HNB Assurance records 24% turnover growth in 1Q

HNB Assurance PLC recorded a growth of 24% in its turnover measured by Gross Written Premium in the quarter ended March 31, 2014. Its Life Insurance GWP grew by 34% outpacing the Life Insurance market which grew by only about 10% in the first quarter of 2014.

The company's achievement in the General Insurance sector grew 16% while the General Insurance market declined by about 1%.

The combined GWP of Rs. 1.14 billion achieved in the quarter turned out to be the highest ever recorded by the company in a single quarter. The combined GWP achievement of Rs. 538.3 million in March also set up a new record as the highest ever GWP recorded in a month.

Managing Director of HNB Assurance, Manjula de Silva said, "This outstanding achievement is attributed to the renewed focus and energy with which the two recently segregated Life and General distribution teams launched operations".

He is hopeful that the momentum built during the first quarter will be carried through during the entire year.

The company also delivered an 8% growth in its Profit After Tax. The profit of Rs. 53.9 million is derived entirely from the General Insurance business as the company recognises a profit from Life Insurance only after the year-end actuarial valuation is completed.

HNB Assurance PLC is one of the fastest growing insurance companies in Sri Lanka with a network of 51 branches. HNBA is a composite insurance company with a rating of A (lka) by Fitch Rating Lanka for 'National Insurer Financial Strength Rating' and 'National Long-term Rating'.

HNBA is also rated within the Top 100 Brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance recently won international awards for Brand Excellence and HR Excellence and has also won many awards for its Annual Reports at the Award ceremonies organised by the Institute of Chartered Accountants of Sri Lanka, ACCA Sri Lanka (Association of the Chartered Certified Accountants) and SAFA (South Asian Federation of Accountants).