HNBA Group posts Rs 932 mn PAT for 9M period | Daily News

HNBA Group posts Rs 932 mn PAT for 9M period

Rose Cooray & Deepthi  Lokuarachchi
Rose Cooray & Deepthi Lokuarachchi

HNB Assurance Group delivered striking financial results for nine months ended September 2018, posting a Profit After Tax (PAT) of Rs 932 million.

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 first 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 Rs 6.5 billion against a GWP of Rs 5.8 billion recorded in 2017. Chairperson of HNB Assurance PLC and its fully owned subsidiary HNB General Insurance Limited (HNBGI) Rose Cooray said, “Amid many challenging economic factors prevailing in the market, HNBA and HNBGI have delivered outstanding performance.”

Managing Director/CEO of HNBA and HNBGI, Deepthi Lokuarachchi stated that the share price of HNB Assurance has remained stable since 2017, despite the challenging environment prevailing in the stock market. Lokuarachchi added, “Segments such as Motor and Fire of the General Insurance business depicted impressive results. The Life Insurance business reflected a growth onpar with the market growth rates. The total assets of the Group reached a value of Rs 20.6 billion and the investment in financial instruments surpassed a value of Rs 17 billion.”


 

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