HNB Assurance records 33% growth

HNB Assurance PLC has produced impressive results by achieving a 33% growth in its turnover for the six months ended June 30, 2008.

Gross Written Premium (GWP) from General Insurance grew by 19% to record Rs. 417.5 million while GWP from Life Insurance grew by a staggering 51% to reach Rs. 443.8 million. The combined turnover amounted to Rs. 861.3 million.

Despite the continuing decline in premium rates due to heightened competition and the escalating cost of claims, the Company was able to achieve a 7% growth in its profit before tax (PBT) and a 4% growth in its profit after tax (PAT).

This was entirely based on the results achieved from the General Insurance business since the surplus from life insurance is recognised only after an actuarial valuation is carried out at the year-end.

HNB Assurance PLC was recently ranked in the 57th place among the "Top 100 Brands" compiled by LMD in association with Brand Finance. The company also recently re-launched its motor guard vehicle insurance policy with several new features including a rapidly escalating No Claim Bonus.

The company has also embarked on a new initiative to offer its Life Insurance products to the customers of its parent bank, HNB, by placing a bancassurance officer at selected branches of the Bank.