The HNB Assurance PLC has reported a net profit of Rs. 143.million before taxation for the last year. This represents a growth of 55 per cent over the year 2006.

Profit after taxation grew from Rs. 91.3 million in 2006 to Rs. 123.3 million in 2007 representing a growth of a record 35 per cent. However the growth was stymied by the increased tariffs introduced in the 2007 budget. The combined turnover for last year amounted to Rs. 1.472 billion in comparison to year 2006 figure amounting to Rs. 1.222 billion, a growth rate of 31 per cent.

A land mark was achieved last year with both Life and General Insurance sectors propelling ahead. Before tax profits from general insurance grew by 25 per cent to reach 78.3 million. The transfer of Life surplus from Life Fund to share holder’s accounts amounted to Rs. 30 million in 2006 to peak at Rs. 65 million in 2007, an increase of 117 per cent.

HNB recently announced Rs. 1 per share dividend to its 37.5 share holders. The stated capital amounted to Rs. 375 million.

HNB Assurance PLC was the Second recipient of an A rating awarded by renowned Fitch Rating of Sri Lanka. The first recipient was the SL Insurance.