HNB Assurance PLC (HNBA) recorded a growth of 29% for the fiscal year 2021 in terms of Gross Written Premium (GWP) recording Rs. 7.1 bn.
Chief Executive Officer of HNBA Lasitha Wimalaratne said, “During the year, the business was able to record a GWP of Rs. 7.1 compared to a GWP of Rs. 5.5 in 2020, depicting a growth of 29%. This is the highest GWP growth in the company’s history. The Profit After Tax (PAT) of the Company surpassed Rs. 1 bn during the year. The two main channels of the business, Advisor and Partnership have gone above and beyond all expectations to deliver these superlative results”.
“Taking its winning streak to new heights, HNBA produced a record-breaking 164 Million Dollar Round Table (MDRT) qualifiers, including five Court of the Table (COT) and two Top of the Table (TOT) achievers. Reaffirming the Company’s financial strength, HNBA’s Fitch was upgraded to ‘A+’ for ‘National Insurer Financial Strength Rating’ during the year. Our growth is much more than a story of achieving milestones, its about growth together with our customer, employees, shareholders and the community we operate in. The Company is well positioned for the expansive growth of business, customers, products, and the overall market share and the Management remains confident on the way forward,” he said.
Head of Distribution of HNBA, Harendra Ramasinghe said, “Amid many hurdles and challenges presented by a global pandemic, the Advisory Force of HNBA was able to deliver a steadfast performance, immensely contributing to the growth of the business. During the year, the Advisor Channel recorded a total GWP of Rs. 4 bn. The business continued to seize new and growing market segments across the country. The Advisor Channel showed an impressive growth as several recruitment campaigns continued throughout the country. I’m sure the Advisor Channel will continue its growth momentum during 2022.”
Head of Partnership Business of HNBA Sanesh Fernando said, “The Partnership Channel delivered an exceptional performance during 2021, setting new benchmarks in the market.”