HNB Assurance reports 66 % PAT growth in 1Q

HNB Assurance PLC has reported an impressive 66% growth in its Profit After Tax during the 3 months ended 31st March 2013 according to the interim results released to the Colombo Stock Exchange. Its Profit After Tax for the quarter recorded Rs 50.1 Million while Profit Before Tax also grew by 62% to reach Rs. 62.1 million.

The Company’s turnover as measured by Gross Written Premium grew by 12% to record Rs 923.3 million, fuelled primarily by the growth in Life Insurance business which achieved a growth of 25%. The growth in General Insurance business was a modest 3% in line with the company’s prudent approach to pricing and underwriting.

The significant growth in profits is attributable to both an improvement in underwriting results from General Insurance business and an excellent growth in investment income.

The latter was helped by the higher interest rates that prevailed during the quarter and the improved conditions experienced in the stock market. According to the Managing Director , Manjula de Silva “HNB Assurance has set very ambitious targets to accelerate its growth trajectory in the current year and so far, the results achieved appear to be in line with that expectation.”