HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) delivered a strong start for 2019, posting a Profit After Tax (PAT) of RS 119 million being in line with the business and profit forecast.
In reviewing its performance, the Group recorded a Gross Written Premium (GWP) of Rs 2.5 billion against a GWP of Rs 2.2 billion recorded in 2018, depicting a growth of 14%.
Sharing her views on the financial performance, Chairperson of HNBA and HNBGI Rose Cooray stated “HNBA showcased a promising start for 2019 in top-line growth and, despite the challenging external environment, steady improvement in the profitability of the group. Profits of Life Insurance segments grew by 10% excluding one-off items recorded the previous year, while the profitability of General Insurance segment grew by 11% compared to the same period of 2018. ”
Managing Director/CEO of HNBA and HNBGI Deepthi Lokuarachchi stated, “we got off to a positive start in 2019 and our teams have delivered affirmative results during the first quarter despite many challenging conditions. Collective efforts were made to deliver on our long term goals as well as to create value for all stakeholders”. Sharing his views on the financial performance, Lokuarachchi added, “the Life Insurance business showcased a steady and stable growth momentum, well over the consolidated growth achieved by the Life Insurance sector. Segments such as Motor and Fire of the General Insurance business depicted notable results amidst a challenging environment”. He further stated, “total assets of the Group surpassed Rs 23 billion and the investments in financial instruments reached a value of Rs 18.6 billion. The Life and General Insurance Funds reached values of Rs 12.8 billion and Rs 2.7 billion respectively. The Group is well positioned in its differentiated portfolios and the Management remains confident of the Group’s future outlook in seizing new opportunities and expanding its footprint”.
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