HNB Assurance turnover records 21 percent growth
HNB Assurance PLC has reported a sharp increase in its turnover
during the year ended December 31, 2013 recording a 21% growth compared
to the moderate growth of 8% achieved in 2012. This growth was largely
fuelled by the Life sector which recorded 34% growth while the General
sector also improved its performance to deliver a growth of 9%.
|
Managing Director, HNB
Assurance, Manjula de Silva |
The company's growth in the Life sector was well above market growth
while its growth in General Insurance was on par with the market. HNB
Assurance also reported a 11% growth in its Profit After Tax.
This enabled the company to declare an attractive dividend of Rs.
3.25 per share recording a 18% growth in dividend distribution.
A similar contribution was made towards profits by Life and General
business.
The Company's General Insurance portfolio generated a Profit After
Tax of Rs. 207.6 million with a 12% growth over the previous year while
its Life Insurance portfolio contributed a Profit After Tax of Rs. 181.5
million, a growth of 10%. This is the second successive year in which
General Insurance accounted for a larger share of the profit. Managing
Director, HNB Assurance, Manjula de Silva said, "The company has
dispelled the widely held belief that General Insurance business has to
be subsidised by Life Insurance by demonstrating that both lines of
business can be operated at a similar level of profitability."
HNB Assurance PLC, a fast growing insurance company, has 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 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). |
