HNB Assurance records excellent growth in Q1, 2014: highest-ever GWP in Q1

Tuesday, 27 May 2014 01:32 - - {{hitsCtrl.values.hits}}

HNB Assurance PLC lived up to its reputation as the fastest growing insurer in Sri Lanka by recording a growth of 24% in its turnover measured by Gross Written Premium in the quarter ended 31 March 2014. Its Life Insurance GWP grew by 34% outpacing the Life Insurance market which grew by only about 10% in the first quarter of 2014. The Company’s achievement in the General Insurance sector was equally impressive as it recorded a growth of 16% while the General Insurance

market recorded a decline by about 1%. The combined GWP of Rs. 1.14 billion achieved in the quarter turned out to be the highest ever recorded by the Company in a single quarter. The combined GWP achievement of Rs. 538.3 million in the month of March also established a new record as the highest-ever GWP recorded in a month. HNB Assurance Managing Director Manjula de Silva said: “This outstanding achievement is attributed to the renewed focus and energy with which the two recently segregated Life and General distribution teams commenced their operations.” He is hopeful that the momentum built during the first quarter will be carried through during the entire year enabling the Company to end its last year as a composite Company on a high note. The Company was also able to deliver an 8% growth in its Profit After Tax. The profit declared for the period of Rs. 53.9 million is derived entirely from the General Insurance business as the Company recognises a profit from Life Insurance only after the year – end actuarial valuation is completed.

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 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)