Healthy Profits

State owned Sri Lanka Insurance Corporation reported healthy profits despite rising reinsurance premiums.
The insurance giant reported a provisional Rs. 753 mn profit for last year, the second highest in its history.rn

rnA record Rs. 1.1 bn profit in 2001 came on the back of nearly Rs. 700 mn in investment income.rn

rnThe company earmarked for privatisation soon, said its premium income grew by over 20 percent to Rs. 7.5 bn last year.rn

rnSLIC also recognised as income over Rs. 500 mn, which it had carried in its balance sheet over the years as a deposit.rn

rnSLIC Chairman Crishantha Perera told LBR that there has been growth even when the extraordinary items are taken out.rn

rnThe state insurer paid nearly Rs. 200 mn for its privatisation and also subsidised a life insurance scheme for government servants to the tune of Rs. 100 mn.rn