HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) continued to build on their impressive performance, recording strong financial growth and achieving impressive operational success during the third quarter of 2024. With a focus on innovation, customer-centricity and expanding their market presence, both companies for the nine months ending September 30, 2024, reported a Gross Written Premium (GWP) of LKR 16.6 billion, a 22% increase when compared to the same period last year. This growth was fueled by HNBA’s GWP of LKR 9.9 billion, reflecting a 27% increase, and HNBGI’s GWP of LKR 6.7 billion, marking a 14% increase. Additionally, the Group’s PAT saw a notable growth of 26%, rising from LKR 583 million to LKR 734 million when compared to the same period last year. These exceptional financial performances were further fortified by the affirmation of Insurer Financial Strength ratings of HNBA and HNBGI as ‘A-’ (lka) from Fitch, with a stable outlook. "Our robust performance this quarter speaks to the strength of our team and the focus we’ve maintained in expanding our reach," commented Mr. Stuart Chapman, Chairman of HNBA and HNBGI. “The year 2024, we navigated with careful optimism, mindful of the elections and the unpredictability they could bring. Despite these uncertainties, our teams not only anticipated the challenges but surpassed expectations, achieving outstanding growth targets. The Group's GWP saw a substantial increase of 22% compared to the same period last year. Meanwhile, the Group’s Assets grew by almost 15%, rising to LKR 58.9 billion, during the first nine months. Additionally, our total equity touched LKR. 10.6 billion and our life fund reached LKR 37.6 billion, a noteworthy increase of 23%, during the first 03 quarters of the year. These achievements reflect our commitment to sustainable growth, positioning us strongly for the future as we continue to create value for our stakeholders.” Added, Mr. Chapman. “I am delighted to note that we have continued to maintain our remarkable financial performance during the third quarter and maintain our position as the only fitch A- rated life insurance provider in Sri Lanka.” Stated Mr. Lasitha Wimalaratne, CEO of HNB Assurance. “Our Gross Written Premium has grown by 27%, reaching LKR 9.9 billion from LKR 7.8 billion when compared to the same period last year. The company posted a 6% growth in profitability by recording Rs. 550 million as profit after tax. It must be noted that the company is yet to recognize surplus from the Life fund which will be at the end of the year. An achievement which highlights the success of our strategic focus in offering accessible and innovative insurance solutions that truly resonate with the needs of our customers, through collaborations and new partnerships.” For HNBGI, the Q3 performance highlights its proactive stance in navigating challenges while seizing growth opportunities. Mr. Sithumina Jayasundara, CEO of HNBGI, commented, “Our commitment to improved underwriting and efficient claims management has been instrumental to our success. We continue to make considerable strides in offering tailored insurance solutions that resonate with our clients, which has helped us achieve a GWP of LKR 6.7billion, a 14% increase when compared to the same period last year. Our business and efficiency improvements allowed us to increase our profit after tax threefold, to reach a 187% growth when compared to the same period last year. Notably, our focus on diversifying our portfolio beyond motor insurance has yielded significant growth, with our non-motor segment growing by 22% when compared to the same period last year. Within this category, we saw remarkable performances in marine, fire, and engineering insurance lines, which have grown by 121% and 27%, respectively, highlighting our proactive strategy to expand into areas of high demand.”

HNB General Insurance (HNBGI) has announced a strategic partnership with Cargills Bank to provide bespoke general insurance solutions tailored to the specific needs of Cargills Bank customers. This collaboration ensures that customers of Cargills Bank can now benefit from comprehensive coverage and financial security for themselves and their families. As the management of HNBGI highlights, the partnership will particularly benefit the customers of Cargills Bank’s robust agri product portfolio by offering them a variety of general insurance solutions tailored to meet their diverse needs relating to agricultural enterprises and activities. “This partnership not only solidifies our market presence but also underscores our commitment to integrating comprehensive financial and insurance services for improved customer satisfaction,” stated Mr. Sithumina Jayasundara, CEO of HNB General Insurance. “HNBGI has been recognized as the Best Bancassurance Provider in Sri Lanka by Global Banking and Finance - UK for 2024. Our collaboration with Cargills Bank strengthens our market position and enables us to deliver innovative products and exceptional service that cater to the evolving needs of our customers. We extend our sincere gratitude to Cargills Bank for their collaboration in making this partnership a success.” This alliance positions HNBGI to further extend its reach and offer its award-winning services to a broader customer base and enhance the availability of their insurance solutions to more potential clients. As they continue to collaborate, both HNBGI and Cargills Bank remain committed to driving innovation and excellence in the financial and insurance sectors, ensuring that their customers receive the best possible solutions and services. About HNB General Insurance: HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNB General Insurance operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNB General Insurance is committed to creating sustainable value for stakeholders through innovation and care.

HNB General Insurance (HNBGI) was honored as the runner-up in the General Insurance category at the prestigious National Business Excellence Awards (NBEA) 2024. Organized by the National Chamber of Commerce of Sri Lanka, the NBEA celebrates organizations that demonstrate exceptional achievements in corporate governance, performance management, market reach, corporate social responsibility, and financial results. "Our recognition at the NBEA underscores our dedication to innovation and customer-centricity," stated Sithumina Jayasundara, CEO of HNB General Insurance. "We remain committed to leveraging technology and fostering a culture of continuous improvement to deliver superior insurance solutions. Our recent investments across the board exemplify our focus on revolutionizing claims management and maintaining our position at the forefront of the industry." Celebrating its 19th year, the NBEA recognition highlights HNBGI’s commitment to excellence and its significant contributions to Sri Lanka’s socio-economic landscape. This accolade reaffirms HNBGI's position as a leader in the insurance industry, driven by innovation, customer-centricity, and operational excellence. In recent years, HNBGI has made significant strides in enhancing service delivery and operational efficiency through innovation. The company has invested in cutting-edge digital technologies, including digital policy issuance, advanced payment platforms, and mobile-driven claim assessments. These initiatives ensure streamlined processes and superior customer experiences, setting HNBGI apart in the competitive insurance market. A standout initiative, Project Phoenix, in collaboration with Azentio Software, exemplifies HNBGI's commitment to digital transformation. This transformative project aims to implement a state-of-the-art Core Insurance System, enhancing accuracy and operational effectiveness. Additionally, the introduction of New Claimee Health revolutionizes medical insurance claims management, offering customers a seamless and efficient claims processing experience. HNBGI places a strong emphasis on customer satisfaction, conducting rigorous feedback surveys across key touchpoints such as the Help Desk Call Centre and claims processing services. These efforts ensure prompt and effective resolution of customer queries and reinforce HNBGI's reputation for reliability and customer-centricity. About HNB General Insurance: HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNB General Insurance operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNB General Insurance is committed to creating sustainable value for stakeholders through innovation and care.