Profits for HNB Assurance

HNB Assurance PLC has once again lived up to its growing reputation as an emerging force in the local insurance industry by reporting excellent results for the year ended December 31, 2007.

According to the financial statements released to the Colombo Stock Exchange the company has achieved a 55% growth in its profit before tax (PBT) and a 35% growth in its Profit After Tax (PAT) compared to the previous year.

Both profit figures have sailed pass the rupees one billion mark for the first time since inception recording a PBT of Rs. 143.3 million and a PAT of Rs. 123.3 million.

The company’s turnover also grew by 31% to reach Rs. 1.47 billion with Life Insurance growing by 53% and General Insurance by 14%. The Company generated a higher premium income from Life Insurance in comparison to General Insurance the first time since inception.

Managing Director of HNB Assurance PLC Manjula de Silva noted that the company has yet again achieved excellent results for the benefit of all its stakeholders.

The track record of consistent performance built by the Company coupled with the ‘A’ (lka) rating for insurer financial strength it received from Fitch Ratings Sri Lanka and the share capital of Rs. 375 million (one of the highest in the industry) make us one of the financially strongest companies in the local insurance market,” de Silva said.

Investors in the Colombo Stock Exchange have displayed a high level of confidence in the company as reflected in the growth of its share price by 47%.