HNB Assurance PLC has released its interim financial statements for the year ending December 31, 2009 depicting a strong growth in both turnover and profits.

Its turnover measured by Gross Written Premium (GWP) crossed the 2 Billion rupee mark by recording a growth of 15 percent over the last year.

Having crossed the 1 Billion rupee mark only in 2006, it has doubled its turnover within the space of just three years.

The combined turnover of Rs 2,116 million comprised the GWP of Rs 1,131 million from General Insurance and the GWP of Rs 985 million from Life Insurance. The General GWP grew by 22 percent while the growth in Life GWP was 8 percent.

The company also managed to cross the 200 Million rupee mark in respect of both Profit Before Tax (PBT) and Profit After Tax (PAT) with PBT reaching Rs 231 million and PAT recording Rs 202 million.

The growth achieved in PBT and PAT was also commendable and stood at 36 percent and 23 percent respectively.

The company was also able to deliver a Return on Equity (ROE) of 24 percent in line with previous years.

Managing Director HNB Assurance PLC Manjula de Silva said “the Company has built up an impressive track record of performance during the past eight years.

This gives us the confidence to move forward, overcoming whatever challenges that we have to face from time to time. With the dawn of a new era devoid of the conflict which was holding back growth to a great extent, HNB Assurance looks forward to a period of accelerated growth, taking advantage of new and emerging opportunities.

The formulation of sound strategies through a rigorous participatory process and their timely and effective execution supported by a strong monitoring and performance management process have been a critical force behind our success in the past. We strongly believe that it holds the key to our future success as well”, de Silva said.

Source Daily News