Sri Lanka’s HNB Assurance March net up 9-pct

May 08, 2008 (LBO) – Sri Lanka’s HNB Assurance Ltd’s March quarter profits increased nine percent to 14.1 million rupees while revenue increased 40 percent with income from other activities doubling during the period, the firm’s un-audited accounts said. HNB Assurance, saw its revenue increase to 378.6 million rupees from 269.7 million, compared to the same quarter a year ago.

The company’s gross written premium for the period was 406.5 million, up 25 percent while income from other investments doubled to 75.9 million.

Net claims and benefits increased 33 percent to 93.4 million.

Administrative expenses were 23 percent higher at 109.4 million rupees, compared to the year before.

At the end of the March quarter HNB Assurance total assets stood at 2,177 million rupees, up from 2,008 million.

The company’s earnings per share increased to 38 cents from 34 cents.

Assurance was the sixth-largest non-life player in Sri Lanka with a 2.4 percent market share in 2006, and the seventh-largest life assuror, with 2.9 percent market share. .