Sri Lanka’s HNB Assurance June net steady

Aug 09, 2011 (LBO) – Sri Lanka’s HNB Assurance, a unit of listed Hatton National Bank said profits in the June 2011 quarter rose 2 percent to 24.6 million rupees with strong premium growth despite lower investment income.

Managing director Manjula de Silva said revenue growth came from a hike in premiums and stronger sales volumes.

HNB Assurance has gross assets of 5.4 billion rupees and net assets of 1.1 billion rupees.

Gross written premium rose 36 percent to 714 million rupees in the quarter. General insurance premium grew to 422 million rupees from 298 million rupees a year earlier.

Life premiums rose to 292 million rupees from 227 million.

The firm is reporting earnings of 54 cents for the quarter and 1.07 rupees for the half year.

In the six months to June, gross written premium on the general side rose to 820 million rupees from 604 million rupees.

Motor premiums grew 42 percent, and miscellaneous classes grew 90 percent.