HNB Assurance records impressive 3Q results

Wednesday, 8 December 2021 00:00 - - {{hitsCtrl.values.hits}}

HNB Assurance PLC (HNBA) and its fully-owned subsidiary HNB General Insurance Ltd. (HNBGI) posted a Profit After Tax (PAT) of Rs. 465 m (excluding surplus transfers from the Life Fund which will be determined at the end of

HNBA and HNBGI CEO Prasantha Fernando

the year following the valuation of the Life Fund) for the nine months ended September 2021. The Group recorded a Gross Written Premium (GWP) of Rs. 9 b for the period.

HNBA and HNBGI Chairperson Rose Cooray expressed her views stating: "The business has delivered notable results during the period, demonstrating an impressive growth. Despite the on-going challenges in the market and travel restrictions which were in place, the Group delivered impressive results. The Life Business recorded a growth of 30% and the General Insurance Business recorded a growth of 9%. During the period, the Group further enabled and enhanced its technology initiatives to improve resilience to face the ongoing challenges as well as to provide a meaningful and distinctive experience to customers as well as other stakeholders. During the period, the Life Insurance Business recorded a GWP of Rs. 5 b and the General Insurance Business recorded a GWP of Rs. 4 b. The Net Income of the Group surpassed Rs. 9.8 b.” Cooray added: "As businesses across the country are battling the aftermath challenges of the pandemic, and with the economy gradually recovering, HNBA and HNBGI will continue to adapt more agile business strategies to deliver superlative value to all our stakeholders, while advancing our mission to build a sustainable future.”

HNBA and HNBGI Chief Executive Officer Prasantha Fernando said: "The Group continued its growth momentum despite the on-going impact of COVID-19, recording a 20% GWP growth during the period, whilst our on-going cost mitigation efforts and other effective business strategies in place helped bolster the Group’s bottom line. Fulfilling its commitment to its shareholders, the Group settled Insurance Benefits and Claims over Rs. 2.9 b during the period."

"Investment Income of the Group surpassed Rs. 1.8 b and Total Assets of the Group surpassed Rs. 34.8 b. Reaffirming the Group's financial strength, the Life and General Insurance Funds reached values of Rs. 19.8 b and Rs. 3.5 b respectively. Both companies continued to be rated at A+ (Ika) for 'National Insurance Financial Strength Rating' by Fitch Ratings Lanka. The management is well focused on the way-forward and remains confident on what's ahead and is committed to deliver value to all stakeholders," Fernando added.