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Sri Lanka tag returned 104 results

  • Sri Lanka: Insurance industry posts lower profits in 2021 despite higher GWP

    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.

    Asia | 28 Apr 2022
  • Sri Lanka: Country's economic crisis hits ratings of domestic insurers

    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.

    Asia | 22 Apr 2022
  • Sri Lanka: State-owned insurance giant posts record GWP in 2021

    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.

    Asia | 26 Jan 2022
  • Sri Lankan insurance industry maintains growth trajectory

    The insurance industry in Sri Lanka was able to achieve a growth of 6.19% in terms of overall gross written premium (GWP), during Q3,2021, recording an increase of SLR9.367bn ($46.2m) when compared to the same period last year. The GWP of long-term Insurance business amounted to SLR86.6bn ($427m) [Q3, 2020: SLR72.3bn ($356m)] recording a growth of 19.82%. The GWP of general insurance business amounted to SLR74bn (Q3, 2020: SLR79bn) recording a decline of 6.28%

    AIRPlus | 20 Jan 2022
  • Sri Lanka: 2 insurers to launch IPOs this month

    The Colombo stock exchange is set to add two insurance stocks to its counters soon.

    Asia | 16 Dec 2021
  • Sri Lanka: Budget proposals to impact near-term earnings of insurers

    The Sri Lankan government's proposal to introduce new one-off as well as recurring taxes on companies could constrain the near-term profitability of some insurers in the market.

    AIRPlus | 26 Nov 2021
  • FALIA celebrates 50th anniversary

    The Foundation for the Advancement of Life & Insurance Around the world (FALIA), which conducts training programmes, essay competition, and other activities for the development of the life insurance industry in Asia and other countries, celebrated its 50th anniversary in 2020. Although it was postponed for one year due to the COVID-19 pandemic, to mark the occasion, a ceremony to commemorate the anniversary was held online on 9 November this year.

    AIRPlus | 26 Nov 2021
  • Sri Lanka: Fitch expects NITF's performance to normalise on claims increases as economy opens up

    The financial performance of National Insurance Trust Fund Board's (NITF), measured by the combined ratio, improved to 57% in 2020, from 89% in 2019 (2018: 86%), due to low insurance claims amid COVID-related lockdowns, notes Fitch Ratings.

    Asia | 12 Nov 2021
  • Sri Lanka: Non-life insurers beat life companies in pre-tax profits in 2020

    The Sri Lankan insurance industry chalked up pre-tax profits of LKR41.8bn ($209.9m) for the 2020 financial year, 29.3% higher than the LKR32.3bn posted for 2019, according to the "Statistical Review 2020" released by the Insurance Regulatory Commission of Sri Lanka.

    Asia | 13 Aug 2021
  • Sri Lanka: Insurers seek to defer IFRS 17 implementation

    Sri Lanka's insurance industry players are seeking a postponement on the implementation of the new IFRS standard for insurance contracts-IFRS 17- which is scheduled to come into effect on 1 January 2023.

    Asia | 26 Jul 2021

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