Category: Insurance

July 31, 2009 (LBO) – Sri Lanka’s Union Assurance said net profit for the June 2009 quarter fell 16 percent to 41 million rupees from a year ago as tax costs and claims rose sharply.The company, in which John Keells Holdings has an 81 percent stake, said in a stock exchange filing that group revenue […]

July 28, 2009 (LBO) – Sri Lanka’s life insurance sector grew 13.9 percent taking in gross written premiums of 23.6 billion rupees in 2008, a year that saw high inflation, a report by the industry regulator, Insurance Board of Sri Lanka (IBSL) said. The life insurance sector grew 21.2 percent in 2007, the annual report […]

June 26, 2009 (LBO) – Sri Lanka’s Supreme Court has approved eight people drawn from the private and public sectors as directors of Sri Lanka Insurance Corporation which it recently ordered returned to state ownership.Lawyers said the eight directors named by court are Pradeepa Kariawasam, Anura Meddegoda, R A Jayatissa, Chithral Amaratunga, Nalaka Godahewa, Ravi […]

LONDON, June 22, 2009 (AFP) – British insurance giant Aviva on Monday said it has agreed to sell its Australian life and pensions business to National Australia Bank (NAB) for 452 million pounds (742 million US dollars, 535 million euros). “The decision to sell … is based on the belief that it would be challenging […]

June 19, 2009 (LBO) – International underwriters in London have lowered the war risk rating for Sri Lanka following the defeat by government forces of Tamil Tigers, paving the way for reducing insurance premiums on sea and air cargo. Sri Lanka is the global war risk list. The underwriters still have not reduced the surcharge […]

June 13, 2009 (LBO) – Newly appointed competent authority to Sri Lanka Insurance Corporation (SLIC), has said that the firm will be managed professionally, setting an example to the private and public sectors, an employee said.Nalaka Godahewa was appointed as competent authority to SLIC after it was returned to government hands on a court order.The […]

June 5, 2009 (LBO) – RAM Ratings Lanka has lifted the outlook on Sri Lanka Insurance Corporation’s (SLIC) ‘AA-‘ claims paying ability to ‘positive’ from ‘stable’, following its return to state hands. “The positive outlook reflects the stronger level of financial flexibility that SLIC is expected to enjoy in the form of Government support,” RAM […]

May 27, 2009 (LBO) – Sri Lanka’s insurance regulator said it had lifted a suspension on the registration of Janashakthi Insurance from today, after the firm showed “sufficient cause”. Janashakthi said it last week it was making fresh proposals to meet the regulator’s concerns. “The Insurance Board of Sri Lanka has accepted the Company’s explanations […]

May 26, 2009 (LBO) – Sri Lanka’s Ceylinco Insurance Company said March 2009 net profit fell 29 percent to 101 million rupees from a year ago as claims went up, despite a sharp increase in investment income. The firm is part of the Ceylinco group which was thrown into a crisis when an unlisted subsidiary, […]

May 16, 2009 (LBO) – Profits of Sri Lanka’s Eagle Insurance, a unit of Aviva, increased 552.2 percent to 98.3 million rupees in the March 2009 quarter on strong investment income growth, accounts released to the stock exchange show. Gross written premium increased 2.0 percent to 1,547 million rupees, re-insurance premiums fell 7.0 percent to […]

May 16, 2009 (LBO) – Sri Lanka’s Janashakthi Insurance said it had made submissions to the regulator to end a three week suspension of its license and the firm would continue to pay claims, while it awaited a response. Janashakthi said the Insurance Board of Sri Lanka (IBSL) had “responded positively” to proposals given by […]

May 14, 2009 (LBO) – The ‘BBB+’ claims-paying-ability rating of Sri Lanka’s Janashakthi Insurance has been put on watch with a negative outlook following the suspension of its license by the regulator, Ram Rating Lanka said. A ‘positive’ outlook indicates that a rating may be raised while a ‘negative’ outlook indicates that a rating may […]