HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) recorded a Profit After Tax of Rs. 1.175 bn for FY 2020, growing 16% compared to the corresponding period last year, while the Group’s Gross Written Premium (GWP) reached Rs. 10.4 bn.
CEO Prasantha Fernando said, “Our teams proved their mettle last year, by maintaining their resolute focus on the end goal, driven by an agile mindset, the thirst for prompt and meticulous execution and being focused on digitalisation; while as an organisation, our philosophy has always been putting people first, be it staff, agents, contract staff and customers. “The management team successfully managed the change process with regards to adapting and evolving to the new normal as well as embracing technology that helped us operate in environs within which movement was constrained. The Group was able to surpass the significant Rs. 10 bn milestone in GWP with a growth of 5% compared to the corresponding period last year.
“Interest Income of the Group grew 11% to Rs. 2.5 bninspite of the decreasing interest rate regime that we witnessed, driven by portfolio growth and sound investment strategies. Total assets of the Group increased by 19% to Rs. 31.7 bn while the Total Liabilities of the Group grew by 18% to Rs. 23.5 bn. We continue to be rated A(lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’, our Capital Adequacy Ratio (CAR) increased from 322% in 2019 to 338% in 2020 for the Life Business. HNBGI’s CAR too increased to 256% from 226% in 2019, both well above the minimum regulatory requirements,” he said.