Home » News » HNB Assurance records excellent growth in Q1, 2014: Highest ever GWP in Q1
HNB Assurance PLC lived up to its reputation as the fastest growing insurer in Sri Lanka by recording a growth of 24% in its turnover measured by Gross Written Premium in the quarter ended 31st March 2014. Its Life Insurance GWP grew by 34% outpacing the Life Insurance market which grew by only about 10% in the first quarter of 2014. The Company’s achievement in the General Insurance sector was equally impressive as it recorded a growth of 16% while the General Insurance market recorded a decline by about 1%.
The combined GWP of Rs. 1.14 Billion achieved in the quarter turned out to be the highest ever recorded by the Company in a single quarter. The combined GWP achievement of Rs. 538.3 Million in the month of March also established a new record as the highest ever GWP recorded in a month.
According to Manjula de Silva, Managing Director of HNB Assurance, “this outstanding achievement is attributed to the renewed focus and energy with which the two recently segregated Life and General distribution teams commenced their operations”. He is hopeful that the momentum built during the first quarter will be carried through during the entire year enabling the Company to end its last year as a composite Company on a high note.
The Company was also able to deliver an 8% growth in its Profit After Tax. The profit declared for the period of Rs. 53.9 Million is derived entirely from the General Insurance business as the Company recognizes a profit from Life Insurance only after the year – end actuarial valuation is completed.