Category: Insurance

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 […]

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 […]