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.