Category: Insurance
Interview : A closer look at Bancassurance with Vindya Cooray
Bancassurance is a relatively novel concept in the financial services industry of Sri Lanka. It enables consumers to fulfill both financial needs and insurance needs under one roof through their preferred banking partner. In an exclusive interview with Lanka Business Online, Vindya Cooray, the Chief Bancassurance Officer of Union Assurance PLC, explained the concept and […]
Co-Operative Insurance announces upcoming IPO to cap off commanding annual performance
Leading Sri Lankan insurer Co-Operative Insurance, recently announced their plans to go for its first Initial Public Offering (IPO) in 2021 following a commanding financial performance for the past year. The IPO will be managed by the Merchant Bank of Sri Lanka. Affirming its financial strength, the company was able to grow by an impressive […]
Rising interest rates; a lifeline for life insurers: First Capital Research
Life Insurers are expected to benefit from rising interest rates due to the higher investment returns as asset allocation in Life Insurance is skewed towards fixed income earning assets, First Capital Research said in a report. According to the Insurance Sector Report 2021, Govt. securities represents the main investment due to the regulatory requirement to […]
Sri Lankan non-life insurers’ capital to normalise after improving on lower claims
The regulatory risk-based capital (RBC) ratios of non-life insurers in Sri Lanka will normalise in the medium term with the resumption of dividend pay-outs to shareholders and a likely moderation in earnings, Fitch Ratings says. RBC ratios of non-life insurers improved considerably in 2020 due to the low motor and medical insurance claims following pandemic-led […]
Sri Lanka Investment Forum 2021 kicks off
Sri Lanka Investment Forum 2021 was inaugurated this morning by His Excellency the President Gotabaya Rajapakse on a virtual platform. Today’s proceedings also featured keynote addresses by Ali Sabry Minister of Justice, Ajith Nivard Cabraal, State Minister for Money and Capital Markets and State Enterprise Reform, Dr. online pharmacy buy diflucan with best prices today […]
”; outlook stable
Fitch Ratings has upgraded the National Insurer Financial Strength (IFS) Ratings of Sri Lanka-based life insurer, HNB Assurance PLC (HNBA), and its fully owned non-life subsidiary, HNB General Insurance Limited (HNBGI), to ‘A+(lka)’, from ‘A(lka)’. The Outlooks are Stable. KEY RATING DRIVERS The upgrade reflects the insurers’ improved capital position, as measured by strong regulatory […]
Interview: Union Assurance will continue to grow through distribution channel expansions
Union Assurance was awarded Life Insurance Company of the Year at Business Leader Awards ceremony held in India recently affirming its leadership in the country’s fast-growing insurance industry. Speaking to Lanka Business Online exclusively regarding the company’s recent win Senath Jayatilake, chief distribution officer says UA’s vision is to transform the life insurance industry in […]
Opinion: Insurance industry looks at Bionic Insuring in a ‘new normal’
By Chilman Jain, Principal, BCG – Prateek Roongta, Managing Director and Partner, BCG – Pranay Mehrotra, Managing Director and Senior Partner, BCG COVID-19 has disrupted most businesses globally and the insurance industry is no exception. Given the restrictions imposed by the pandemic, insurers have been compelled to accelerate their digital journeys and holistically digitize their […]
Transformation of distribution model: How insurance industry needs to prepare for ‘Next Normal’
By Chula Hettiarachchi Across different industries and geographies, COVID-19 has changed the ways people engage with one another. Numerous health regulations—from social distancing to self-quarantine—have been conscientiously imposed by authorities across nations to overcome numerous pandemic-related challenges, even to the extent of shifting a large proportion of physical transactions to digital and remote platforms. This […]
Ceylinco Life records income of Rs 36.98 billion in 2020
Ceylinco Life has achieved consolidated income of Rs 36.98 billion for FY 2020, demonstrating the Company’s ability to grow business volumes and investment returns even in the most challenging conditions. This top line growth of 15.2 per cent was made possible by Gross Written Premium Income of Rs 22.07 billion for the 12 months ending […]
Softlogic Life grew 25-pct in 2020 to Rs.15.6Bn; PAT Rs.1.5Bn
Softlogic Life announced that despite all the difficulties associated with a thoroughly disrupted COVID year 2020, the Company grew revenues to record Gross Written Premium (GWP) of Rs. 15.6 billion, an increase of 25% making it the fastest Company to that mark. The strong growth follows a similar 25% growth that was achieved by the […]
Investment risks rise for Sri Lankan insurers; limited impact on regulatory capital: Fitch
Asset risk at Sri Lankan insurers has increased due to the sovereign’s weaker credit profile and the consequent lowering of national ratings of some state-owned and private-sector institutions, says Fitch Ratings in a report published today. The increased asset risk, however, will not greatly affect the regulatory capital ratios of most Fitch-rated Sri Lankan insurers […]