HNB Assurance begins 2012 on a positive note

HNB Assurance PLC has made a steady start in the year 2012 by posting 21% growth in turnover and 17% growth in profit after tax in the quarter ending 31 March 2012

Its turnover as measured by the gross written premium recorded Rs. 828.8 Million for the three-month period with General insurance contributing Rs. 487.9 million with 22% growth and Life insurance contributing Rs. 340.9 million with 19% growth, profit before tax for the period recorded Rs. 37.5 million growing at 28% over the corresponding period while profit after tax stood at Rs. 28.9 million.

The growth in profits was attributable mainly to an improvement in underwriting results as the investment income continued to decline as a result of unrealised losses from equity investments. The company’s national insurer financial strength and national long term ratings were affirmed by Fitch Ratings Lanka Limited in April this year at ‘A(lka)’ with a stable outlook.

HNB Assurance also featured among the ‘Top 100 Brands’ compiled by the Lanka Monthly Digest in association with Brand Finance for the fourth successive year.