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 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, 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 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. 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 Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 64 branches. HNBA is a Life Insurance company with a rating of ‘A-‘ (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a ‘National Insurer Financial Strength Rating’ of ‘A-‘ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.

Atlas Axillia Co. (Pvt) Ltd was honoured at the SLIM Digis 2.4 for its campaign, “Atlas World – Ensuring No Child is Left Behind in the Journey of Education”, an impactful initiative aimed at making learning accessible for young minds across Sri Lanka. The company took home three distinguished awards, each reflecting the brand’s purpose-driven mission to deliver quality education for students.

The brand’s dedication to advancing education was recognised with accolades in three prominent categories: a Silver for Best Digital Marketing Campaign in Education, honouring its efforts to ensure that children across the island have access to essential resources, a Bronze in Cross Media Integration, and a Merit in the CSR, Purpose-Driven Digital Marketing category for its vision of “Atlas World”.

The Managing Director at Atlas Axillia, Mr. Asitha Samaraweera, expressed his gratitude, stating, “We’re truly honoured by this recognition from SLIM Digis and grateful to all who have supported us on this journey. At Atlas Axillia, we believe that equal access to education is a fundamental right, and building on this thought, Atlas World was created to ensure that every child is supported with the tools they need to succeed. As a brand, we will continue to work towards a future where every child in Sri Lanka receives the education they deserve.”

SLT-MOBITEL has successfully installed updated signage at Horton Plains National Park, a UNESCO World Heritage Site celebrated for its pristine natural environment and unique biodiversity. This initiative underscores SLT-MOBITEL’s commitment to enhancing visitor experiences while promoting eco-tourism and conservation efforts in this vital protected area.

As an ESG initiative of SLT-MOBITEL, the company aims to raise awareness about the ecological significance of Horton Plains and provide clear guidance to the over 200,000 visitors who explore this beautiful destination each year. The updated signage replaces old corporate branding, reflecting SLT-MOBITEL’s dedication to environmental stewardship and responsible tourism.

The proof document of project completion was formally presented to the Wildlife Conservation Officer at Horton Plains by the SLT-MOBITEL team, marking the official completion and a significant milestone in their collaboration on conservation efforts.

Designated as a national park in 1988, Horton Plains plays a crucial role in safeguarding numerous endemic species and offers a sanctuary for wildlife. This initiative is part of SLT-MOBITEL’s ongoing efforts to engage with the community and promote awareness of the importance of protecting invaluable ecosystems.

SLT-MOBITEL is proud to be the only corporate entity present in this significant UNESCO-nominated world heritage site, reinforcing its role in supporting sustainable tourism in Sri Lanka.