Sri Lanka’s HNB Assurance June net drops, revenue improves

Aug 22, 2008 (LBO) – Sri Lanka’s HNB Assurance June quarter net profit slipped three percent from a year ago as claims increased and the life insurance fund expanded, results released to the stock exchange show. HNB Assurance earnings per share increased to 0.28 rupees from 0.29 a year ago while net assets per share stood at 14.30 rupees.

HNB Assurance, the insurance arm of Hatton National Bank, posted a profit of 10.5 million rupees for the three months ended June, compared to 10.8 million one year ago.

The firm’s revenue shot up by 49 percent to 437.9 million rupees during the same period.

Its 6-month profit edged up four percent to 24.6 million while, revenue went up 45 percent to 816.6 million rupees.

HNB Assurance net insurance claims and benefits for the period rose 26 percent to 96.1 million rupees while its life insurance fund more than doubled to 187.3 million from 78.2 million rupees, affecting its bottom line performance.

The gross written premium was up 41 percent to 454.7 million while the net written premium had increased by 44 percent to 373.7 million rupees.

The firm’s investment income increased to 77.5 million rupees from 44.2 million.

Total assets of the fi