Category: Insurance

Mar 07, 2013 (LBO) – Germany’s DEG, a part of the KfW group that invests in private firms in developing countries and FMO, a Dutch development financier has bought a 38 percent stake in Asian Alliance Insurance in a deal valued at 1.8 billion rupees. The stock was sold in an off-market deal at a […]

Mar 06, 2013 9LBO) – Allianz Lanka, a unit of Germany’s Allianz insurance group said gross written premium in its life business grew 51 percent to 532 million rupees in 2012 and non-life premiums totaled 1,522 million rupees.Its life fund had grown 107 percent and policyholders given a credit (dividend) of 8.5 percent. Allianz said […]

Feb 26, 2013 (LBO) – AIA Insurance said it is making an offer to buy out all minority shareholders of its Sri Lanka unit, ahead of plans to go private and made cash calls to boost capital.AIA said it was the operation model of the group to hold operating units as wholly owned units and […]

Feb 22, 2013 (LBO) – Members of Sri Lanka’s Government Medical Officers’ Association (GMOA) will be able to get motor insurance with professional liability cover, insurer Allianz Lanka said.Under an agreement signed with GMOA, its member will get motor insurance with free flood and natural disaster cover, with professional liability. “We are sure this will […]

Feb 08, 2013 (LBO) – Sri Lanka’s Aviva NDB Insurance, a unit of American International Assurance, said profits rose 7 percent to 514 million rupees helped by strong investment income and better underwriting.The firm reported earnings of 17.13 rupees per share. For the full year to December the insurer reported earnings of 26.01 rupees per […]

Feb 06, 2013 (LBO) – Janashakthi Insurance has launched a pension market with a retirement product, as the island’s population ages rapidly, officials said. The money will be locked in for a minimum of 5 years. “Or you can tailor this policy for a variety of needs other than retirement, such as education needs of […]

Dec 21, 2012 (LBO) – Germany’s DEG, a part of the KfW group that invests in private firms in developing countries and FMO, a Dutch development financier are buying stock in Sri Lanka’s Asian Alliance Insurance in a 1. 8 billion rupee deal. . Sri Lanka’s Softlogic group said in a stock exchange filing that […]

Dec 05, 2012 (LBO) – American International Assurance has completed the take-over of Sri Lanka’s Aviva NDB Insurance by purchasing an investment vehicle that held 87.2 percent of the firm and directly buying up another 5. 0 percent. AIA has paid 109 million US dollars to buy up Aviva NDB Holdings Lanka (Pvt) Ltd, whose […]

Nov 08, 2012 (LBO) – Sri Lankan banks will be asked to pay one percent of their profits to a national insurance fund to help farmers from next year, the island’s president Mahinda Rajapaksa said. Rajapaksa, who is also finance minister, said farmers who get a fertiliser subsidy will also be asked to contribute to […]

Oct 24, 2012 (LBO) – RAM Ratings has confirmed an ‘AAA’ rating for Sri Lanka Insurance Corporation, on its competitive position, state ownership and its systemic importance as the second largest premium collector. RAM Ratings Lanka reaffirms Sri Lanka Insurance Corporation Ltd’s ratings at AAA/P1 RAM Ratings Lanka has reaffirmed Sri Lanka Insurance Corporation Ltd’s […]

Sept 28, 2012 (LBO) – Being well positioned to take advantage of Sri Lanka’s post war growth potential helped drive a 109 million US dollar acquisition of Aviva NDB Insurance (ANI) by American International Assurance group, officials said. “After 30 years of war and this is a new beginning for the country so we are […]

Sept 27, 2012 (LBO) – Control of Sri Lanka’s Aviva NDB Insurance is being bought by AIA Group, for 109 million US dollars, with Aviva and with joint venture partner, Colombo based NDB group, exiting. Aviva said 58.44 percent of Aviva NDB Holdings Lanka (Private) Limited, an unlisted firm will be sold to American International […]