Category: Insurance

Feb 28, 2014 (LBO)- Profits at Sri Lanka’s Ceylinco Insurance Plc, rose 28 percent to 1.8 billion rupees in the December 2013 quarter from a year earlier, helped by investment income and lower claims, despite weak premiums, interim accounts showed. Net assets had grown to 18.3 billion rupees from 14.4 billion rupees. The group reported […]

Feb 07, 2014 (LBO) – Sri Lanka’s Janashakthi Insurance said it has launched a worldwide travel insurance product which was also available for subscribers of Dialog Telekom. Worldwide travel insurance covering hospitalization of up to 50,000 US dollars and 25,000 for accidental death and disability is also provided for subscribers of Dialog Telekom, for 175 […]

Dec 13, 2013 (LBO) – Fitch Ratings said the outlook for Sri Lanka’s insurance sector was stable despite many insurers making underwriting losses and uncertainty over the effects of regulatory changes.The rating agency said intense price competition in motor has kept the combined ratio’s of many insurers above 100 percent, indicating that before investment income […]

Nov 05, 2013 (LBO) – Profits at Sri Lanka’s HNB Assurance dropped 9 percent to 50.4 amid higher claims, despite seeing strong revenue growth, interim accounts showed. The firm reported earnings of 1.00 rupee per share for the quarter.In the nine months to September the firm reported earnings of 3.10 rupees, on total profits of […]

Oct 28, 2013 (LBO) – Sri Lanka’s Amana Takaful Plc (ATL), an Islamic financier has been rated ‘BBB’ by RAM Ratings Lanka with a stable outlook. “The ratings are supported by ATL’s above-average general insurance underwriting performance, conservative investment policy and above-average capitalisation levels,” RAM said. “On the other hand, the ratings are weighed down […]

Aug 23, 2013 (LBO) – Sri Lanka’s Asian Alliance Insurance has been given a ‘B’ insurer financial strength rating with a stable outlook by Fitch. Fitch also gave in a national insurance financial strength and long term credit rating of ‘BBB+(lka)’ with a stable outlook. Fitch expected operational assistance and synergies with its parent Softlogic […]

July 25, 2013 (LBO) – Allianz Lanka, unit of Germany’s Allianz said it had launched an investment-linked insurance product where “finance savvy” customers can select a plan that fits their risk appetite and protection needs. The consumer insights show us the way to develop products to suit their palate,” Allianz Lanka chief executive Surekha Alles […]

June 20, 2013 (LBO) – Sri Lanka will exempt foreign owned insurers from a compulsory requirement to list on the stock exchange, according to a proposal approved by the cabinet of ministers.Sri Lanka’s insurance law now requires all insurers to list by February 11, 2016 and insurers registered with the Insurance Board of Sri Lanka […]

May 20, 2013 (LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said pre-tax profits rose 5.0 percent to 85 million rupees in the March 2013 quarter from a year earlier and written premium also grew helped by fire business. Its conglomerate solvency ratio had declined to 183 percent from 197 due to […]

May 15, 2013 (LBO) – Sri Lanka’s Ceylinco Insurance, the island’s largest insurer by written premium said net profits rose 55 percent to 326 million rupees in the March 2013 quarter, from a year earlier.The firm reported earnings of 12.37 rupees per share. Group gross written premium rose 10 percent to 6.0 billion rupees in […]

May 14, 2013 (LBO) – Profits at Union Assurance Plc, a unit of Sri Lanka’s John Keells Holdings rose 31 percent to 111.3 million rupees in the March 2013 quarter from a year earlier, helped by investment income and fair value gains. The firm reported earnings of 1.30 rupees per share. The stock closed at […]

Apr 04, 2013 (LBO) – People’s Insurance Limited, a unit of People’s Leasing and Finance, Sri Lanka’s largest non-bank lender said profits rose 226 percent to 235 million rupees, helped by underwriting profits and investment income. “The insurance market has not completely penetrated; therefore we don’t need to eat in to other company’s markets,” he […]