Category: Insurance

Feb 26, 2012 (LBO) – Sri Lanka’s listed Ceylinco Insurance said it had earned profits of 929 million rupees in the December 2011 quarter up 27 percent from a year earlier partly helped by other income. The firm reported earnings of 35 rupees for the quarter. In the year to December the group reported earnings […]

Feb 16, 2012 (LBO) – Sri Lanka’s Aviva NDB Insurance said December 2011 quarter net profit fell 21 percent to 482 million rupees from a year ago with sales down 34 percent to 2.9 billion rupees. Gross written premium from life and general businesses fell 26 percent to 2.3 billion rupees in the December 2011 […]

Jan 12, 2011 (LBO) – Sri Lanka’s Arpico Insurance, a start-up insurer, is planning to capitalize on the island’s relatively untapped life sector which is less competitive than general insurance, officials said. Richard Pieris was also planning to expand its financial services sector by moving into leasing and finance, officials said. It was already involved […]

Dec 27, 2011 (LBO) – RAM Ratings Lanka has confirmed Janashakthi Insurance’s long- and short-term claims-paying-ability ratings at A- and P2, with the outlook on the long-term rating remaining stable. “Janashakthi’s ratings are supported by its good competitive position, financial performance in the life segment and capitalisation levels,” a statement said. “On the other hand, […]

Dec 15, 2011 (LBO) – Sri Lanka’s insurers are well capitalized and profitable but investment income is falling and areas such as motor are seeing rising claims amid price competition, Fitch, a rating agency has said. “As such, underwriting profitability remains under pressure with many companies posting combined ratios above 100 percent, and having to […]

Dec 01, 2011 (LBO) – RAM Ratings Lanka has confirmed National Insurance Trust Fund’s (NITF) long- and short- term claims-paying ability ratings at AAA and P1, with the long-term rating having a stable outlook. “NITF’s ratings reflect its status as a statutory body of the government of Sri Lanka and the Fund’s systemic importance as […]

Sept 10, 2011 (LBO) – Sri Lanka’s Amana Takaful, an insurer operating on Shariah islamic finance rules said its unit in the Maldives selling 800,000 shares to raise 16 million rufiyaa in an initial public offer. The offer would open on September 20. The firm would sell the shares at 20 rufiyaa each. Amana Takaful […]

Aug 12, 2011 (LBO) – Sri Lanka’s Softlogic Holdings group today brought a 73.5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, at 120 rupees per share. Softlogic Holdings said in an earlier filing that it wanted buy 53. 16 percent of Asian Alliance held by Asia Capital PLC and […]

Aug 09, 2011 (LBO) – Sri Lanka’s Aviva NDB Insurance earned profits of 34 million rupees in the June 2011 quarter returning from a loss of 46 million rupees a year earlier, with revenues growing from unit linked products, interim accounts show. The profits came despite lower investment income. Gross written premium from life and […]

Aug 09, 2011 (LBO) – Sri Lanka’s HNB Assurance, a unit of listed Hatton National Bank said profits in the June 2011 quarter rose 2 percent to 24.6 million rupees with strong premium growth despite lower investment income. Managing director Manjula de Silva said revenue growth came from a hike in premiums and stronger sales […]

Aug 08, 2011 (LBO) – Sri Lanka Insurance Corporation’s AAA claims paying rating has been confirmed by RAM Ratings with a stable outlook, based on its competitive position, state ownership and capitalization. RAM said SLIC accounted for 22.3 percent of industry premium by December 2010 and 40 percent of assets. It had system importance as […]

Aug 04, 2011 (LBO) – Sri Lanka’s Union Assurance said net profits rose 21 percent to 64. 5 million rupees in the June 2011 quarter with gross written premium rising 27 percent to 1.89 billion rupees. The firm reported 86 cents of earnings per share for the quarter and 1. 64 rupees for the six […]