Category: Insurance

Feb 26, 2010 (LBO) – Sri Lanka’s Union Assurance said net profit for the 2009 financial year went up 17 percent to 401 million rupees from a year ago as investment income rose sharply. Total annual revenue rose 19 percent to 6. 68 billion rupees, the company, in which John Keells Holdings has an 81 […]

Feb 19, 2010 (LBO) – Sri Lanka’s HNB Assurance said net profit for the 2009 financial year rose 23 percent to 202 million rupees from a year ago. Earnings per share went up by the same percentage to 5.38 rupees, the bank, a unit of Sri Lanka’s Hatton National Bank, said in a stock exchange […]

Jan 08, 2010 (LBO) – Sri Lanka’s Eagle Insurance, a unit of Aviva, said it plans to change its name to Aviva NDB Insurance to better face anticipated competition from rival global brands in future. The company said in a stock exchange filing its board has sought shareholder approval for the name change to reflect […]

Jan 09, 2010 (LBO) – Sri Lanka’s insurance business is set for growth as the economy recovers from a war but is constrained by a shortage of skilled people and lack of awareness among the public, RAM Ratings Lanka said. The lack of qualified insurance personnel is a constraint on the industry’s growth, the rating […]

Jan 08, 2010 (LBO) – Sri Lanka’s Eagle Insurance Company, a unit of Aviva, said its managing director Deepal Sooriyaarachchi intends to quit in June this year and will be replaced by a nominee from the Aviva Group. William Lisle, chairman of Eagle Insurance, said in a stock exchange filing that Sooriyaarachchi has expressed his […]

Disabled Cover Sri Lanka Islamic insurer offers cover for deaf people Jan 06, 2009 (LBO) – Sri Lanka’a Amana Takaful Insurance, an Islamic insurer, said it has started a cover for deaf people in partnership with a disabled group in the south of the island. Amana Takaful, a 10-year old firm, is in both general […]

Jan 06, 2010 (LBO) – Sri Lankan insurance firms face difficulties in maintaining margins as interest rates fall with most funds in risk-free government securities, RAM Ratings Lanka said. With interest rates falling, however, companies will be challenged to maintain their margins, RAM Ratings said. Although investments are an integral part of insurance companies, investment […]

Dec 24, 2009 (LBO) – Distilleries group said in a stock exchange filing the Insurance Board of Sri Lanka had approved its application to set up an insurance subsidiary called Continental Insurance Lanka.The Insurance Board said in a separate statement it had given registration to Continental Insurance Lanka to do General Insurance Business with effect […]

Dec 10, 2009 (LBO) – Distilleries Company of Sri Lanka said it is seeking regulator clearance to launch an insurance company with a startup capital of 500 million rupees after losing control of a former state-owned insurance company. Distilleries shares opened Thursday trading at 96.00 rupees, after closing the previous day down 75 cents. Distilleries […]

Dec 10, 2009 (LBO) – Sri Lanka’s Distilleries group said it had applied to the regulator for a license to start an insurance company, after it lost the country’s largest insurer by assets on a court reversal of a privatization deal. The group controlled Sri Lanka Insurance Corporation until last year, when Sri Lanka’s Supreme […]

Dec 09, 2009 (LBO) – Sri Lanka’s continued listing for war risk insurance is costly for shipping lines calling at Colombo port, a cruise line official said.Khosa said Louis Cruises is offering cruises starting from an all-inclusive rate of 100 dollars a night per passenger accommodated in a basic cabin, and going up to 250 […]

Dec 05, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC) has declared a three billion rupee interim bonus to life policy holders, with another bonus likely to come before the end of the 2009 financial year, a senior official said. Insurance companies pay bonuses to life insurance policy holders if the life insurance fund makes […]