Prasantha Fernando - Chief Executive Officer of HNBA & HNBGI, Lasitha Wimalaratne – Chief Operating Officer of HNBA and Sithumina Jayasundara - Chief Operating Officer of HNBGI
HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) posted a Profit After Tax (PAT) of Rs 465 million (excluding surplus transfers from the Life Fund which will be determined at the end of the year following the valuation of the Life Fund) for the nine months ended September 2021. The Group recorded a Gross Written Premium (GWP) of Rs 9 billion for the period.
Chairperson of HNBA and HNBGI, Rose Cooray said, “The business has delivered notable results during the period, demonstrating an impressive growth. Despite the on-going challenges in the market and travel restrictions which were in place, the Group delivered impressive results. The Life Business recorded a growth of 30% and the General Insurance Business recorded a growth of 9%.”
“During the period, the Group further enabled and enhanced its technology initiatives to improve resilience to face the on-going challenges as well as to provide a meaningful and distinctive experience to customers as well as other stakeholders. During the period, the Life Insurance Business recorded a GWP of Rs 5 billion and the General Insurance Business recorded a GWP of Rs 4 billion. The Net Income of the Group surpassed Rs 9.8 billion”.
“As businesses across the country are battling the aftermath challenges of the pandemic, and with the economy gradually recovering, HNBA and HNBGI will continue to adapt more agile business strategies to deliver superlative value to all our stakeholders, while advancing our mission to build a sustainable future”.
Chief Executive Officer of HNBA and HNBG1, Prasantha Fernando stated, “The Group continued its growth momentum despite the on-going impact of COVID-19, recording a 20% GWP growth during the period, whilst our on-going cost mitigation efforts and other effective business strategies in place helped bolster the Group’s bottom line. The Group settled Insurance benefits and claims over Rs 2.9 billion during the period”.
“Investment Income of the Group surpassed Rs 1.8 billion and Total Assets of the Group surpassed Rs 34.8 billion. Reaffirming the Group’s financial strength, the Life and General Insurance Funds reached values of Rs 19.8 billion and Rs 3.5 billion respectively. Both companies continued to be rated at A+ (Ika) for ‘National Insurance Financial Strength Rating’ by Fitch Ratings Lanka.”
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