AIA Sri Lanka has appointed Mr Tan Hak Leh as the new chairman of the board of directors. He is the regional chief executive of AIA group with responsibility for the business operations in Thailand, Singapore, Brunei, Malaysia, Cambodia, Myanmar, Vietnam and now, Sri Lanka. He brings in strategic experience and knowledge gained over 30 years across extensive disciplines in the insurance industry in Asia, including 11 years with AIA Group. He is a fellow of the Institute of Actuaries (UK).
Reinsurance companies in South and Southeast Asia (S/SEA) posted an improved combined ratio in 2021, although underwriting performance remains pressured with a continued reliance on investments to achieve bottom-line profitability, AM Best notes.
Sri Lanka-based National Insurance Trust Fund Board (NITF) faces heightened near-term downside risks to its credit profile, including elevated investment and liquidity risks, uncertainty around the renewal of reinsurance contracts and a weaker financial performance outlook, says Fitch Ratings.
This year's Asia Trusted Life Agents & Advisers Awards (the Awards) ceremony on 26 July saw 16 winners from seven markets celebrated for their contributions to the life insurance industry. The winners were chosen from 65 finalists shortlisted from 222 nominations from 12 markets. Due to the uncertain nature of the COVID-19 pandemic, the organisers have chosen to hold the awards presentation virtually.
Sri Lanka's life insurance market generated a pre-tax profit of LKR3.09bn ($8.6m) in the quarter, down 23.4%, but the general insurance reported a profit of LKR6.3bn, up 51.6% from the corresponding quarter in 2021.
Allianz Asia Pacific (Allianz) and The Hongkong and Shanghai Banking Corporation (HSBC) yesterday announced a 15-year extension of the bancassurance distribution agreement covering six markets in Asia.
Sri Lanka's state-owned National Insurance Trust Fund Board's Strike, Riot, Civil Commotion and Terrorism (SRCCT) fund will bear the brunt of losses stemming from recent riots in the country, with primary insurers experiencing little impact, says Fitch Ratings.
The insurance industry in Sri Lanka posted an aggregate net profit before tax (PBT) of LKR38.4bn ($502m) for 2021, 4.9% lower than in 2020, data from the Insurance Regulatory Commission (IRC) show.
Fitch Ratings yesterday downgraded the state-owned Sri Lanka Insurance Corporation's (SLIC) Insurer Financial Strength (IFS) Rating to 'CC', from 'CCC+', and has placed the rating on Rating Watch Negative (RWN). SLIC's National IFS Rating of 'AA(lka)' has also been placed on RWN.
Sri Lanka Insurance Corporation (SLIC), the largest state-owned insurer in the country, closed the year 2021 with a total GWP of LKR43bn ($213m) amidst a turbulent time, an increase of 9.7% over 2020.