Maldives, which was an agency business, had also received a license from the country's central bank.
Meanwhile claims rose to 517 million rupees from 476 million a year earlier. Re-insurance recoveries also fell to 27 million rupees from 175 million a year earlier.
In Sri Lanka the insurance industry in general is making underwriting losses and the bottom line is propped by investment income. Industry analysts have warned that lower interest rates will hit the industry and general insurance premium may have rise.
Islamic insurers however lack compliant instruments to investments. Out of 813 million rupees of investments 606 million rupees were in government securities.But under Islamic finance principles interest income cannot be recognized.
The interest income has to be donated to charity.
"One of our main focuses has been to increase our Shari'ah compliant investment income," chief executive Ehsan Zaheed told shareholders in the annual report.
"In 2010 we were compelled to continue to have most of our funds in treasury bills as Shari’ah compliant options were very limited due to regulatory and solvency rules.
"We understand with our discussions with the regulators, that there would be changes to the RII Act from the beginning of the 2nd quarter, which we believe will facilitate us in investing in Shari’ah compliant investment vehicles such as bullion and in Finance Companies that offer Shari’ah compliant investments."
The firm had engaged NDB AVIVA Wealth Management Limited to get more returns from equity.
"This has paid results by giving us a growth of 189.4 percent on the income from investments in equity from 7 million rupees in 2009 to 20.3 million rupees in 2010, which are purely from white listed (Shariah compliant) companies," chairman Tyeab Akbarally chairman
The group had ended with a 35.1 million rupees loss against a 51.9 million rupees loss in 2009.