Category: Insurance

Aug 03, 2011 (LBO) – State-run Sri Lanka Insurance Corporation will split its general and life businesses as required by the sector regulator, before a public listing, chief executive Mohan de Alwis said. The composite firm earned gross written premiums of 15. 2 billion rupees up from 13.54 billion rupees a year earlier. In 2010 […]

July 12, 2011 (LBO) – Sri Lanka’s Softlogic Holdings group is buying a 73. 5 percent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees, the company said in a stock exchange filing. Softlogic Holding group will buy 53. 16 percent of Asian Alliance held by Asia Capital PLC and its subsidiaries […]

June 17, 2011 (LBO) – Two Sri Lankan state-backed insurance schemes for state workers and agriculture have been topped up with taxes extracted from the people, as premium payments were not enough to cover claims, official data showed. ‘Agrahara’ a medical insurance plan for state workers with 650,000 holders had claims of 1,138 million rupees […]

June 06, 2011 (LBO) – Fitch Ratings Lanka has upgraded Sri Lanka Insurance Corporation’s (SLIC) National Long-Term rating and National Insurer Financial Strength (IFS) rating to ‘AA(lka)’ from ‘AA-(lka)’ with stable outlooks. “The ratings reflect SLIC’s improved risk-based capital position over the last two years, benefited by the improved operating and macro-economic environment as well […]

June 02, 2011 (LBO) – Allianz Lanka, the Sri Lankan unit of Allianz SE, has opened a branch in northern Jaffna whose economy is recovering from the effects of the island’s 30-year ethnic war. Allianz in Jaffna provides the people with life and general insurance solutions, a company statement said. Despite not having had a […]

May 06, 2010 (LBO) – Sri Lanka’s Aviva NDB Insurance made a net profit 147.6 million rupees in the March 2011 quarter compared with a loss of 80 million rupees the year before, a stock exchange filing said. Total revenues rose 33 percent to 3.6 billion rupees. Aviva NDB Insurance group’s gross written premium income […]

May 06, 2011 (LBO) – Fitch Ratings Lanka has affirmed HNB Assurance’s (HNBA) National Long-Term rating and its National Insurer Financial Strength (IFS) rating at ‘A(lka)’ with stable outlooks. The ratings reflect HNBA’s adequate risk-based capital position, conservative investment strategy and stable profitability progression, a statement said. The ratings also factor in Fitch’s expectations of […]

May 05, 2011 (LBO) – Amana Takaful, a Sri Lanka based insurer operating on Islamic Shariah principles said it lost less money in 2010 despite higher claims, but was hamstrung by the lack of compliant instruments to generate higher investment income. In 2010 gross written premium was flat at 1.17 billion rupees. The group had […]

May 3, 2011 (LBO) – Sri Lanka’s insurers who have been competing aggressively on price despite making underwriting losses, may be forced to re-think their strategy, if investment income falls amid lower interest rates, an industry official said. Sri Lanka’s general insurance businesses have been making underwriting losses, but bottom lines have been propped up […]

May 02, 2011 (LBO) – Sri Lanka’s HNB Assurance’s profits in the March 2011 quarter rose 23 percent to 24. 7 million rupees from a year earlier and gross written premium rose 27 percent to 684 million rupees interim accounts showed. The firm paid 198 million rupees in net claims and benefits net. The firm […]

Apr 29, 2011 (LBO) – Dubai’s Al-Futtaim group is setting up an insurance company through a subsidiary in Sri Lanka, which is recovering from a war, and is looking to hire staff including a chief executive. Arab Orient Insurance Company, part of the Al-Futtaim group, said it is setting up a company in Sri Lanka […]

Apr 28, 2011 (LBO) – Sri Lankan insurance companies are to launch a campaign to raise public awareness of their products, saying they were not understood properly by people and penetration was far too low. The industry comprises of 18 insurance companies offering either life insurance, non life of general insurance or both classes together […]