Maldives, which was an agency business, had also received a license from the country's central bank.
Meanwhile claims rose to 517 million rupees from 476 million a year earlier. Re-insurance recoveries also fell to 27 million rupees from 175 million a year earlier.
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In Sri Lanka the insurance industry in general is making underwriting losses and the bottom line is propped by investment income. Industry analysts have warned that lower interest rates will hit the industry and general insurance premium may have rise.
Islamic insurers however lack compliant instruments to investments.
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Out of 813 million rupees of investments 606 million rupees were in government securities. But under Islamic finance principles interest income cannot be recognized.
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The interest income ha