Category: Insurance

May 13, 2009 (LBO) – Janashakthi Insurance said it was confident of getting a ‘sudden and unexpected’ suspension of its licence by the Insurance Board of Sri Lanka (IBSL) revoked soon. Janashakthi Insurance Managing Director Prakash Schaffter said that the public quoted company was totally transparent in its operations and has always fully complied with […]

May 12, 2009 (LBO) – Sri Lanka’s Insurance Board said it has suspended Janashakthi Insurance’s licence for three weeks from Tuesday and prohibited it from issuing new insurance policies. The suspension is in respect of Janashakthi’s Long Term Insurance Business and General Insurance Business, the Insurance Board of Sri Lanka (IBSL) said in a statement. […]

May 12, 2009 (LBO) – Janashakthi Insurance said it had appealed against the suspension of its licence by the Insurance Board of Sri Lanka which was due to non-compliance with the solvency ratio as the regulator had not accepted previously accepted assets.. “The company is in the process of appealing against this sudden and unexpected […]

May 8, 2009 (LBO) – Sri Lanka has not yet discussed power cuts, a senior government minister said as hydro storage at the country’s state run power utility ran towards a critical level which may trigger compulsory load shedding. CEB now has an installed thermal capacity of 1250MW and 1,100MW of hydro capacity. However the […]

ZURICH, May 7, 2009 (AFP) – The world’s biggest reinsurer Swiss Re said Thursday it made a profit of 150 million francs in the first quarter, returning to profitability after posting its biggest annual loss in 2008. “We are pleased to report that Swiss Re was able to return to profit in the first quarter […]

May 05, 2009 (LBO) – Sri Lanka’s John Keells Holdings (JKH) said it had increased its stake in insurer Union Assurance by a further 2.52 percent after an offer to buy out remaining shareholders which ended Monday.JKH deputy chairman Ajit Gunewardena said at the time the move was aimed at consolidating the conglomerate’s position in […]

May 04, 2009 (LBO) – Sri Lanka’s HNB Assurance said March quarter after tax profit rose 12 percent to 15.9 million rupees from a year ago helped by a sharp increase in earnings from investments. Gross written premium rose 12 percent to 457 million rupees, the company said in a stock exchange filing of its […]

Apr 29, 2009 (LBO) – Sri Lanka’s Ceylinco Insurance Company has reported profits of 486.7 million for 2008, down 52.0 percent as the firm cleaned up its balance sheet by writing off more than 300 million rupees injected to related companies. Ceylinco Insurance revenues climbed 21 percent to 20.0 billion rupees and the firm paid […]

May 01, 2009 (LBO) – Sri Lanka’s Union Assurance said group net profit for the March quarter went up 24 percent to 51 million rupees from a year ago. Revenues for the three months ending March 31, 2009 rose 16 percent to 1.5 billion rupees, the company said in a stock exchange filing. Gross written […]

Apr 27, 2009 (LBO) – Sri Lanka’s Asian Alliance Insurance Company said 2008 profits rose 20 percent to 135.4 million rupees due to higher profitability in life insurance business despite the non-life portfolio losing money. Premium income from motor insurance had increased 55 percent, marine insurance 26 percent and miscellaneous insurance 11 percent. However premium […]

April 23, 2009 (LBO) – Sri Lanka’s Amana Takaful Insurance said it made a premium income of over a billion rupees in 2008, helping to reduce losses, and that it expects medical insurance to grow this year.Gross Written Premium grew by 26.56 percent to 1,024 million rupees with life insurance growing by 44 percent to […]

Apr 14, 2009 (LBO) – Sri Lanka’s Eagle Insurance, whose 2008 profits fell 12.0 percent to 463.7 million rupees, says it faces tough competition in motor insurance, higher claims and increasing lapse rates. Eagle Insurance Group’s holdings of government securities have increased by 17.1 percent or 1.65 billion rupees, to 11.6 billion. Interest income from […]