HNB Assurance continues growth momentum

HNB Assurance Plc (HNBA) continued to maintain its growth momentum in the first half of 2015, in challenging market conditions. The group recorded a 19% growth in consolidated premium income amounting to Rs. 2.68 billion, up from the 2.25 billion achieved during the corresponding period last year.  

The parent company HNB Assurance Plc, conducting Life Insurance business achieved a premium income of Rs 1.28 billion recording a growth of 13% while HNB General Insurance Ltd., the fully-owned subsidiary engaged in General Insurance business recorded a 26% growth by generating a premium income of Rs.1.41 billion.  

Growth in the Life Insurance business has stemmed through Endowment products such as My Fund and Ranmaga and with mortgage reducing policies and other Single Premium investment type products contributing towards the increasing premium income. Growth in the Motor Insurance segment was the major contributing factor in the   overall growth of the General Insurance business. 

The consolidated Profit After Tax for the first half of 2015 was Rs. 79.5 million.The current profit is only attributable to HNB General Insurance Ltd. and investment income from Life Shareholder’s Funds, with the profits/surplus emanating from the Life Insurance business being calculated and declared at the end of the year.

Commenting on the progress of the company during the first half of the year, acting CEO Niranjan Manickam noted: “The consistent growth seen by the company over a period highlights the increasing acceptance of our products and services by our valued customers. The key to this has been product development, with our product range being able to cater to the different segments and needs in society and as opportunities open we are confident of continuous growth and expanding our presence in the market.”     

HNB Assurance Plc is one of the fastest growing insurance companies in Sri Lanka with a network of 52 branches. HNBA is a Life Insurance company with a rating of A (lka) by Fitch Rating Lanka for ‘National Insurer Financial Strength Rating’ and ‘National Long-term Rating’. HNB General Insurance incorporated in 2015 is a fully-owned subsidiary of HNB Assurance Plc, specialising in a variety of motor and non-motor insurance solutions. 

HNBA is also rated within the Top 100 Brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance recently won international awards for Brand Excellence, Digital Marketing and HR Excellence and also won many awards for its Annual Reports at the award ceremonies organised by the Institute of Chartered Accountants of Sri Lanka, ACCA Sri Lanka and SAFA (South Asian Federation of Accountants)