premium): a 30% increase when compared to the same period last year and paid Rs. 1.7 billion in Net Insurance Benefits and Claims during the first three months of 2025.

Chairman Stuart Chapman said: “Our focus has always been simple, to grow our reach and give more value to our customers. We have seen this approach really work for us, helping us stay competitive and continue the incredible growth we have maintained over the past several years.”

He also said whilst the Group’s GWP grew by an impressive 30%, the bottom line too grew by 28% to surpass the Rs. 300 million mark during the period under review. Total Assets increased by Rs. 5.7 billion, bringing the total assets of the group to Rs. 68.1 billion. In addition, the group’s Financial Investments rose by Rs. 3 billion during the period under review. This steady and consistent progress across the board indicates we are on the right track and on a good trajectory for the years to come.

HNB Assurance CEO Lasitha Wimalaratne said: “Our Life Insurance business has continued its upward momentum, posting a Gross Written Premium of Rs. 4.5 billion, a 36% increase compared to the same period last year. We are also proud to have grown our New Business Premiums by 37% and to have seen a 34% increase in long-term Endowment policies, when compared to last year.”

He further highlighted the growth of the Life Insurance Fund, which surpassed Rs. 41 billion in Q1, increasing by over Rs. 3 billion within the quarter.

Looking ahead, Wimalaratne emphasised the company’s readiness for upcoming regulatory and technological advancements. “As we gear up for the implementation of SLFRS 17 and continue to roll out our digital initiatives, we are positioning ourselves to deliver even better service to our customers while unlocking new growth opportunities.”

HNB General Insurance CEO Sithumina Jayasundara said: “The first quarter plays a pivotal role in shaping our momentum for the year, and I’m pleased to share that we have had a strong start, where we achieved the highest growth amongst the top 10 General Insurance companies, reaching a market share of 9.1%. Our Gross Written Premium reached Rs. 3.6 billion, reflecting a 23% increase against an industry growth of 2% when compared to the same period last year. While the industry showed a de-growth in the non-motor segment, we delivered a remarkable 43% growth reaching Rs. 2.3 billion. On the financial front, we are pleased to report that our total assets have grown to Rs. 11.9 billion, a clear reflection of our sustained financial stability and prudent management. During the same period, we paid over Rs. 950 million in claims, standing by our customers when they needed us the most.”

“Despite the challenging external environment, we also recorded a 12% increase in profits, an encouraging sign that our strategies are delivering results. Looking ahead, now that vehicle imports are allowed, we see new opportunities for growth in the motor segment as well and with the progress we have made so far in other segments, we are confident that there’s a lot to look forward to in the future,” Jayasundara added.