Category: Insurance

March 27, 2009 (LBO) – Sri Lanka Insurance Corporation (SLIC), part of the Distilleries group controlled by businessman Harry Jayawardena, has renewed its contract for insurance cover of a government fuel terminal for 120 million rupees.The facility consists of tank farms and pipelines to store and distribute petroleum product.The government said in a statement that […]

March 19, 2009 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, said net profit before tax rose 63 percent to 86 million rupees in 2008 from 53 million rupees in 2007.Allianz Lanka said in a statement its pure Underwriting Profit comprises more than 47 percent of the total profit component. The […]

March 13, 2009 (LBO) – Sri Lanka’s HNB Assurance said after tax profit rose 33 percent to 164.5 million rupees in 2008 from a year ago in what was a difficult period for business, helped by investment income from government bonds.Premium rates continued to fall in General Insurance, eroding margins to an unacceptable level, managing […]

March 4, 2009 (AFP) – Sri Lanka on Wednesday called for bids to insure the national cricket team, a day after a gunmen ambushed their bus in Pakistan, leaving seven players and an assistant coach injured.Sri Lanka Cricket (SLC) said it was looking for an insurance policy to cover group travel, medical and personal accident […]

March 03, 2009 (LBO) – Sri Lanka’s Ceylinco Insurance said it has appointed Rajkumar Renganathan and Ajith Gunawardena, chief executive directors of the company’s Life and General insurance divisions, as joint deputy chairmen of the company with immediate effect. A company statement also said its funds were invested according to regulatory guidelines and that only […]

Feb 10, 2009 (LBO) – Sri Lanka’s Union Assurance said group net profit for the December quarter shot up 33 percent to 232 million rupees from a year ago with the bottom line buoyed by income from investments. Life insurance profits also increased by 28 percent to 185 million in 2008 from 144 million in […]

Jan 06, 2009 (LBO) – Sri Lanka’s Ceylinco Insurance Company said premium income at its life division rose 20.37 percent to 7.4 billion rupees in the 12 months to November, 2008. Benefits paid out to policyholders exceeded two billion rupees in the first 11 months of 2008, while the company’s solvency margin remained at five […]

Dec 15, 2008 (LBO) – RAM Ratings has confirmed the BB+ claims-paying ability rating of Sri Lanka’s Asian Alliance Insurance (AAI) with a stable outlook. To receive instant alerts from LBO on your Dialog mobile type ‘lbo’ and send to 678 RAM Ratings said the rating is premised on the firm’s growing franchise in the […]

Nov 14, 2008 (LBO) – The Sri Lanka unit of Allianz Insurance, a German insurer, is expanding into life after making inroads in the corporate insurance market since it started three years ago, officials said.“We have achieved 257 percent growth in 2007 in general insurance business so now we want enter the life insurance market […]

Nov 04, 2008 (LBO) – Sri Lanka’s HNB Assurance said net profit for the September quarter rose 90 percent to 23.6 million rupees helped by a 9.7 million rupee tax rebate. Revenue growth for the quarter was up 17 percent to 443 million rupees. Profit before taxation for the September quarter was 13.8 million rupees […]

Oct 20, 2008 (LBO) – Sri Lankan actuaries, business professionals who analyse the financial consequences of risk, have banded together to form a professional body called the Actuarial Association of Sri Lanka (AASL). It aims to popularise the profession to meet growing national demand and help with the development of the local financial services sector, […]

Sept 19, 2008 (LBO) – Sri Lanka Insurance Corporation Ltd (SLIC) has been rated ‘AA-‘ by RAM Ratings, with a ‘stable’ outlook, saying the firm is well capitalized, has kept full required reserves but disclosures could improve. “The rating is supported by the company’s strong competitive position and unparalleled capitalisation as well as the size […]