News

HNB  Assurance  PLC  (HNBA)  and  its  fully  owned  subsidiary  HNB  General  Insurance  Limited (HNBGI) posted a Profit After Tax (PAT) of Rs. 910 Mn for the year ended 31stDecember 2017, depicting a steady growth of 41% in comparison with the PAT of Rs.647 Mn recorded in 2016. The Group recorded a Gross Written Premium (GWP) of Rs 7.82 Bn, signifying a growth of 17% as  contrasted  with  the  GWP  of  Rs.  6.65  Bn  recorded  in  the  financial  year  2016.  The  Parent Company, HNB Assurance PLC recorded a GWP of Rs 3.96 Bn and the subsidiary, HNB General Insurance Limited recorded a GWP of Rs. 3.86 BN. The  Group  was  able  to  yield  an  Interest  and  Dividend  Income  of  Rs.  1,693  Mn,  showcasing  a growth  of  43%against  an  Interest  and  Dividend  Income  of  Rs.  1,180  Mn  achieved  during  the previous  year.  Total  Assets  of  the  Group  reached  a  mark  of  Rs.  18.65  Bn  and  Investments  in Financial  Instruments  reached  a  value  of  Rs  15.05  Bn.  During  the  course  of  2017,  the  Life Insurance Fund reached a value of Rs. 10.9 Bn and the General Insurance Fund reached a value of Rs 2.38 Bn. Expressing    her    views    on    the    solid    financial performance    during    the    year    under    review, Chairperson  of  HNB  Assurance  Group,  Mrs.  Rose Cooray  stated “the Group delivered a superlative financial  performance  during  the  course  of  2017, depicting  a  steady  flow  of  revenue  generation and  accelerating  progress  towards  achieving  our corporate  goals  during  2017.  The  Management guided  by  the  Board  has  meticulously  executed  a well-crafted  plan  that  focused  on  creating  value to all stakeholders. Not only have we been able to fulfil   the   aspirations   of   the   shareholders,   the Group  paid  out  Rs  2.29  Bn  in  claims  and  have  focused  on  rewarding  its  employees,  while contributing  towards  society  through  various  corporate  stewardship  initiatives  and  we  are confident that this growth we’ve embarked on will continue during 2018”. Sharing  his  thoughts  on  the  Group’s  financial performance,   Managing   Director/CEO   of   HNBA   and HNBGI Mr. Deepthi Lokuarachchi stated “the strategies deployed   during   the   course   of   2017   led   the   Group capture emerging and dynamic markets. The Group was able  to  maintain  its  solid  industry  position  throughout the course of 2017, despite the volatile macro-economic conditions  and  heightened  competition.    The  financial growth  of  HNBA  Group  in  2017  has  been  consistent throughout the year. The positive growth momentum of these  financial  results  was  triggered  by  the  strategic investments   of   the   Group   and   the   dynamicpolicies followed  in  underwriting  risk.  The  General  Insurance business showcased an exponential growth during the course of 2017, surpassing the growth rates  of  the  industry.  HNBGI  was  able  to  achieve  this  outstanding  growth  as  a  result  of  its well-focused risk selection, effective management of claims settlement as well as its pricing strategy.  It  is  noteworthy,  that  both  the  Life  and  General  Insurance  businesses  took  great measures  in  settling  claims,  especially  claims  pertaining  to  catastrophes  such  as floods  and epidemics  such  as  Dengue.  The  Management  of  HNBA  Group  remains  confident  of  its  future outlook  and  in  seizing  every  opportunity  to  further  consolidate  the  Group’s  financial standing”.