HNBA Posts Steady Growth in First Half of 2018

  August 15,2018

HNB Assurance Group delivered impressive financial results for the 1sthalf of 2018, posting a Profit  After  Tax  (PAT)  of  LKR  805  MN.  The  1sthalf  PAT  is  inclusive  of  the regular  profits together  with  the  One-off  Surplus  which  arose  from  the  insurance  industry  valuation  rule change as well as the 1stquarter valuation of the Life Fund under the new valuation method. The profit growth thus reflected the 357% growth over prior. However, the resultant increase remains uniquely applicable only for the year 2018, the Company communication stated. The Group  recorded  a  Gross  Written  Premium  (GWP)  of  LKR  4.2  BN  depicting  a  growth  of  12% amidst  very  tight  market  conditions  when  compared  with  the  GWP  of  LKR  3.8  BN  recorded during the corresponding period of 2017.

Sharing   her   views   on   the   financial   results,   Mrs.   Rose   Cooray, Chairperson  of  HNBA  and  HNBGI  stated,  “The  Group  has  made progress  during  the  first  half,  further  strengthening  our  footprint in  the  insurance  industry.  These  impressive  results  were  achieved amidst  many  economic  and  operational  challenges.  The  first  half operating  results  showcase  solidity  of  the  HNBA  Group  and  the improved  efficiencies  of  the  Life  and  General  businesses  and  the strategies   in   place   to   cater   to   the   insurance   needs   of   our community. Both businesses of the Group are committed to deliver value  to  all  stakeholders  as  well  as  to  further  consolidate  firm  standing  of  the  Group  in  the insurance industry”.

Expressing   his   views   on   the   first   half   financial   results,   Mr. Deepthi   Lokuarachchi,   Managing   Director/CEO   of   HNBA   and HNBGI stated, “These results are an outcome of the Group’s well-founded  strategies  and well-focused  management  practices.  In a challenging   economic   backdrop,   the   Group   was   successful   in achieving a GWP growth of 12% during 1H 2018”. Speaking on the performance   of   each   business,   Managing   Director/CEO,   Mr. Lokuarachchi commented “classes such as motor and fire of the General   Insurance   business   showcased   an  impressive   growth while  other  classes  including  the  Life  Insurance  business  have  grown  consistently  with  the
market ratios of growth. Total assets of the Group reached LKR 20 BN and the investment in financial  instruments  surpassed  the  value  of LKR  16.5  BN.  As  at  30thJune  2018,  the  Life Insurance  Fund  reached  a  value  of  LKR  11.6  BN  and  the  General  Insurance  Fund  reached  a value of LKR 2.6 BN”. Speaking on the Group’s future prospects, Mr. Lokuarachchi added that the  Group  remains  confident  of  its  ability  to  deal  with  ongoing  and  imminent  challenges facing the business and to grow beyond benchmarks.

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