Category: Insurance
Sri Lanka’s Janashakthi Insurance September net down 56-pct
Nov 12, 2015 (LBO) – Sri Lanka’s Janashakthi Insurance net profits dropped 56 percent to 102 million rupees in the September quarter against a year earlier amid increased benefits and claims, the firm’s interim accounts showed. Gross written premiums rose 15 percent to 2.5 billion rupees with net premiums also up by 15 percent to 2.2 […]
Janashakthi to3.2bn
Oct 09 2015, (LBO) – Sri Lanka’s Janashakthi Insurance said on Friday it was purchasing a 100 percent stake of AIA General Insurance Lanka, a fully owned subsidiary of AIA Insurance Lanka for 3.2 billion rupees. The timeline of completion of the proposed acquisition, once required approvals are secured, is expected to be on or […]
Sri Lanka’s Janashakthi Insurance names Esufally as deputy Chair
July 23, 2015 (LBO) – Sri Lanka’s Janashakthi Insurance has appointed Husein Esufally as its new Deputy Chairman and director of the company and Jude Fernando as Chief Executive Officer, a statement said. “Janashakthi Insurance has appointed well-known corporate leader Husein Esufally to a new position as Deputy Chairman and a non-executive independent director with […]
Sri Lankan insurers wrapping up segregation plans, four under evaluation: regulator
Jan 07, 2015 (LBO) – Sri Lanka’s composite insurers are on track to complete a regulatory push to split their businesses despite legal affairs delayed several insurers, a senior official said. Director General of the island’s insurance regulator Damayanthi Fernando told LBO that seven out of twelve composite insurers have so far completed their segregation […]
’’s national IFS rating downgraded: Fitch
Oct 28, 2014 (LBO) – Sri Lanka’s Fitch Ratings has downgraded the national insurer financial strength rating and national long term rating of Asian Alliance Insurance to ‘BBB(lka)’ from ‘BBB+(lka)’ placing both ratings on rating watch negative. Fitch Downgrades Asian Alliance Insurance’s National IFS Rating to ‘BBB(lka)’ Fitch Ratings-Hong Kong/Colombo/Singapore-27 October 2014: This commentary replaces […]
‘s Union Assurance to sell general insurance to Canada firm
July 31, 2014 (LBO) – Union Assurance Plc, a unit of Sri Lanka’s John Keells Holdings said it had struck a deal to sell 78 percent of its general insurance business valued at 4.5 billion rupees to Fairfax Asia. Union Assurance said it will continue to fully own the life insurance business. Fairfax Asia was […]
”’ rating confirmed
July 22, 2014 (LBO) – Fitch Ratings said it was confirming a ‘B’ issuer financial strength rating of Sri Lanka’s Asian Alliance Insurance Plc (AAIP). It also confirmed a National Insurer Financial Strength Rating and National Long-Term Rating of ‘BBB+(lka)’ with a stable outlook. Fitch said the rating reflected benefit that could come from being […]
‘s insurance regulator meets AIG over exit
June 18, 2014 (LBO) – The Insurance Board of Sri Lanka is in discussions with AIG Insurance over its planned exit from the island, Chairperson Indrani Sugathadasa said.The firm is expected to submit a report to the regulator over its policies shortly. “But before the report we are having a discussion with them because we […]
Sri Lanka may encourage smaller insurers to merge: CB Governor
June 18, 2014 (LBO) – Sri Lanka’s smaller insurers should merge to become larger players and which will give an assurance to customers that they will survive in the longer term, Central Bank Governor Nivard Cabraal said. “I would like to see bigger and more stable insurers,” Cabraal told a forum on pensions organized by […]
Ceylinco Insurance, Sri Lanka profits down 13-pct
May 15, 2014 (LBO) – Profits at Sri Lanka’s Ceylinco Insurance Plc, the largest insurer by revenue fell 13 percent to from a year earlier to 285 million rupees in the March 2014 quarter, interim accounts showed.Gross assets rose to 90.9 billion rupees by end March 2014 from 87.4 billion rupees in December. Net assets […]
‘s HNB Assurance separates general insurance
Mar 29, 2014 (LBO) – Sri Lanka’s HNB Assurance Plc said it will set up a separate unit to take over its general insurance business under a regulatory decision to split all composite insurers.HNB Assurance is a unit of listed Hatton National Bank. The firm’s shareholders had approved a resolution to transfer assets and liabilities […]
” rating confirmed
Mar 26, 2014 (LBO) – Fitch Ratings has confirmed a ‘BB” issuer financial strength rating of Sri Lanka Insurance Corporation with a stable outlook. Fitch said it had a franchise built up since 1961 and an asset base of over 140 billion rupees. It was the market leader in non-life insurance taking 23 percent of […]