Sri Lanka HNB Assurance March net up 23-pct

Directory launched in the presence of Jagath Perera, CA Sri Lanka President, Manil Jayesinghe, CA Sri Lanka Vice President, Harsha Basnayake, Ernst & Young Asia Pacific Transaction Advisory Managing Partner, Aruni Rajakarier, Chairperson of the CA Sri Lanka Women Empowerment Committee, Anoji De Silva, Alternate Chair of the Women Empowerment Committee and Dulani Fernando, CA Sri Lanka CEO

May 02, 2011 (LBO) – Sri Lanka’s HNB Assurance’s profits in the March 2011 quarter rose 23 percent to 24.7 million rupees from a year earlier and gross written premium rose 27 percent to 684 million rupees interim accounts showed. The firm paid 198 million rupees in net claims and benefits net.

The firm reported earnings of 55 cents for the quarter. The first quarter numbers of insurers do not have profits from the life business, which is calculated at the end of each year.

It is also issuing rights to expand capital.

After 99.7 million rupees ceded to re-insurers (102 million rupees last year) the firm had 584 million rupees of net written premium.