Category: Insurance

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 […]

Sept 19, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance, which marks 18 years of operations in September, is expecting revenues to grow 15 percent to 8. 0 billion rupees in 2012, managing director Prakash Schaffter said. In the six months to June, gross written premium grew 14 percent to 3. 8 billion rupees. The composite […]

June 22, 2012(LBO) – Sri Lanka’s NDB Bank Plc, has not a made a decision to buyout their partner or exit a joint venture insurance unit with Britain’s Aviva, which reports said is on the block as part of a retreat from Asian markets. NDB Group’s Chief Executive, Russell de Mel said if Aviva’s stake […]

June 14, 2012 (LBO) – Sri Lanka’s Laugfs Holdings, which has interests in cooking gas distribution and retailing has tied up with US based Chartis Insurance, to offer accident and disability cover to customers who patronise their supermarkets, officials said. Chartis, a leading property-casualty and general insurance firm serving more than 70 million clients around […]

June 08, 2012 (LBO) – Sri Lanka’s Janashakthi Insurance Plc, has inked a deal with Commercial Bank of Ceylon to sell insurance products, to its customers. “This strategic tie-up will enable Commercial Bank’s retail and corporate clients access to Janashakthi policies across all Commercial Bank branches,” Janashakthi said in a statement. Commercial Bank has 218 […]

May 24, 2012 (LBO) – British insurer Aviva plc, plans to sell-off its Sri Lankan and South Korean businesses, as part of a broader retreat from sub-scale Asian markets, a report said Thursday, valuing the deal at around 150 million dollars. Aviva, Britain’s second-biggest insurer, announced plans last week to sell underperforming businesses globally, a […]

May 22, 2012 (LBO) – Fitch Ratings has confirmed an ‘AA(lka)’ rating of state-run Sri Lanka Insurance (SLIC), the island’s largest insurer by assets, with a stable outlook, saying capitalization was strong, profits high and solvency ratios have improved. The regulatory solvency ratio for its life business had improved to 11.55 times by end-December 2011 […]

May 17, 2012 (LBO) – Profits at Sri Lanka’s Ceylinco Insurance in the March 2012 quarter fell 23 percent to 220 million rupees, from a year earlier, though premium income rose 13 percent to 5. 5 billion rupees, interim accounts showed. The firm reported earnings of 8.35 rupees for the quarter. The stock traded at […]

Apr 25, 2012 (LBO) – International Finance Corporation (IFC), a World Bank arm that finances private firms said it was developing weather-based agricultural insurance for Sri Lanka with a micro-insurer. IFC said it was helping Sri Lanka’s SANASA Insurance to develop ‘weather index insurance’ to reduce losses to farmers from floods or droughts. “These insurance […]

Apr 24, 2012 (LBO) – Sri Lanka’s EAP Group and Oman-based Risk Management Services LLC is teaming up to form an insurance broking firm amid prospects for strong growth in the island, officials said. “With the war over there is a lot of opportunities for growth,” RMS assistant general manager K Krisha Murthi said. “There […]