Home » News » HNB Assurance PLC maintains growth momentum
HNB Assurance continued to maintain a significant rate of growth in its turnover by achieving a 20% growth in the 9 months ending 30th 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 recognized 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 realized and unrealized gains from equity and bond markets.