by admin | Aug 20, 2025 | business, finance news, financial services, insurance, investing company news
Sri Lanka, August 19 – HNB Assurance PLC (HNBA) along with its affiliate, HNB General Insurance Ltd (HNBGI), has achieved outstanding financial performance during Q2 2025, highlighting their dominant presence in the industry and demonstrating significant progress in crucial indicators, further securing their stable standing within the sector.
In the initial six months of 2025, the Group’s Gross Written Premium (GWP) went up by 30%, reaching Rs. 14.3 billion compared to Rs. 10.9 billion in 2024. Net profit after tax (PAT) saw an increase of 10% to Rs. 519 million (without considering the Life Insurance Surplus Transfer). Total assets amounted to Rs. 70.2 billion, marking growth from Rs. 62.4 billion during the same period last year. Investment earnings improved by 6% to reach Rs. 4.0 billion. The Group settled Rs. 3.8 billion in net claims and benefits, representing a rise of 15%, showcasing its robust dedication towards policyholders. Assets under management (AUM) expanded to Rs. 61 billion, with basic earnings per share increasing to Rs. 3.46 from Rs. 3.16.
“Our strategy has always been straightforward, expand our footprint while delivering greater value to our customers and strive to be consistent at it,” said Stuart Chapman, Chairman of HNB Assurance and HNB General Insurance.
this emphasis has allowed us to reinforce our standing in the marketplace and maintain the solid progress we’ve achieved over time, ensuring a favorable outlook for the future to create benefits for everyone involved.
HNB Assurance PLC achieved a 35% rise in gross written premium, reaching Rs. 8.6 billion during Q2 2025 compared to Rs. 6.4 billion in Q2 2024. The profit after tax for the life segment increased by 17%, amounting to Rs. 428 million (without considering the Life Insurance Surplus Transfer).
The Life Fund grew to Rs. 44.1 billion from Rs. 35.2 billion, highlighting sustained financial security. Total claims and benefits paid out went up by 33%, reaching Rs. 1.9 billion compared to Rs. 1.4 billion, while investment earnings climbed 8% to Rs. 3.6 billion.
“our emphasis on broadening our range of products and improving client support has produced remarkable outcomes,” stated lasitha wimalaratne, executive director/ceo of hnb assurance plc. “the double-digit expansion in our gwp, pat, and life fund, along with a substantial rise in settlements, reflects our dedication to our clients and our solid economic base.” hnb general insurance ltd (hnbgi) attained rs. 5.6 billion in gwp over six months, marking a 23% upsurge compared to 2024, and processed claim payments totaling rs. 2.1 billion.
The firm experienced a 23% overall increase, surpassing double the industry’s average of 11%. The non-automotive part of its business achieved the top growth rate within the sector at 35%, compared to a 4% rise in the broader market. This performance was largely fueled by the fire and engineering division, which saw remarkable growth of 49%, significantly outpacing the industry’s 4% figure.
“The key factors behind our success in leading the industry are the commitment of our team members and the robustness of our business strategy, focused on maintaining close alignment with new trends and changes happening in the General Insurance sector,” stated Sithumina Jayasundara, Executive Director/CEO of HNB General Insurance.
Our GWP has experienced significant growth, we have effectively handled our contractual obligations, and achieved a positive increase in earnings. Moreover, this quarter had an added highlight with the introduction of HNBGI NEXA, our artificial intelligence-driven chatbot, which clearly demonstrates that as we expand, we continue to improve.
by admin | Apr 1, 2025 | business, finance news, financial markets, investing, money
Following its robust financial performance in 2024, the bank has suggested a dividend of N1.00 per share.
Wema Bank has reported a profit before tax of N102.51 billion, indicating a rise of 135 percent from the N43.59 billion noted in the previous year.
The bank
has suggested a dividend of N1.00 per share following its robust financial performance in 2024.
As stated by the bank on Sunday, its balance sheet continues to be well-structured, varied, and robust, with total assets increasing by 60 percent to reach N3.585 billion in 2024.
The total assets were at N2.240 billion in 2023. Additionally, the bank increased its deposit base year-over-year by 36 percent to reach N2.523 billion from N1.860 billion.
Loans and advances rose by 50 percent, totaling N1.201 billion in 2024 from N801.10 billion in 2023. The non-performing loans ratio was at 3.86 percent by the end of the year.
The bank reported enhanced yearly performance, showing a 92 percent increase in gross earnings to N432.34 billion from N225.75 billion in the previous year.
The interest income surged by 92 percent year-over-year to N353.54 billion from N184.48 billion, whereas the non-interest income saw an increase of 91 percent to reach N78.80 billion.
The bank announced a Return on Equity of 43.60 percent, a Return onAssets of 2.96 percent, and maintained a Capital Adequacy Ratio of 19.67percent.
The cost-to-income ratio was at 56.23 percent, underscoring the commercial bank’s robustness and fiscal stability.
The robust performance in 2024 was credited to effective strategy implementation in areas such as risk control, client engagement, and online banking services by Managing Director Moruf Oseni.
“We continue to be dedicated to assisting Nigerian businesses and individuals through our cutting-edge banking products and services,” he stated.
He pointed out ALAT, the leading digital platform of the bank, as being at the forefront of digital banking usage amongst Nigeria’s youth demographic.
Mr. Oseni mentioned one instance as ALAT XPlore, which is Nigeria’s premier authorized banking application tailored for teens between the ages of 13 and 17, aimed at fostering financial acumen and accountability.
Despite facing a difficult operational landscape, the bank keeps expanding across all financial metrics, highlighting the team’s strength and proficiency.
“The most impressive result is from Profit Before Tax, which jumped by 135 percent,” he noted.
Mr. Oseni pointed out that the 92 percent increase in gross revenue, along with a 60 percent expansion in total assets and an earning of 483.20 kobo per share, significantly bolstered the balance sheet strength.
“The cost-to-income ratio of 56.23 percent has notably enhanced compared to the prior period,” he mentioned.
He further declared that the financial institution’s Capital Raise Initiative was scheduled to commence in April 2025 through a N150 billion rights offering.
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by admin | Apr 1, 2025 | economics, finance news, government, news, politics
New Delhi [India], April 1 (ANI):
Finance Minister
Nirmala Sitharaman
highlighted on Tuesday that the fiscal affairs of both the nation and its states should transcend political influence.
Speaking at the launch of the ‘
NITI NCAER State Economies Forum
‘
portal
In New Delhi, Sitharaman emphasized the well-balanced strategy adopted by the government.
GST Council
, where treasury officials from different countries collaborate to boost income without excessively burdening residents.
Sitharaman said at the event, which unveiled the new data repository created collaboratively by NITI Aayog and NCAER, that concerning the nation’s financial matters—whether those of the central government or state governments—it should not be influenced by political considerations.
The
Finance Minister
stressed that increasing revenue is essential for significant developmental initiatives but should be carefully managed alongside responsible debt practices.
She stated, ‘Your objective is to acquire funds and boost revenue. You aim to secure a superior position so that you can consider implementing more significant developmental initiatives.’
Sitharaman warned of escalating global debt worries, emphasizing that even though India is leading as the quickest-expanding economy, managing debts continues to pose a substantial difficulty.
“Across the globe, wherever there is an effort to develop into a more rapidly expanding economy, there is also a significant challenge in managing debt levels. Nations have grown increasingly burdened with obligations,” she cautioned.
The minister praised the
GST Council
His methodology entails reaching collective decisions grounded in data analysis rather than political factors.
“Through the
GST Council
We can demonstrate that the tough appearance is indeed the realistic one,” she stated, noting that when finance ministers with varying political perspectives review the data collectively, “those distinctions disappear entirely.
That is why some people believe we are merely preaching to ourselves.
GST Council
But I’m pleased about this since ultimately, people are examining the realities in front of them and making a decision, a shared decision, because it’s one nation with one set of facts,” Sitharaman commented.
The event was also highlighted by Suman K Bery, Vice Chairman of NITI Aayog; BVR Subrahmanyam, Chief Executive Officer of NITI Aayog; and Poonam Gupta, Director General of NCAER.
The newly launched
portal
acts as an extensive database containing information over roughly three decades (from 1990–91 to 2022–23). This resource encompasses various aspects such as social, economic, and fiscal indicators, alongside research studies, articles, and insights from experts regarding state finances. Its purpose is to enhance comprehension of broad patterns including macroeconomic, fiscal, demographic, and socio-economic shifts in an accessible manner. Additionally, it addresses the requirement for centralized access to detailed sector-specific data.
The
portal
Will facilitate comparative analysis between individual state data and other states as well as national statistics, offering a crucial forum for policymakers, researchers, and other interested parties to participate in knowledgeable dialogues and deliberations. (ANI)
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by admin | Mar 31, 2025 | economic policy, economics, finance news, interest rates, news
-
The Reserve Bank expected to keep interest rates unchanged on April 1
-
U.S. tariffs cited as reason for the decision
-
The increasing impact of social media on politics and the Democrats’ ‘highly ineffective’ attempts to engage Generation Z. Tune into Welcome to MAGAland wherever you find your podcasts.
Anthony Albanese
is destined to be deprived of an
election
push for lowering interest rates as Donald Trump’s import tariffs hinder assistance for homeowners.
The Reserve Bank of Australia’s upcoming decision on Tuesday aligns with April Fool’s Day as well.
However, economists widely anticipate that the RBA cash rate will remain unchanged at 4.1 percent on April 1, after the conclusion of the central bank’s two-day meeting this week.
This would deny the typical borrower $100 in repayment assistance, which could be used for grocery expenses during the current cost-of-living crisis.
Compare the Market’s chief economist
David Koch
said
Donald Trump
New 25 percent tariffs on Australian agricultural and pharmaceutical products, set to begin on April 2, could prevent the Reserve Bank of Australia from offering assistance to borrowers.
“Keep in mind, financial markets and central bankers dislike uncertainty, and currently, there is a significant amount of it in the United States,” he stated.
Almost every day we find out that Trump has imposed new tariffs or sanctions upon waking up.
The Reserve Bank will proceed with caution since tariffs lead to higher prices, which subsequently influences inflation.
inflation
.’
The tariff policy implemented broadly by the Trump Administration, offering no exceptions, has the potential to increase consumer prices. This situation arises as several countries enter into a trade conflict with the United States.
U.S.-produced items might see higher prices if taxes were imposed on the incoming parts utilized in production.
The headline inflation rate currently stands at 2.4 percent, placing it within the Reserve Bank of Australia’s targeted range of 2 to 3 percent. This stability can be attributed to the extension of the federal government’s $75 seasonal electricity rebate, set to continue through December 2025.
Prior to the Budget statement, the Reserve Bank anticipated thatheadline inflation, or the consumer price index, would rise to 3.7 percent.
As the rebates will now expire on December 31 rather than June 30, the Treasury anticipates that the CPI will increase to three percent by June 2026.
According to a Finder survey involving 34 economists, 32 or approximately 94 percent of them anticipate that interest rates will remain unchanged on Tuesday.
A more detailed assessment for the March quarter won’t be available until April 30, indicating that a potential interest rate reduction is more probable on May 20.
Cutting interest rates by a quarter of a percent in May would reduce the official cash rate to 3.85%, marking the lowest level in nearly two years for the Reserve Bank of Australia.
An individual with a typical mortgage of $600,000 could expect their monthly payments to decrease by $97 since the interest rates for mortgages with a 20 percent down payment have dropped below six percent.
Before the next reduction, Mr. Koch mentioned that borrowers might be able to secure a more favorable agreement with their bank through negotiation.
“We can’t depend on the Reserve Bank to provide mortgage assistance. This implies that we must remain more watchful ourselves to ensure we secure a favorable deal,” stated Mr. Koch.
Homeowners who have maintained their relationship with the same lender over several years should ensure their current interest rates align with those offered to new clients.
‘Shop around and compare the offers from other lenders to get an idea of the current options available. If your lender doesn’t offer competitive market-leading rates, you may want to consider switching.’
The futures market anticipates three additional interest rate reductions over the next year, bringing down the RBA cash rate accordingly.
This would cause it to drop to 3.35 percent for the first time since March 2023.
In the most recent election period, the Reserve Bank raised interest rates in May 2022 for the first time since 2010.
When former Prime Minister Scott Morrison scheduled the election three years prior, the Reserve Bank of Australia’s cash rate was at an all-time low of 0.1 percent, with inflation climbing to 6.1 percent due to increased fuel costs following Russia’s invasion of Ukraine.
Read more
by admin | Mar 30, 2025 | business, finance news, indian national news, news, technology
New Delhi [India], March 30 (ANI): The National Financial Reporting Authority (NFRA) has announced new measures aimed at enhancing transparency and accountability in financial reporting.
NFRA
and the Indian Institute of Technology (IIT) Kanpur co-organized an event together.
Hackathon
to motivate students to develop advanced solutions using
Large Language Models
(LLM) and
Generative AI
.
The objective of the
Hackathon
The aim was to make intricate financial statements more accessible and comprehensible, according to a statement released by the Ministry of Corporate Affairs on Sunday.
The task assigned was to convert financial information into compelling narratives for better-informed decision-making. During the hackathon, participants aimed to tackle this issue using Generative Artificial Intelligence (GenAI). Various teams explored innovative approaches to make financial reports more accessible and reveal valuable insights.
Students from different engineering schools across India took part in a hackathon organized at
IIT Kanpur
From March 28th and 29th, 2025.
The hackathon facilitated collaboration between academia, students, and regulators working together to tackle shared issues. During this event, participants deliberated on potential solutions, and mentors provided guidance to help students advance with their creative concepts.
The presentations from the teams during the hackathon highlighted how Generative AI could transform financial statement analysis by demystifying intricate financial ideas, streamlining data collection, and producing meaningful stories. With ongoing technological advancements, we anticipate greater usage of this technology in financial reports, which will result in improved efficiency, precision, and well-informed financial choices.
The winning teams came from VIT Vellore, MNNIT Allahabad, IIT Lucknow, and Rajiv Gandhi University of Knowledge Technologies, Nuzvid.
Hackathon
was evaluated by a joint panel of specialists from
IIT Kanpur
and
NFRA
.
Additionally, it’s worth mentioning that numerous victorious teams opt to share their innovations with the open-source community. This allows for additional enhancements and contributions, enabling broader development and accessibility for those who wish to utilize these solutions.
NFRA
is looking forward to more such chances to interact with the student body, the statement also noted. (ANI)
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).
by admin | Mar 30, 2025 | business, equities, finance news, investing market news, stocks
Mumbai (Maharashtra), India, March 30 (ANI): The governing body of the Indian stock exchange
BSE
limited approved a 2:1
bonus
share issue
, as stated in the filing made on Sunday.
According to the announcement, the
BSE
will grant two
shares
For each person who is detained
shareholders
on the record date.
“Issue of Bonus equity
shares
in the ratio 2:1 i.e. 2 (Two) equity
shares
at Rs 2 per fully paid-up equity share of Rs 2 each, held by the company’s shareholders as of the record date, subject to shareholder approval via postal ballot,”
BSE
said in a filing.
This is the second time this has occurred.
BSE
has announce the
bonus
share issue
Following its debut in 2017, the record date has yet to be set for the most recent update.
bonus
issue.
As per the filing
bonus
shares
will be released from and drawn upon the Capital Redemption Reserves and General Reserve funds that will be available as of December 31, 2024.
As stated in the documents, only investors who hold
shares
Those who hold shares of the company prior to the ex-dividend date will be entitled to receive the dividend.
bonus
shares
.
Bonus
shares
are typically distributed by corporations with the aim of boosting their earnings per share (EPS), expanding their paid-up capital, and utilizing free reserves while reducing reserve levels. Current shareholders are provided with these.
shares
at no further expense.
Based on publicly accessible data, the company declared a dividend of Rs 12 per share in May 2023, setting the ex-dividend date for August 4, 2023. Furthermore, in June 2024,
BSE
declared a final dividend of Rs 15 per share, with the ex-dividend date set for June 14, 2024.
Established in 1875,
BSE
(previously known as Bombay Stock Exchange) is Asia’s initial and the quickest stock exchange globally, boasting a transaction speed of 6 microseconds, and it also ranks among India’s foremost exchange groups.
In the last 143 years,
BSE
has helped expand India’s business industry by offering them an effective avenue for raising capital. It is commonly referred to as
BSE
In 1875, the exchange was founded as ‘The Native Share & Stock Brokers’ Association.’ By 2017,
BSE
be the first stock exchange listed in India. (ANI)
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).
