HNB Assurance PLC (HNBA) participated at the bell ringing ceremony to celebrate the company’s inclusion in the S&P SL 20 index, as part of the 2019 mid-year index rebalance. The event took place at the CSE Trading Floor in Colombo last week.
Speaking at the event, HNB Assurance Managing Director and CEO Deepthi Lokuarachchi said the entry of HNBA to the S&P SL 20 index signifies an important milestone in its journey as a leading insurance company in Sri Lanka.
He said further that HNBA has adequately satisfied the 48 criteria that the CSE considers for the inclusion of companies in the listing arrangement of S&P SL 20 index.
Lokuarachchi sharing his views on the financial performance of the company stated that HNBA delivered a strong start for 2019 registering a positive growth in both the General and Life Insurance segments.
He said both the general and life insurance segments of the HNBA have also grown beyond market growth rate during the first quarter of 2019. According to Lokuarachchi, the Life Insurance segment grew by 17%, surpassing the industry growth rate of 11% while the General Insurance segment recorded an 11% growth during the same period.
Furthermore, he said as of today, the market capitalization of HNBA has grown to Rs. 5.8 billion, which is 11 times more than the minimum threshold.
HNBA as a strong outfit, has also been able to mobilze all its resources towards, maximizing the shareholder wealth creation. As a company, he said, HNBA is committed to growing its business and looks forward to delivering much more value to its shareholders.
“We’re also trying to promote affordable protection products or life insurance products for the benefits of the general public. However, we’re experiencing situations where peoples’ disposable income levels are being challenged due to various reasons in the country. As a result of that, today insurance has become a low priority for people. But we’re continuing to strive on that,” Lokuarachchi said.
“As a company, we’re also liable to pay 28% corporate tax for the government with the introduction of new tax regime, which came into effect since last year.” he said.
“With the introduction of the new tax regime, tax advantages we enjoyed before as an industry was diluted and now it is no longer present,” he said.
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