May 02, 2011 (LBO) – Sri Lanka’s HNB Assurance’s profits in the March 2011 quarter rose 23 percent to 24.7 million rupees from a year earlier and gross written premium rose 27 percent to 684 million rupees interim accounts showed. The firm paid 198 million rupees in net claims and benefits net.
The firm reported earnings of 55 cents for the quarter. The first quarter numbers of insurers do not have profits from the life business, which is calculated at the end of each year.
It is also issuing rights to expand capital.
After 99.7 million rupees ceded to re-insurers (102 million rupees last year) the firm had 584 million rupees of net written premium.