HNB Assurance Group recorded Rs. 2.7 billion Profit After Tax (PAT) for the fourth quarter of 2018.
This includes the regular profits for the period together with the One- Off Surplus which is resultant of the Life Fund Valuation rule change and the Deferred Tax asset of Rs. 1.2 billion. The profit showcased a 241% growth in comparison to the corresponding period of 2017. However, the One-Off Surplus will only be applicable for 2018. The Group recorded a Gross Written Premium (GWP) of Rs. 8.7 billion against a GWP of Rs. 7.8 billion in 2017.
HNB Assurance PLC (HNBA) and its subsidiary HNB General Insurance Limited (HNBGI) Chairperson Rose Cooray said, “HNBA and HNBGI have stood strong against challenges by economic factors in the market. Continuing its journey steadily, on the impressive growth trajectory in the recent past, the two companies have delivered outstanding results.
This has resulted in reinforcing our standing in a competitive industry with a healthy reputation and a favourable future outlook. The stellar performance is a result of the dedicated work of the two teams with the strategies and practices introduced by the Group in relation to improving its efficiency and processes to provide a superlative service to its clientele.”
HNBA and HNBGI Managing Director and CEO Deepthi Lokuarachchi said, “With our focus on delivering value to our customers and shareholders, these financial results denote the company`s commitment to expand profitable lines of business and reassure a dominant position in the market.”
“Segments, such as Motor and Fire of the General Insurance business depicted impressive results, and the Life Insurance Business reflected a growth on par with the market rates. The total asset of the Group reached Rs. 22.3 billion, and the investment in financial instruments surpassed Rs. 17 billion. The Life and General Insurance Funds reached values of Rs. 12 billion and Rs. 2.5 billion. The results demonstrate the accelerating sales momentum and revenue growth of the Group,” he said. HNB Assurance PLC (HNBA) is one of the fastest growing insurance companies in Sri Lanka with a network of 59 branches. HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’.
HNBA is rated within the Top 100 Brands and Top 100 companies in Sri Lanka by LMD. HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence.