Category: Insurance

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 […]

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 […]