Sri Lanka HNB Assurance Sept profit down 09-pct

Nov 04, 2009 (LBO) – Sri Lanka’s HNB Assurance said net profit for the September quarter fell nine percent to 21.4 million rupees from a year ago, despite a sharp rise in investment income. Gross written premium rose 24 percent to 640 million rupees according to interim results announced by the firm to the Colombo stock exchange.

The firm’s total revenue grew 37 percent to 608 million rupees.

The firm, a unit of Sri Lanka’s Hatton National Bank, paid 130 million in claims, up 19 percent from a year ago.

Income from investments shot up 38 percent to 121 million rupees from the same period last year.

The company, Sri Lanka’s sixth largest insurer at end-2008, reported earnings per share of 0.57 rupees in the September 2009 quarter compared with 0.63 rupees a year ago, down nine percent.

Total assets as at September 30, 2009 were 3.49 billion rupees compared with 2.79 billion last year while total assets of the life business were just over two billion rupees.

The company stock exchange filing said income tax expense for the period increased compared to the same period last year due to reversal of a tax provision with an amendment made to the income tax law.