📈 HASU 1Q 2026 Earnings Review Market Share Gains and Improving Claims Trend Support Earnings Recovery 1Q 2026 Highlights: 📉 Earnings declined 10.3% YoY to LKR 269.9mn as higher Life insurance claims, driven by policy maturities during the quarter, weighed on profitability. 💰 Other income increased 3.3% YoY supported by a 13.0% rise in interest and dividend income from the expanded investment portfolio, although weaker contributions from other income streams limited overall growth. 📈 GWP surged 35.4% YoY driven by a strong 53.9% growth in the Life segment, reflecting robust premium momentum despite the temporary earnings pressure. Outlook • 💼 Strong premium growth, improving policy retention, lower lapse rates, and healthy Group Life business are expected to sustain growth. • 🚗 General Insurance GWP is projected to grow 19.7% in 2026, supported by continued business expansion despite moderating motor insurance growth. Valuation & Recommendation: BUY | TP: LKR 175.00 (+19.0%) ⚠️ Key Risks: Higher inflation, intense competition, regulatory changes, rapid technological shifts, and higher claims from natural disasters. BRS Equity Research