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| Sunday, 27 March 2005 |
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Business |
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News Business Features
Editorial
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HNB Assurance posts Rs. 16.4 m profit after tax HNB Assurance, a latecomer into the insurance industry has recorded a net profit of Rs 17.1 million before tax and a profit after tax of Rs 16.4 million. The latter was 54 percent lower than the profit after tax of Rs 35.8 million recorded in 2003. Chairman Rienzie Wijetilleke says that had it not been for the tsunami disaster the profit after tax would have been Rs 41.4 million, which would have exceeded 2003's performance by 16 percent. For the year 2004 general insurance premium income grew by 39 percent over the previous year to record Rs 338.7 million while the life insurance premium income grew by 97 percent to reach Rs 205.9 million. At end-2004 HNB Assurance was at 6th position in terms of general insurance market share while it remained in 7th place in terms of life insurance. Wijetilleke said that while business generated through the branch network of HNB continued to account for a major share of the company's premium income, its relative dropped due to the growth of other distribution channels such as insurance agents and brokers. During the year, the company expanded its own network of branches, opening new regional development centres in Trincomalee and customer centres in Moneragala and Colombo. Wijetilleke says that the company recently formulated a three-year corporate plan through a formal strategic planning process and expects to become a leading player in the insurance market by the end-2007 through the implementation of this plan from 2005. (EL) |
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Editorial | Security | Produced by Lake House |
