Home » News » HNB Assurance Third Quarter Post Tax Profit Grows Significantly
HNB Assurance PLC (HNBA), a subsidiary of Hatton National Bank PLC posted an After Tax Profit for the Group of LKR 105.9 Mn as at the end of the 3rd Quarter 2016. This is an impressive growth of 299% compared to the corresponding period last year.
Gross Written Premium (GWP) of the Group grew by almost 20% to LKR 4.9 Bn in the period under review. Life Insurance GWP grew by 31% compared to 3Q15 to reach LKR 2.6 Bn, boosted by a 28.5% growth in Individual Policies and 112.6% surge in Corporate Policies. The General Insurance GWP grew by 8.7% in line with the strategic realignment of the Company’s New Business acquisition policy.
Investment income of HNBA grew by 28% to LKR 690 Mn, while the Group with HNBGI recorded LKR 825 Mn, which is just over 21% when compared to the corresponding period last year. The Life Fund grew at a steady rate of 23.3% to reach LKR 8.5 Bn, while Insurance Contract Liabilities of the General Business grew at the same rate of 23.3% to reach LKR 1.9 Bn.
Sharing her views on the performance of the Company, Rose Cooray, Chairperson of HNBA and HNBGI said, “We are indeed pleased by the performance of our General Insurance and especially Life Company which enabled the Group to post these results auguring well for the sound strategy and its meticulous execution by a team of dynamic professionals”.
“Segregation and RBC changes are new to our Industry, and like us, many of our peers too have faced various challenges in managing these regulatory changes” said Deepthi Lokuarachchi, CEO of HNBA and HNBGI. Lokuarachchi further added “Despite these challenges, the Company stands in the market as a sound, stable and a sought after player for Life and General Insurance solutions”. Further, he expressed confidence that with the guidance of the two Boards and with the set of dynamic professionals in management, the two Companies will be able to reach greater heights and further consolidate its competitive position in Life and General Insurance markets of the country.