Net profits amounted to Rs. 241.7 million as at year ending December 31, 2010, up 20 percent from Rs. 201.6 million a year ago, the company’s unaudited accounts submitted to the Colombo Stock Exchange showed.
The company’s gross written premium grew by 15 percent during the year to Rs. 2,428.1 million during the year from Rs. 2,036.7 million while premiums ceded to reinsurers amounted to Rs. 449.4 million, a one percent decline from the previous year.
Gross written premium for its general insurance business reached Rs. 1,343.7 million, up 18.83 percent from Rs. 1,130.7 million a year ago. Life insurance gross written premium amounted to Rs. 1,084.4 million, up 10.11 percent from Rs. 984.8 million a year ago.
HNB Assurance saw revenues increase by 16 percent to Rs. 2,361.2 million for the financial year ending December 31, 2010 from Rs. 2,036.7 million a year ago.
Insurance claims during 2010 amounted to Rs. 648.1 million, a 27 percent increase from Rs. 511.9 million in 2009.
The insurance company’s investment income amounted to Rs. 517.1 million, up 11 percent from Rs. 467.8 million a year ago.
The net asset value per share as at December 31, 2010 amounted to Rs. 27.1.
The company’s total investments amounted to Rs. 3,403.9 million during the year, up 25.26 percent from 2,717.4 million a year ago.
Rienzie T. Wijetilleke is the Chairman of HNB Assurance PLC while Manjula de Silva is the company’s Managing Director/CEO.
source - www.island.lk
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