Category: Insurance
Sri Lanka’s Motor Insurance Changes to Hit Non-Life Sector: Fitch Ratings
A new directive that Sri Lankan non-life insurers remit 100% of motor insurance strike, riot, civil commotion and terrorism (SRCCT) premiums to state-owned National Insurance Trust Fund Board (NITF, BBB(lka)/Stable) should benefit NITF while the underwriting profitability of non-life insurers is likely to worsen, says Fitch Ratings. However, the effect on non-life insurers’ profitability and […]
Janashakthi Group announces transfer of 25% of First Capital Holdings shares to Janashakthi Insurance
Janashakthi Group (JXG), a leading conglomerate in financial services with a presence in the Insurance, Finance, and Investment sectors, announces a strategic move to enhance Group synergies through the transfer of 25% of First Capital Holdings PLC shares to Janashakthi Insurance PLC. This transfer is aimed at fostering a more cohesive and integrated approach across […]
IIRM Lanka Insurance Brokers Pvt Ltd achieves remarkable market share growth locally
IIRM Lanka Insurance Brokers Private Limited proudly announces its outstanding achievement in the Sri Lankan insurance market, securing an impressive market share in both the long-term and general insurance segments. IIRM Lanka Insurance Brokers Private Limited commands a market share of 21.13% in the Long-term Insurance sector and 6.34% in the General Insurance Business, amounting […]
Beyond Protection: How Motor Insurance Boosts Industries and the Economy
Awareness by the Insurance Association of Sri Lanka – IASL Traffic congestion, capacity constraints, and sweltering heat make traveling in public transport a stressful and draining experience in Sri Lanka. Vehicle ownership largely eases these difficulties and brings peace of mind to motorists. However, with the convenience of vehicle ownership comes an added level of […]
” Investment, Liquidity Pressures: Fitch
The Sri Lankan government’s debt restructuring plan is likely to reduce investment and liquidity risks for domestic insurers, Fitch Ratings says. Fitch expects pressure on insurers’ investment and capital profiles to ease as the proposed plan will not have direct impact on the local-currency government debt holdings of insurers, banks and non-banking financial institutions. Nonetheless, […]
Ceylinco Life marks milestone May with assets topping Rs 200bn & equity crossing Rs 50bn
Sri Lanka’s life insurance market leader Ceylinco Life achieved several noteworthy milestones in financial performance in May this year, emphatically demonstrating the Company’s financial strength. Total assets surpassed the Rs 200 billion mark, growing by 17.9 billion or 9.4 per cent in the five months since 31st December 2022 to reach Rs 209.4 billion as […]
Union Assurance records total net revenue growth of 33-pct to Rs.6.95Bn in third quarter of 2022
Union Assurance, Sri Lanka’s trailblazing Life Insurer, achieved impressive financial growth in Q3 2022 despite challenging market conditions. Union Assurance (UA) rallied to become the second largest regular new business premium producer in the third quarter. Among the top 5 players in the industry, UA was one of the only two companies to record positive […]
‘s first Comprehensive Pedal Cycle Insurance Cover
Keeping up with the evolving trends in the external environment, Fairfirst recently introduced “Pedal Cycle Insurance” as another industry-first insurance policy. Passionate about empathy-led innovation that always caters to evolving customer needs, the Company ensures that individuals are offered peace of mind when making sensible changes for the better. Thus, with much consideration given to […]
Losses from SL riots manageable for insurers; gross losses to exceed LKR1bn: Fitch Ratings
Sri Lanka’s state-owned National Insurance Trust Fund Board’s (NITF, A+(lka)/Rating Watch Negative) Strike, Riot, Civil Commotion and Terrorism (SRCCT) fund will bear the brunt of losses stemming from recent riots in the country, with primary insurers experiencing little impact, says Fitch Ratings. We believe gross losses from the riots are likely to exceed LKR1 billion. […]
Fitch Places Seven Sri Lankan Insurers on Rating Watch Negative
Fitch Ratings has placed the National Insurer Financial Strength (IFS) Ratings of seven Sri Lankan insurers on Rating Watch Negative (RWN). The insurers are: -National Insurance Trust Fund Board -HNB Assurance PLC -HNB General Insurance Limited -People’s Insurance PLC -Continental Insurance Lanka Limited -Co-operative Insurance Company Limited -Sanasa General Insurance Company Limited Fitch has also […]
Co-operative Insurance opens Initial Public Offering
Leading Sri Lankan insurer Co-operative Insurance, recently announced the date of their Initial Public Offering (IPO), which is set to take place on the 20th of December, 2021. The IPO will be managed by the Merchant Bank of Sri Lanka. Affirming its financial strength, the company, which secured a strong financial performance for the past […]
LOLC General Insurance Limited IPO oversubscribed on opening day
The Initial Public Offering (IPO) of LOLC General Insurance Limited, through an Offer for Sale of 120,000,000 Ordinary Voting Shares at a price of Rs. 7.90 per Share, which opened yesterday (16th December 2021) was oversubscribed on the initial day itself. The IPO by LOLC General Insurance Limited received applications for over the IPO value […]