Sri Lanka’s HNB Assurance separates general insurance

Mar 29, 2014 (LBO) – Sri Lanka’s HNB Assurance Plc said it will set up a separate unit to take over its general insurance business under a regulatory decision to split all composite insurers. HNB Assurance is a unit of listed Hatton National Bank.

The firm’s shareholders had approved a resolution to transfer assets and liabilities of the general insurance business to HNB General Assurance Ltd, the firm said in a stock exchange filing.