HNB Assurance maintains growth momentum

Thursday, 13 November 2014 00:00 - - {{hitsCtrl.values.hits}}

HNB Assurance continued to maintain a significant rate of growth in its turnover by achieving a 20% growth in the nine months ending 30 September 2014. It was able to comfortably outperform the market in both major lines of business by recording a 24% growth in Non-Life Insurance and a 16% growth in Life Insurance.

Among the key factors contributing to the exceptional growth in Non-Life business were the introduction of a range of Takaful products and several new strategic alliances established with financial institutions. In life insurance, significant growth was experienced in both new business and renewals across a number of products, both regular and single premium. While this above average growth in business volumes helped HNB Assurance to increase its market share in both markets, the company also succeeded in achieving a marginal 2% growth in its Profit After Tax (PAT). The profit of Rs. 158.2 million recorded for the period is entirely attributable to the General Insurance business since a surplus from Life Insurance is recognised only after an actuarial valuation is performed at the year-end. While the interest and dividend income grew only by 5% amidst a low interest rate environment, the company was able to compensate for it through both realised and unrealised gains from equity and bond markets. HNB Assurance PLC is one of the fastest growing insurance companies in Sri Lanka with a network of 51 branches. HNBA is a composite insurance company with a rating of A (lka) by Fitch Rating Lanka for ‘National Insurer Financial Strength Rating’ and ‘National Long- term Rating’. 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 (Association of the Chartered Certified Accountants) and SAFA (South Asian Federation of Accountants).