Category: Insurance

Mar 23, 2011 (LBO) – Sri Lanka’s insurers will need skills and rules to manage foreign exchange risk after the regulators allowed up to 20 percent of their reserves to be invested abroad, a rating agency has said. Meanwhile life premium had risen 16 percent in the first half of 2010. RAM Ratings Lanka said […]

Dec 15, 2010 (LBO) – The claims paying ability of Sri Lanka’s Asian Alliance Insurance, the island’s sixth largest insurer has been upgraded to ‘BBB-‘ from ‘BB+’ following the injection of new capital, RAM Ratings Lanka said. “The corporate exercise has strengthened AAI’s capitalisation and is expected to enhance its financial performance through greater investment […]

Dec 10, 2010 (LBO) – The claims paying ability of Sri Lanka’s Janashakthi Insurance has been upgraded to ‘A-‘ from ‘BBB+’ with a ‘stable’ outlook, on improving expense and claims ratios RAM Rating Lanka said. “Janashakthi’s rating continues to be supported by the Company’s strong competitive position in the general segment and its moderate underwriting […]

Nov 10, 2010 (LBO) – Sri Lanka’s Union Assurance said net profits for the September 2010 quarter fell 4. 0 percent to 39.5 million rupees, while total revenues rose 29 percent to 2. 2 billion rupees. Gross written premium rose 17 percent to 1. 67 billion rupees, reinsurance premiums rose at a slightly faster 19 […]

Nov 08, 2010 (LBO) – Sri Lanka’s state-run National Insurance Trust Fund has been given a ‘claims paying ability’ rating of ‘AAA’ with a ‘stable’ outlook by RAM Ratings on the strength of state ownership and government related business. NITF had an expense ratio of 11.09 percent in 2009 which was the lowest in the […]

Oct 06, 2010 (LBO) – State-run Sri Lanka Insurance Corporation (SLIC), the island’s largest insurer by assets is seeing a steep increase in life and motor insurance premium collection and it is also expanding in to the former war-torn north and east of the island. SLIC has collected 9.5 billion rupees in gross written premium […]

Sept 15, 2010 (LBO) – Amana Takaful, an Islamic insurer in Sri Lanka says the market does not have enough investment vehicles that are compliant with Shariah laws and also local regulations, where it can invest funds. Investment income from bank had fallen to 18.7 million rupees in 2009 from 36.2 million rupees a year […]

Sept 08, 2010 (LBO) – Allianz Lanka, the local unit of Allianz SE, said net profit fell 23 percent to 44.8 million rupees in the July 2010 quarter from a year ago and that it was opening more branches. Its accounts showed net claims rose to 90 million rupees in the period from 56 million […]

Sept 02, 2010 (LBO) – Sri Lanka’s Janashakthi Insurance said net profit in the six months to June 2010 fell 45 percent to 145 million rupees from a year ago mainly because of a flood of claims for damage caused by recent floods. The company has an asset base of over 11 billion rupees with […]

Aug 01, 2010 (LBO) – Sri Lanka’s Chartis Insurance has tied up with an information technology school to cover degree study costs of students who lose support owing to the loss of their parent or guardian, officials said. In the event of accidental death or dismemberment affecting a parent or guardian, the student will receive […]

July 06, 2010 (LBO) – Sri Lanka’s state owned Bank of Ceylon (BOC) and its subsidiary Merchant Bank of Sri Lanka (MBSL) has bought 4.1 percent of Janashakthi Insurance for 225 million rupees. In a privately negotiated off-the-floor deal between BOC and its investment banking unit MBCL, 15 million shares of Janashakthi Insurance changed hands […]

May 20, 2010 (LBO) – Sri Lanka’s Ceylinco group chairman Lalith Kotelawala, who spent months in remand over fraud charges at an unlisted subsidiary that collapsed, is to step down from the board of Ceylinco Insurance, a stock exchange filing said. Kotelawala has informed the board and staff that he “will not be available for […]