HNBA Group posts strong results in Q1 | Sunday Observer

HNBA Group posts strong results in Q1

Rose Cooray and Deepthi Lokuarachchi
Rose Cooray and Deepthi Lokuarachchi

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) got in to a strong start for 2019, posting a profit after tax (PAT) of Rs. 119 million being in line with the business and profit forecast.

In reviewing its performance, the Group recorded a Gross Written Premium (GWP) of Rs. 2.5 billion against a GWP of Rs. 2.2 billion recorded in 2018, a growth of 14%.

Chairperson of HNBA and HNBGI, Rose Cooray said, “HNBA showcased a promising start for 2019 in topline growth and despite the challenging external environment, showed steady improvement in the profitability of the group.

“Profits of Life Insurance segments grew by10% excluding one-off items recorded the previous year, while the profitability of the General Insurance segment grew by 11% compared to the corresponding period of 2018.

“The Group is confident that they will maintain this profit momentum and deliver attractive returns to shareholders. The Group has also crafted for itself more ambitious strategies for the year for the Life and General Insurance businesses and the Group remains well focused on expanding its operations, accelerating innovative technologies and improving execution to create a meaningful difference,” she said.

Managing Director/CEO of HNBA and HNBGI, Deepthi Lokuarachchi said, “We got off to a positive start in 2019 and our teams have delivered affirmative results during the first quarter despite many challenging conditions. Collective efforts were made to deliver on our long term goals as well as to create value for all stakeholders.

“The Life Insurance business showcased a steady and stable growth momentum, well over the consolidated growth achieved by the Life Insurance sector. Segments such as Motor and Fire of the General Insurance business depicted notable results amidst a challenging environment.

“Total assets of the Group surpassed Rs. 23 billion and the investments in financial instruments reached Rs. 18.6 billion. The Life and General Insurance Funds reached Rs. 12.8 billion and Rs. 2.7 billion respectively. The Group is well positioned in its differentiated portfolios and the Management remains confident of the Group’s future outlook in seizing new opportunities and expanding its footprint,” he said.