HNB Assurance Post - tax profits up by 38%
HNB Assurance PLC has recorded an impressive growth of 38% on its
profit after tax according to the interim results released for the six
months ended June 30, 2009. Accordingly, the profit after tax for the
half year registered Rs.33.9 million. Profit before tax also grew by 34%
to reach Rs.46.4 million. The Company was also able to achieve a 15%
growth in turnover largely due to the impressive performance of its
general insurance business which grew by 31%. In contrast the life
insurance business was only able to register a marginal growth. The
gross written premium from fire insurance almost doubled recording a
growth of 93% while motor insurance registered a growth of 17%. As a
consequence, the company was able to reduce its dependence on the motor
class to 62% as against 69% at the end of the corresponding period last
year.
Due to the significant appreciation in its share price in recent
months, the company's market capitalization or net worth has now
exceeded the Rupees One Billion mark.
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