HNB Assurance PLC Group records impressive results for 3Q21
HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited(HNBGI) posted a Profit After Tax (PAT) of LKR 465 million(Excluding surplus transfers from the Life Fund which will be determined at the end of 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 LKR 9 billion for the period. Chairperson of HNBA and HNBGI, Rose Cooray stated, “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. 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 on-going challenges as well as to provide a meaningful and distinctive experience to customers as well as other stake holders. During the period, the Life Insurance Business recorded a GWP of LKR 5 billion and the General Insurance Business recorded a GWP of LKR 4 billion.
The Net Income of the Group surpassed LKR 9.8 billion”. Cooray further 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 adopt more agile business strategies to deliver superlative value to all our stakeholders, while advancing our mission to build a sustainable future”. CEO of HNBA and HNBG1, Prasantha Fernando said, “The Group continued its growth momentum despite the on-going impact of COVID19,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 LKR 2.9 billion during the period”. Fernando further added, “Investment Income of the Group surpassed LKR 1.8 billion and Total Assets of the Group surpassed LKR 34.8 billion. Reaffirming the Group’s financial strength, the Life and General Insurance Funds reached values of LKR 19.8 billion and LKR 3.5 billion 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”.