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.
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.