HNB Assurance delivers growth

HNB Assurance PLC has made a strong start to 2010 by registering impressive growth rates in respect of both turnover and profitability for the quarter ending March 31, 2010.

Its combined turnover measured by the gross written premium grew by 18 percent to reach Rs. 538 Million.

The general insurance business was the main driver of growth recording a 27 percent growth over the corresponding period last year.

Life Insurance business also contributed with a 7 percent growth.

While achieving a commendable growth in turnover, HNB Assurance was also able to record a 31 percent growth in profit before tax and a 27 percent growth in profit after tax.

This was a creditable achievement in the midst of low interest rates which restricted the growth in Investment Income to 10 percent over the corresponding period.