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.”
October
HNB General Insurance (HNBGI) proudly announced the signing of a partnership agreement with the Postgraduate Institute of Management (PIM) affiliated to the University of Sri Jayewardenepura strengthening the collaboration dedicated to advancing leadership excellence, management capabilities and empowering employees to drive sustainable organizational growth. This partnership also marks the continuation of “HNBGI Elevation”, a Management Development Program with the inauguration of the second consecutive batch. HNBGI Elevation is designed to build future-ready managers who will transform the general insurance industry through critical skills in strategic decision-making and leadership development embodying its essence of “Leadership Beyond Limits”. “At HNB General Insurance, we believe that investing in our people is investing in the future,” said Sithumina Jayasundara, Director/CEO of HNB General Insurance. “This partnership with PIM reflects our commitment to nurturing leadership talent, empowering our employees and preparing them to take on tomorrow with confidence. Adding to this, Malsha Munasinghe, Head of Human Resources/ Assistant General Manager at HNB General Insurance stated “HNBGI Elevation is a vital platform that enables our employees to unlock their true potential, build confidence and develop into leaders who can navigate challenges and inspire teams. As we continue with the second batch, we look forward to shaping a culture of growth and leadership that benefits both our employees and the organization as a whole”. Together with PIM, one of Sri Lanka’s most prestigious postgraduate institutes, HNBGI is setting the foundation for a transformative learning journey that will shape the leaders of tomorrow.
September
HNBGI Better Tomorrow Marks Its Start with a Successful Community Clean-up Initiative HNB General Insurance launched its new flagship CSR initiative, “HNBGI Better Tomorrow,” with the first community clean-up event held recently. This initiative marks the start of a long-term commitment to sustainability, environmental responsibility, and stronger community engagement. The clean-up targeted a neglected alley adjacent to Nawam Mawatha, a route frequently used by hundreds of daily commuters as a shortcut to the Slave Island Railway Station and offices nearby. Previously littered with debris and waste, the alley had become unhygienic and unpleasant for the local community. More than just a clean-up, this effort reflected HNBGI’s dedication to fostering cleaner, safer surroundings, paving the way for a sustainable future that begins with our people and neighborhoods. Armed with brooms, garbage sacks, and other tools, the HNBGI team worked together to transform the alley into a safe, welcoming, and hygienic pathway for all who pass through. In line with ESG initiatives, HNBGI took the responsibility for maintaining this area, ensuring it remains a clean, safe, and well-kept pathway for the community. “Our vision for HNBGI Better Tomorrow is to create a meaningful, long-term platform where we contribute to both people and the planet,” said Sithumina Jayasundara, Director/ CEO of HNB General Insurance. “By starting with this clean-up, we are setting the tone for many impactful initiatives to come driving positive change step by step and ensuring a better tomorrow for all”. “This initiative goes beyond cleaning,” added Dilshan Perera, Chief Transformation Officer of HNB General Insurance. “It embodies our commitment to sustainable action, stronger community relationships, and building a hygienic, greener environment for everyone.” The event also reinforces HNBGI’s brand promise: Your Trusted Partner to Take on Tomorrow, demonstrating how proactive steps today can create lasting positive impact for communities and the environment. The transformed alley now offers a cleaner, safer, and more pleasant route, turning what used to be a daily challenge into a small moment of comfort for commuters.
December
HNB General Insurance (HNBGI) demonstrated its excellence by securing three prestigious awards at the National Sales Awards 2024, organized by the Sri Lanka Institute of Marketing (SLIM). This premier event is the pinnacle of recognition for sales professionals across industries in Sri Lanka. Reflecting HNBGI’s exceptional sales achievements during the 2023–24 period, the company’s Channel Development Manager, Danidu T. Galappaththi, clinched the coveted Silver Award under the National Sales Manager category. Danidu’s multifaceted contributions have been instrumental in driving HNBGI’s sales success. His leadership encompassed managing a dynamic sales team to achieve enhanced performance, leveraging innovative technologies, and adopting strategies such as product diversification and bundling to penetrate new market segments. In the Territory Manager category, Pulasthi Bandara, HNBGI Malabe Branch Manager, was honored with a Gold Award for his strategic planning capabilities, financial acumen, and strong communication skills which were pivotal in achieving sales targets and implementing best practices. In the same category, Ranga Deshan, Cluster Manager – Colombo South, HNBGI, won a Merit Award for his outstanding efforts in overseeing branch performance. His expertise in branch-level strategy, target achievement, and team development were critical to HNBGI’s consistent growth. Expressing his pride in the sales team’s accomplishments, Sithumina Jayasundara, CEO of HNBGI, stated, “The steady sales growth we have achieved over the last few years is a testament to the dedication and exceptional performance of our sales force. At HNBGI, we ensure their hard work is recognized and celebrated internally but seeing them honored on a national stage is incredibly rewarding. I extend my heartfelt congratulations to our award winners for their outstanding contributions to the company.” These accolades underscore HNBGI’s commitment to fostering a culture of excellence, innovation, and continuous improvement within its sales force. The recognition at SLIM National Sales Awards 2024 solidifies HNBGI’s position as a leader in the industry, driven by a passionate and high-performing team.
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