HNB Assurance reports 66% PAT growth in 1Q 2013

HNB Assurance PLC has reported an impressive 66% growth in its Profit After Tax during the three months ended 31 March 2013 according to the interim results released to the Colombo Stock Exchange. Its Profit After Tax for the quarter recorded Rs. 50.1 million while Profit Before Tax also grew by 62% to reach Rs. 62.1 million.

The company’s turnover as measured by Gross Written Premium grew by 12% to record Rs. 923.3 million, fuelled primarily by the growth in Life insurance business which achieved a growth of 25%. The growth in General insurance business was a modest 3% in line with the company’s prudent approach to pricing and underwriting.

The significant growth in profits is attributable to both an improvement in underwriting results from General insurance business and an excellent growth in investment income. The latter was helped by the higher interest rates that prevailed during the quarter and the improved conditions experienced in the stock market.

Managing Director Manjula de Silva said: “HNB Assurance has set very ambitious targets to accelerate its growth trajectory in the current year and so far, the results achieved appear to be in line with that expectation.”

The company’s national long term rating and the insurer financial strength rating were both affirmed by Fitch Rating recently at ‘A (lka)’ level with a positive outlook. HNB Assurance PLC is currently ranked among the top 100 companies in Sri Lanka by LMD.

HNB Assurance PLC is one of the fastest growing insurance companies in Sri Lanka with a network of 51 branches. HNB Assurance has also been awarded “A (lka)”as its insurer financial strength rating and national long term rating by Fitch Ratings Lanka Ltd. HNB Assurance recently won an global award for brand excellence at the World Brand Congress and was recognised with five national and regional awards for the company’s Annual Report.