Sri Lanka HNB Assurance March profit up 12-pct

May 04, 2009 (LBO) – Sri Lanka’s HNB Assurance said March quarter after tax profit rose 12 percent to 15.9 million rupees from a year ago helped by a sharp increase in earnings from investments. Gross written premium rose 12 percent to 457 million rupees, the company said in a stock exchange filing of its provisional unaudited accounts for the three months ended March 31, 2009.

Income from investments rose 42 percent to 108 million rupees, mainly because of investments in high yielding government securities.

Turnover from General Insurance was up 13 percent to 240 million rupees from 212 million a year ago while Life Insurance grew 12.6 percent to reach 457 million rupees over the same period.

HNB Assurance has said that it had adopted a cautious investment strategy with 77 percent of the General Insurance portfolio and 85 percent of the Life Insurance portfolio in high yielding government securities as at December 31, 2008, the end of the last financial year.