HNBA Group surpasses Rs. 2 b mark in after tax profit in 4Q

Friday, 1 March 2019 00:00 -     - {{hitsCtrl.values.hits}}

 


HNB Assurance Group delivered striking financial results for 4Q 2018, posting a Profit After Tax (PAT) of Rs. 2.7 b. 

Chairperson Rose Cooray
 
MD/CEO Deepthi Lokuarachchi



This includes the regular profits for the period together with the one-off surplus which is resultant of the life fund valuation rule change and the deferred tax asset of Rs. 1.2 b. The profit hence showcased a 241% growth in comparison to the corresponding period of 2017. However, the aforementioned one-off surplus will only be applicable for year 2018. The Group recorded a Gross Written Premium (GWP) of Rs. 8.7 b against a GWP of Rs. 7.8 b recorded in 2017. 

Sharing her views on the financial results of the Group, HNB Assurance PLC (HNBA) and its fully-owned subsidiary HNB General Insurance Ltd. (HNBGI) Chairperson Rose Cooray stated: “HNBA and HNBGI have stood strong against numerous challenges prompted by economic factors prevailing in the market. Continuing its journey steadily, on the impressive growth trajectory commenced in the recent past, the two companies have delivered outstanding overall results in the current year. This has resulted in further reinforcing our firm standing in a highly competitive industry coupled with a healthy reputation and a favourable future outlook. The stellar performance is a result of the dedicated work of the two teams combined with the strategies and a number of practices introduced by the Group in relation to improving its efficiency and processes to provide a superlative service to its clientele.”

Expressing his view on the Group’s performance, HNBA and HNBGI Managing Director/CEO Deepthi Lokuarachchi stated: “With our focus on delivering value to our customers and shareholders these financial results denote the company’s continued commitment to expand profitable lines of business and reassure a dominant position in the market.”

Lokuarachchi added: “Segments such as motor and fire of the general insurance business depicted impressive results and the life insurance business reflected a growth on par with the market rates. The total asset of the Group reached a value of Rs. 22.3 b and the investment in financial instruments surpassed a value of Rs. 17 b. The life and general insurance funds reached values of Rs. 12 b and Rs. 2.5 b respectively. These results demonstrate the accelerating sales momentum and strong revenue growth of the Group and it is our belief that these results will continue to grow as we go forth in our journey.”

HNB Assurance PLC (HNBA) is the one of the fastest growing insurance companies in Sri Lanka with a network of 59 branches. HNBA is a life insurance company with a rating of A (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength Rating’. 

Following the introduction of the segregation rules by the insurance regulator, HNB General Insurance Ltd. (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialise in motor, non-motor and Takaful insurance solutions and is a fully-owned subsidiary of HNB Assurance PLC. 

HNBA is rated within the Top 100 Brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for brand excellence, digital marketing and HR excellence and also won many awards for its annual reports at the award ceremonies organised by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation Accountants).

 

COMMENTS