Category: Insurance

May 18, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance Company said net profits for the March 2010 quarter were up 9 percent to 110.5 million rupees from a year earlier though gross written premiums were flat at 4.4 billion rupees with lower general business. Basic earnings per share were 4. 19 rupees for the quarter, […]

May 11, 2010 (LBO) – RAM Ratings Lanka has upgraded Sri Lanka Insurance Corporation’s claims-paying ability rating, from AA- to AAA, with the outlook on the long-term rating revised from positive to stable, a statement said. Sri Lanka Insurance Corporation’s (SLIC’s) rating had been placed on a positive outlook in June 2009, after it came […]

May 07, 2010 (LBO) – Sri Lanka’s Aviva NDB Insurance made an 80 million rupee loss in March 2010 quarter from a year ago, as wage and sales costs rose and it faced higher claims, accounts filed at the stock exchange showed. Aviva NDB Insurance made 98.3 million rupee profit during March quarter last year. […]

May 02, 2010 (LBO) – HNB Assurance, a fast growing insurer says volume expansion in Sri Lanka’s north is ‘exceptional’ as the region recovers from a 30-year war and links are restored with the rest of the island. The company now has 540 staff up from 25 in 2001. HNB Assurance says it was able […]

Apr 05, 2010 (LBO) – Sri Lanka’s Lanka ORIX Leasing Co. (LOLC) has set up an insurance subsidiary as it waits for a license to get into the insurance business, a stock exchange filing said. Lanka ORIX Leasing Co. was the island’s pioneer leasing firm and is backed by ORIX Corporation of Japan. The unit, […]

Mar 30, 2010 (LBO) – Allianz Insurance Lanka, whose 2009 net profit rose 64.5 percent from a year ago, said most of its life insurance business was coming from newly established regional branches. “We are pleased to note that Sri Lankans are now demonstrating a much greater awareness of the Allianz identity,” Surekha Alles, chief […]

Mar 18, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance Company is to tie up with insurance companies in Asia and the Middle-East to market a motor policy with immediate claim settlement that took the domestic market by storm, officials said. Gross written premium fell 9.0 percent to 4.60 billion rupees and net premium after paying […]

Mar 10, 2010 (LBO) – Sri Lankan authorities said they had decided to slash the premium on general insurance terrorism cover by 75 percent from April 1, 2010 as there were no terrorist activities in the country. Insurance Board of Sri Lanka chairman, Udaya Sri Kariyawasam, has been quoted as saying the reduced premium on […]

March 09, 2010 (LBO) – Sri Lanka’s Amana Takaful Insurance said its Maldivian subsidiary Amana Takaful (Maldives) has got regulatory approval to do general insurance business in the archipelago. The company said in a stock exchange filing that Amana Takaful (Maldives) is a subsidiary of Amana Global which is a fully owned subsidiary of Amana […]

Mar 03, 2010 (LBO) – Sri Lanka’s Janashakthi Insurance wants to walk-away from unprofitable clients to protect fast-eroding profit margins and reduce underwriting costs, while looking to expand in the former northern war zone, a senior official said. “If you have the right management information system you can pick and chose clients and that is […]

Mar 01, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance said net profits for the December 2009 quarter rose 137 percent to 356 million rupees from a year earlier while full year profits rose 42 percent to 691. 8 million rupees despite weaker premiums. For the full year revenues fell 3.0 percent to 19.50 billion rupees. […]

Mar 01, 2010 (LBO) – Sri Lanka’s Janashakthi Insurance’s net profits rose 46. 3 percent to 657 million rupees in 2009, helped by stronger underwriting results while investment income was flat, the firm’s annual accounts showed. Revenues rose 7.7 percent to 5.98 billion rupees. Gross written premium rose 6.6 percent to 5.70 billion rupees and […]