Sri Lanka’s insurance industry experienced mixed performance results in the first quarter, achieving a 7.39% year-on-year (YoY) growth in overall Gross Written Premium (GWP), equivalent to Rs. 5.41 billion, according to data from the Insurance Regulatory Commission of Sri Lanka (IRCSL). The combined GWP for Long-Term and General Insurance Businesses rose to Rs. 78.59 billion
Fitch Ratings has affirmed the ‘BBB(lka)’ insurer rating for Sri Lanka’s National Insurance Trust Fund (NITF), maintaining a stable outlook but cautioning about the Fund’s difficulty in securing timely reinsurance cover. NITF’s major revenue source is from riots, civil commotion, and terrorism (SRCCT) premiums, with claims remaining low. Key points from Fitch’s assessment include:
Sri Lanka’s leading private insurance company, Ceylinco Insurance Plc, has undergone a name change to Ceylinco Holdings Plc, according to a recent stock exchange filing. This move reflects the company’s diversified business portfolio, which now encompasses not only insurance but also education, hydropower, healthcare, and financial services. Ceylinco Holdings Plc remains the largest private player
AIA Insurance’s Higher Education Scholarships Programme marked its 29th year of recognizing top performers from each district in the Grade 5 scholarship examination. Since its inception in 1994, the program has been dedicated to supporting Sri Lanka’s brightest students, regardless of their affiliation with AIA. The awards ceremony, graced by distinguished academic Professor Ajith De
Janashakthi Limited (JXG), the parent company of the Janashakthi Group of Companies, has received a notable credit rating upgrade from Lanka Rating Agency (LRA), elevating its status from BB- to BBB-. This upgrade, signaling a transition from moderate risk to investment grade, underscores the Janashakthi Group’s robustness, stability, and sustained growth across its operational sectors.
Sri Lanka Insurance Corporation General Ltd. (SLICGL) recently concluded its highly anticipated General Insurance Summit 2023, centered around the theme ‘Unveiling Excellence – A New Era Unfolds’. The flagship two-day event, held at Jetwing Blue in Negombo from March 22 to 23, served as a platform to honor top-performing sales staff and key employees for
The Insurance Association of Sri Lanka (IASL) has announced the reappointment of its office bearers for the upcoming year 2024/25, highlighting their dedication and expertise in advancing the insurance industry in the country. This reaffirms the commitment of these individuals towards steering the industry forward and addressing emerging challenges effectively. The reappointment ceremony took place
Union Assurance, Sri Lanka’s prominent Life Insurer, has solidified its service offerings by forging a Memorandum of Understanding (MoU) with Singer PLC, one of the nation’s leading retail giants. This strategic partnership is poised to elevate customer convenience through Singer’s extensive network of outlets dotted across the island, facilitating efficient payment collection services. With a
HNB General Insurance has introduced a new dedicated hotline, ‘1303’, aiming to revolutionize customer experience with enhanced convenience and accessibility. This initiative underscores the company’s commitment to delivering exceptional service and care to customers nationwide. By providing instant assistance and personalized support, hotline ‘1303’ promises to streamline processes and eliminate lengthy wait times, offering customers
Janashakthi Group (JXG) has announced the appointment of Minette Perera and Vishnu Balachandran as Independent, Non-Executive Directors to its Board of Directors. Perera brings over 40 years of experience, notably as the former Group Finance Director of the MJF Group, where she oversaw finance functions across a vertically integrated tea operation. She holds board positions