Wednesday Dec 17, 2025
Wednesday Dec 17, 2025
Monday, 17 November 2025 00:08 - - {{hitsCtrl.values.hits}}
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| Chairman Stuart Chapman |
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| CEO/Director Sithumina Jayasundara |
HNB General Insurance Ltd., (HNBGI) has reported a 21% business growth for the nine months ended 30 September 2025, outpacing Sri Lanka’s general insurance market which grew at 14.8%, reflecting a significant growth above market and a market share expansion from 6.8% as of September 2024 to 7.2% as of September 2025.
The company recorded a Gross Written Premium (GWP) of Rs. 8.18 billion, compared to Rs. 6.74 billion during the corresponding period in 2024. This steady progress highlights HNB General Insurance’s strong market positioning, effective distribution strategies, and growing customer confidence in its offerings.
HNBGI Chairman Stuart Chapman said: “We are proud to see HNB General Insurance sustain its growth this quarter, underpinned by disciplined operations and prudent financial management. Total assets grew to Rs. 11.15 billion, up 9% from December 2024 while Funds Under Management reached Rs. 6.9 billion, marking a 12% increase from December 2024. These results reflect the company’s strong financial foundations and resilience”.
He added: “The company achieved significant success in the non-motor insurance segment, ranking first among the top eight general insurers in terms of growth. The fire and engineering segment emerged as a key driver, posting an impressive 33% GWP growth over corresponding period in 2024, the highest in the industry for the first nine months.”
HNBGI CEO/Director Sithumina Jayasundara said: “Our performance in the first nine months of 2025 reflects the continued trust of our customers and partners in HNB General Insurance’s ability to deliver value through reliability and service excellence. Despite broader challenges in the operating environment, our focus on disciplined growth, prudent underwriting, and operational efficiency continues to deliver sustainable results. We remain committed to expanding our portfolio responsibly and strengthening our contribution to the insurance sector.”
Net Claims Incurred stood at Rs. 2.93 billion, a moderate 3% increase over the same period last year, demonstrating effective risk management and underwriting discipline that supported overall profitability and business momentum.
In line with its commitment to international best practices, HNB General Insurance is progressing with the implementation of SLFRS 17, the new accounting standard for insurance contracts. The company is conducting a parallel run for the financial year 2025, paving the way for full adoption in 2026 as per the timelines set by the Institute of Chartered Accountants of Sri Lanka. HNB General Insurance said it is working closely with leading external partners to ensure a smooth transition that strengthens its financial reporting framework and enhances transparency.
