HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) recorded robust financial results for the year ended 2019, posting a Profit After Tax (PAT) of Rs. 1 billion, recording a Gross Written Premium (GWP) of LKR 9.9 BN.
Group, Chairperson of HNBA and HNBGI Rose Cooray stated, “It indeed is a significant milestone to have surpassed the Rs. 1 billion mark in profits. This augurs well for the core business strategies deployed by the Group. It is heartening to note that the Group has taken various initiatives to further consolidate its footprint in the market against several challenges.”
“The Profit Before Tax of the Life Insurance business showcased a growth of 21% excluding the One-Off Surplus recorded during the corresponding period of 2018 and the General Insurance business depicted a growth of 25% compared to 2018.”
“The Group was able to yield such a momentous growth mainly due to the commitment of the Management and the dedication of the Staff and Sales Force. The Board remains confident of the future outlook and necessary steps have been taken to continue and further strengthen our position in the market”.
Managing Director/CEO of HNBA and HNBGI, Deepthi Lokuarachchi said; “HNBA Group concluded another successful fiscal year depicting a top-line growth of 14% despite several adverse macro-economic factors such as the downfall in disposable income and changes in fiscal policy. Owing to the fundamental commitment to deliver superior returns to our shareholders, a dividend payout of 48% was made to our shareholders.”
“Earnings Per Share of HNBA as at December, 31, 2019 stood at Rs. 16.53. It is noteworthy to mention that the market price per share appreciated by 5% during the year, reaching a value of Rs. 138 as at December, 31, 2019”.
Commenting on the growth of the Group, Lokuarachchi further stated, “the accelerating growth was fueled by our effective business strategies, revolutionary product portfolio as well as by providing a superlative experience to our customers. The Life Insurance business has recorded one of the highest GWPs and New Business growth rates of 17% and 28% surpassing the industry’s growth rates of 11% and 5% respectively.”
“During 2019 the Life Fund surpassed Rs. 14 billion and the General Fund surpassed Rs. 2.5 billion reaffirming our strong financial position. Strategies are in place to continuously recognize operational benefits and profitable business lines as well as to seize favorable market opportunities”.
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