Category: Insurance

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 […]

SINGAPORE, September 17, 2008 (AFP) – AIG has deep roots in Asia, and the troubled insurance giant is now trying to reassure millions of policyholders and tens of thousands of employees in the region that it will survive. Speaking before the Fed announced its rescue plan, Tey said a rush to liquidate policies is an […]

Sept 04, 2008 (LBO) – Demographic changes in emerging Asian nations like Sri Lanka and rising prosperity is presenting new growth opportunities for insurers to grow and introduce increasingly sophisticated products, a top regional insurance official said. But India and China are the big growth areas of the region. In the first half of 2008, […]

Aug 25, 2008 (LBO) – Sri Lanka’s Janashakthi Insurance Company recovered to post a profit of 82.2 million rupees for the first half of 2008, from a loss of 0.5 million a year ago, interim results released to the stock exchange showed. Janashakthi Insurance earnings per share increased to 0.37 rupees during the 6-month period […]

Aug 22, 2008 (LBO) – Sri Lanka’s HNB Assurance June quarter net profit slipped three percent from a year ago as claims increased and the life insurance fund expanded, results released to the stock exchange show. HNB Assurance earnings per share increased to 0.28 rupees from 0.29 a year ago while net assets per share […]

Aug 15, 2008 (LBO) – Sri Lanka’s Eagle Insurance group June quarter net profit fell by almost half compared with the same period a year ago, according to interim results released by the firm. Eagle’s second quarter net profit was down 46 percent to 27 million rupees with profits for the first half also down […]

Aug 11, 2008 (LBO) – Sri Lanka’s Union Assurance said its group June quarter net profit rose 63 percent to 49 million rupees from a year ago. Revenue for the quarter rose 21 percent to almost 1.4 billion rupees with income from other investments going up 44 percent to 288 million rupees, according to interim […]

July 31, 2008 (LBO) – The Insurance Board of Sri Lanka has revealed it had warned several insurance firms that violated regulations and also resorted to advertising campaigns that misled the public.The Board said it issued warnings to two insurers, one violating rules on investments in government securities; and the other for having granted loans […]

July 30, 2008 (LBO) – Allianz Lanka, the Sri Lankan unit of Germany’s Allianz SE, said it has got the license to enter the largely untapped life insurance market where it sees much potential. The local subsidiary of Allianz has been increasing customers in both the corporate as well as retail market. The company recently […]

July 09, 2008 (LBO) – Applications for Sri Lanka’s Ceylinco Insurance non-voting share issue have been steadily increasing, according to registrars to the issue, International Consultancy and Corporate Services.They said in a stock exchange filing that they had received 1,623 applications for almost 2.8 million shares amounting to 485.8 million rupees by the close of […]