Market share expands from 6.8% to 7.2%
HNB General Insurance Limited (HNBGI) announced its financial results for the nine months ended 30 September 2025, continuing its growth trajectory with robust performance across key business lines and a solid expansion of its market position.
During the period, Sri Lanka’s general insurance market grew 14.8%, while HNBGI grew by 21%, reflecting a significant growth above market and a market share expansion from 6.8% as of September 2024 to 7.2% as of September 2025. The Company recorded a Gross Written Premium (GWP) of LKR 8.18 billion, compared to LKR 6.74 billion during the corresponding period in 2024. This steady progress highlights HNB General Insurance’s strong market positioning, effective distribution strategies, and growing customer confidence in its offerings.
Commenting on the results, Mr. Stuart Chapman, Chairman of HNB General Insurance Limited and HNB Assurance PLCsaid, “We are proud to see HNB General Insurance sustain its growth this quarter, underpinned by disciplined operations and prudent financial management. Total assets grew to LKR 11.15 billion – up 9% from December 2024 while Funds Under Management reached LKR 6.9 billion, marking a 12% increase from December 2024. These results reflect the company’s strong financial foundations and resilience.
The Company achieved significant success in the non-motor insurance segment, ranking first among the top eight general insurers in terms of growth. The fire and engineering segment emerged as a key driver, posting an impressive 33% GWP growth over corresponding period in 2024 – the highest in the industry for the first nine months.”
Mr. Sithumina Jayasundara, Director/Chief Executive Officer, HNB General Insurance added,
“Our performance in the first nine months of 2025 reflects the continued trust of our customers and partners in HNB General Insurance’s ability to deliver value through reliability and service excellence. Despite broader challenges in the operating environment, our focus on disciplined growth, prudent underwriting, and operational efficiency continues to deliver sustainable results. We remain committed to expanding our portfolio responsibly and strengthening our contribution to the insurance sector.”
Net Claims Incurred stood at LKR 2.93 billion, a moderate 3% increase over the same period last year, demonstrating effective risk management and underwriting discipline that supported overall profitability and business momentum.
In line with its commitment to international best practices, HNB General Insurance is progressing with the implementation of SLFRS 17 – the new accounting standard for insurance contracts. The Company is conducting a parallel run for the financial year 2025, paving the way for full adoption in 2026 as per the timelines set by the Institute of Chartered Accountants of Sri Lanka. HNB General Insurance is working closely with leading external partners to ensure a smooth transition that strengthens its financial reporting framework and enhances transparency.
HNB General Insurance Limited (HNBGI) is a fully owned subsidiary of HNB Assurance PLC, a member of the HNB Group. Leveraging the Group’s financial strength and decades of expertise, HNB General Insurance ranks among Sri Lanka’s leading general insurers. The Company continues to drive innovation through initiatives such as ‘Sayura’, Sri Lanka’s first parametric insurance scheme developed with Dialog Axiata to protect coastal fishing communities. Rated “A (lka)” with a Stable Outlook by Fitch Ratings, HNB General Insurance remains committed to advancing inclusive, technology-driven insurance solutions that strengthen resilience and security across the nation.
Images:
- Mr. Stuart Chapman, Chairman of HNB General Insurance Limited and HNB Assurance PLC.
- Mr. Sithumina Jayasundara, Director/Chief Executive Officer, HNB General Insurance.