HNB Assurance Group delivered a superlative financial performance, reporting a Profit After Tax (PAT) of Rs 699 million for first quarter (1Q) 2018.
This reflects a steady growth of 844% in comparison to the PAT of RS 74 million recorded during the corresponding period of 2017.
This growth mainly resulted due to the transfer of One-off surplus of Rs 381 million to Shareholder Fund from Non-Participating Policyholder Fund due to the change in liability valuation method and the surplus transfer made during 1Q 2018 amounting to Rs 210 million.
In analyzing the financial results of the period under review, the Group recorded a Gross Written Premium (GWP) of Rs 2.19 billion, depicting a consolidated growth of 15% in comparison with the GWP of Rs 1.9 billion recorded during the first quarter of 2017. The Parent Company, HNB Assurance PLC (HNBA) recorded a GWP of Rs 1.06 billion when compared with the GWP of Rs 988 million recorded during 1Q 2017. The subsidiary, HNB General Insurance Limited (HNBGI) recorded a GWP of Rs 1.14 billion against a GWP of Rs 929 million recorded during the corresponding period last year, reflecting a growth of 22%. Together with the One-off Surplus, HNBA posted a PAT of Rs 658 million for the period, recording a growth rate of 1,159%.
The PAT excluding the One-off Surplus and the surplus transfer during Q1 2018 marked a 28% growth.
HNBGI recorded a PAT of Rs 41 million when compared with the PAT of Rs 22 million recorded during 1Q 2017, showcasing a growth of 88%.
Sharing her views on the financial results, Chairperson of HNBA and HNBGI Rose Cooray stated “In a challenging period for the entire insurance industry, the Company was able to deliver steady financial results for the first quarter of 2018.
These results showcase the effectiveness of our customer centric strategies and the Company’s day-to-day focus on operational efficiencies in capturing new market segments.
www.dailynews.lk
This reflects a steady growth of 844% in comparison to the PAT of RS 74 million recorded during the corresponding period of 2017.
This growth mainly resulted due to the transfer of One-off surplus of Rs 381 million to Shareholder Fund from Non-Participating Policyholder Fund due to the change in liability valuation method and the surplus transfer made during 1Q 2018 amounting to Rs 210 million.
In analyzing the financial results of the period under review, the Group recorded a Gross Written Premium (GWP) of Rs 2.19 billion, depicting a consolidated growth of 15% in comparison with the GWP of Rs 1.9 billion recorded during the first quarter of 2017. The Parent Company, HNB Assurance PLC (HNBA) recorded a GWP of Rs 1.06 billion when compared with the GWP of Rs 988 million recorded during 1Q 2017. The subsidiary, HNB General Insurance Limited (HNBGI) recorded a GWP of Rs 1.14 billion against a GWP of Rs 929 million recorded during the corresponding period last year, reflecting a growth of 22%. Together with the One-off Surplus, HNBA posted a PAT of Rs 658 million for the period, recording a growth rate of 1,159%.
The PAT excluding the One-off Surplus and the surplus transfer during Q1 2018 marked a 28% growth.
HNBGI recorded a PAT of Rs 41 million when compared with the PAT of Rs 22 million recorded during 1Q 2017, showcasing a growth of 88%.
Sharing her views on the financial results, Chairperson of HNBA and HNBGI Rose Cooray stated “In a challenging period for the entire insurance industry, the Company was able to deliver steady financial results for the first quarter of 2018.
These results showcase the effectiveness of our customer centric strategies and the Company’s day-to-day focus on operational efficiencies in capturing new market segments.
www.dailynews.lk
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