Sri Lanka’s HNB Assurance net up 17-pct

May 04, 2012 (LBO) – Sri Lanka’s HNB Assurance said net profits for the March 2012 quarter rose 17 percent to 28.9 million rupees from a year earlier, with gross written premium rising 21 percent to 828 million rupees. The firm said it had gross assets of 6.3 billion rupees and net assets of 1.5 billion rupees.

HNB Assurance said earnings were 58 cents per share for the quarter. The stock closed at 42.70 down 70 cents Thursday.

HNB Assurance said net earned premium rose 21 percent to 707 million rupees, after paying 121 million rupees to re-insurers.

The firm paid 265 million rupees in claims and benefits in the quarter, up 33 percent from a year earlier. Its life insurance fund increased 150 million rupees, down 5 percent. Total claims and expenses rose 18 percent to 503 million rupees.

Its life insurance provision was 3.1 billion rupees.

Investment income fell 9 percent to 126 million rupees.