HNB Assurance PLC has transferred its General Insurance business, including all its assets and liabilities of that part of the business to HNB General Insurance Limited which is a wholly owned subsidiary of the company.

This is in compliance to insurance industry regulations which requires all insurers engaged in general insurance and long term insurance business to segregate these two businesses to separate entities by February 2015.

HNB Assurance PLC has transferred its general insurance business assets worth approximately Rs. 1.4 billion to HNB General Insurance Limited.

HNB Assurance PLC has also transferred assets worth Rs. 900 million through shares to HNB General Insurance Limited.

HNB Assurance PLC has earlier subscribed to shares in HNB General Insurance Limited with an investment of Rs. 100 million.

Accordingly, total investment in stated capital of HNB General Insurance Limited by HNB Assurance PLC is Rs. 01 billion.