The HNB Assurance Group, consisting of HNB Assurance PLC (HNBA) and HNB General Insurance (HNBGI), recorded a 21% growth in Gross Written Premium (GWP) in 2024, increasing from Rs. 18.8 billion to Rs. 22.7 billion. The Group also reported a consolidated Profit After Tax (PAT) of over Rs. 1.8 billion, reflecting a 7% increase year-on-year.
Both HNBA and HNBGI maintained strong financial stability, with ‘A’ ratings from Fitch Ratings Lanka. The Group’s Funds Under Management grew by 24% to Rs. 55 billion, while claims payouts exceeded Rs. 6.7 billion with a 98% complaint resolution rate.
HNBA CEO Lasitha Wimalaratne highlighted a 27% rise in New Business Premiums and a 26% GWP increase, pushing the company toward its goal of a 10% market share by 2026. HNBGI CEO Sithumina Jayasundara noted a 14% GWP growth, with non-motor insurance surging by 24%. The Group’s share price rose by 42% in 2024, reflecting strong market confidence.