HNB Assurance Group delivered striking financial results for nine months ended September 2018, posting a Profit After Tax (PAT) of LKR 932 MN. This includes the regular profits for the period together with the One-Off Surplus which is resultant of the insurance industry valuation rule change and the 1st quarter valuation of the Life Insurance Fund under the new valuation method. The profit hence showcased a 230% growth in comparison to the corresponding period of 2017. However, the aforementioned One-Off Surplus will only be applicable for the year 2018. The Group recorded a Gross Written Premium (GWP) of LKR 6.5 BN against a GWP of LKR 5.8 BN recoded in 2017.
Sharing her views on the financial performance, Chairperson of HNB Assurance PLC and its fully owned subsidiary HNB General Insurance Limited (HNBGI) Mrs. Rose Cooray stated, “Amidst many challenging economic factors prevailing in the market, HNBA and HNBGI have delivered outstanding performance, yielding significant results and further consolidating our firm standing in the industry. These results are a testament to the Group’s steady growth and future outlook. The Group has taken several measures to improve its efficiency and processes to provide a superlative service to its clientele”.
Speaking on the Group’s steady performance, Managing Director/CEO of HNBA and HNBGI, Mr. Deepthi Lokuarachchi stated, “These financial results are reflective of the Company’s continued commitment to grow profitable lines of business and affirm our standing in the market, delivering value to our customers and shareholders”. He further stated that the share price of HNB Assurance has remained stable since 2017, despite the challenging environment prevailing in the stock market. Mr. Lokuarachchi added, “Segments such as Motor and Fire of the General Insurance business depicted impressive results. The Life Insurance business reflected a growth on par with the market growth rates. The total assets of the Group reached a value of LKR 20.6 BN and the investment in financial instruments surpassed a value of LKR 17 BN. The Life and General Insurance Funds reached values of LKR 12 BN and 2.6 BN respectively”.