Sri Lanka’s HNB Assurance June profits up 4-pct
Aug 15, 2018 10:15 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Profits at Sri Lanka's HNB Assurance Plc rose 4 percent from a year earlier to to 106.3 million rupees in the June 2018 quarter helped by higher premiums and investment income, interim accounts showed.
The firm reported earnings of 2.13 rupees per share. For the six months to June the group reported earnings of 16.10 rupees per share on net profits of 805.1 rupees which grew 357 percent from a year earlier helped by a one-off gain.
The stock closed at at 112 rupees Tuesday.
HNB Assurance has a life insurance business, and owns a general insurance subsidiary.
Net written premiums in the June quarter grew 15 percent to 1.8 billion rupees from 2017, with gross written premiums up 9 percent to 2.1 billion rupees, and reinsurance costs down 19 percent to 250.1 million rupees.
Total benefits, claims and other expenses grew 16 percent to 2.1 billion rupees from a year earlier, of which insurance benefits and claims paid increased 55 percent to 802.6 million rupees.
Income from investment activities grew 18 percent to 453 million rupees from a year earlier.
Group assets grew to 20 billion rupees in June from 18.6 billion rupees in December, while equity increased to 4.1 billion rupees from 3.8 billion rupees.
Six months to June, gross written premiums rose 12 percent to 4.3 billion rupees from 2017, and reinsurance costs fell 3 percent to 531.7 million rupees, resulting in net written premiums of 3.7 billion rupees, up 14 percent.
Net insurance benefits and claims were up 39 percent to 1.4 billion rupees from 2017. However, total benefits, claims and other expenses remained flat at 3.7 billion rupees due to a 381.2 million one-off gain from a regulatory change in the methodology of valuing life insurance policy liabilities.
Year to date interest and dividend income grew 22 percent to 904.7 million rupees from 2017.
For the 6 months, life insurance profits after tax grew to 713.5 million rupees from 100 million rupees a year earlier, while general insurance profits after tax grew to 91.5 million rupees from 76.2 million rupees a year earlier. (COLOMBO, 15 August, 2018)