HNB Assurance Group delivers robust 1Q performance
HNB Assurance PLC Group delivered a robust performance during 1Q22, recording a profit after tax (PAT) of Rs.235 million, reflecting an impressive growth of 144 percent, compared to the PAT of Rs.96 million recorded during the corresponding period of 2021.
The group recorded a gross written premium (GWP) of Rs.4.3 billion, depicting a notable growth of 33 percent.
Sharing her views on the group’s financial performance,
HNB Assurance PLC (HNBA) and its fully-owned subsidiary HNB General Insurance Limited (HNBGI) Chairperson Rose Cooray stated, “In spite of several macroeconomic challenges prevailing in the market, HNBA and HNBGI delivered an outstanding performance during the first quarter of the year.” The life insurance business of the group recorded a GWP of Rs.2.3 billion and the general insurance business recorded a GWP of Rs.1.9 billion, showcasing an impressive growth of 41 percent and 24 percent, respectively. Other revenue of the group surpassed Rs.1 billion during 1Q22, marking a 30 percent growth. During the period, total assets of the group surpassed Rs.37 billion and financial investments surpassed Rs.30 billion.
The investment income of the group for the period was Rs.938 million with an outstanding growth of 40 percent compared to the corresponding period of the previous year and continued to maintain an investment portfolio with healthy credit quality. “HNBA concluded another successful quarter showcasing a steady and stable growth momentum, amidst increasing challenges in the external environment,” HNB Assurance PLC (HNBA) CEO Lasitha Wimalaratne said.
During the period under review, the life insurance fund reached Rs.21.4 billion. The capital adequacy ratio (CAR) of HNBA during 1Q22 stood at 281 percent.
Meanwhile, HNBA settled insurance benefits and claims amounting to Rs.527 million. Expressing his views, HNBGI CEO Sithumina Jayasundara stated, “During a challenging period for the entire insurance industry, HNBGI was able to deliver steady financial results capitalising on its service and operational excellence.” During the period, HNBGI settled insurance benefits and claims amounting to over Rs.830 million.
The CAR of HNBGI stood at 247 percent, well above the regulatory requirement. The general insurance contract liabilities surpassed Rs.4.2 billion.