Nov 05, 2013 (LBO) – Profits at Sri Lanka’s HNB Assurance dropped 9 percent to 50.4 amid higher claims, despite seeing strong revenue growth, interim accounts showed. The firm reported earnings of 1.00 rupee per share for the quarter. In the nine months to September the firm reported earnings of 3.10 rupees, on total profits of 154 million rupees which were up 11 percent.
In the March quarter gross written premium rose 34 percent to 1.05 billion rupees and re-insurance costs were flat at 129 million rupees, giving net written premium of 927 million rupees up 40 percent.
Investment income also rose 14 percent to 199 million rupees.
But insurance benefits and claims paid surged 80 percent to 585 million rupees in the quarter.
The firm said gross assets rose to 7.6 billion rupees by September 2013 from 7.0 billion rupees in December 2012. Net assets were flat at 1.8 billion rupees.