Sri Lanka HNB Assurance 2009 net up 23-pct

Feb 19, 2010 (LBO) – Sri Lanka’s HNB Assurance said net profit for the 2009 financial year rose 23 percent to 202 million rupees from a year ago. Earnings per share went up by the same percentage to 5.38 rupees, the bank, a unit of Sri Lanka’s Hatton National Bank, said in a stock exchange filing.

HNB Assurance said in a statement there was strong growth in both turnover and profits in the year ending 31st December 2009.

Turnover measured by Gross Written Premium (GWP) rose 15 percent to 2.1 billion rupees from the previous year.

Total revenue grew 19 percent to just over two billion rupees.

Investment income rose 19 percent to 121 million rupees.

The firm paid 512 million rupees in claims, up 25 percent from the previous year

The combined turnover of 2,116 million rupees comprised the GWP of 1,131 million rupees from General Insurance, which grew by 22 percent over the previous year, and the GWP of 985 million rupees from Life Insurance which grew eight percent.

In the December quarter, the company’s net profit went up 26 percent to 146 million rupees from a year ago while gross written premium was u