HNBA Group posts rs 2.7 BN IN 4Q-18 | Daily News

HNBA Group posts rs 2.7 BN IN 4Q-18

Chairperson of HNBA and HNBGI Rose Cooray & Managing Director and CEO Deepthi Lokuarachchi.
Chairperson of HNBA and HNBGI Rose Cooray & Managing Director and CEO Deepthi Lokuarachchi.

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

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 billion. 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 the year 2018. The Group recorded a Gross Written Premium (GWP) of Rs 8.7 billion against a GWP of Rs 7.8 billion recorded in 2017.

Rose Cooray, Chairperson of HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) 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 favorable future outlook”.

Managing Director/CEO of HNBA and HNBGI, 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”.

Furthermore, 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 billion and the investment in financial instruments surpassed a value of Rs 17 billion. The Life and General Insurance Funds reached values of Rs 12 billion and Rs 2.5 billion respectively”.



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