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
Sri Lanka Insurance Corporation General Limited (SLICGL) recently hosted an enlightening CAR (Construction All Risks) insurance Awareness Session at Courtyard by Marriott Colombo. The session aimed to educate stakeholders from the construction sector and the Road Development Authority (RDA) on the pivotal role of CAR insurance in mitigating risks inherent in construction projects. Led by
Sanasa General Insurance Company is celebrating a remarkable achievement – a record growth rate of 53% in 2023. This impressive performance places them among the highest growing insurance companies in Sri Lanka. The growth surge extends across various insurance categories. Sanasa General Insurance witnessed a phenomenal 90% growth in fire and engineering insurance, a staggering
The Sri Lankan government’s proposed debt restructuring plan is anticipated to mitigate investment and liquidity risks for domestic insurers, according to analysis by Fitch Ratings. Fitch predicts that pressure on insurers’ investment and capital profiles will diminish as a result of the proposed plan, which is not expected to directly impact the local-currency government debt
IIRM Lanka Insurance Brokers Private Limited proudly announces its remarkable achievement in the Sri Lankan insurance landscape, securing a substantial market share in both the long-term and general insurance sectors. According to the newly released Statistical Review 2022 report by the Insurance Regulatory Commission Sri Lanka, IIRM Lanka Insurance Brokers Private Limited commands an impressive
Janashakthi Group (JXG), a prominent conglomerate in financial services spanning the Insurance, Finance, and Investment sectors, has announced a strategic move to bolster Group synergies through the transfer of 25% of First Capital Holdings PLC shares to Janashakthi Insurance PLC. This transfer is designed to foster a more cohesive and integrated approach across Janashakthi Group’s
Fitch Ratings has indicated that a new directive requiring Sri Lankan non-life insurers to remit 100% of motor insurance strike, riot, civil commotion, and terrorism (SRCCT) premiums to the state-owned National Insurance Trust Fund Board (NITF) is expected to benefit NITF while potentially worsening the underwriting profitability of non-life insurers. Prior to this directive, industry
The Hatton National Bank (HNB) group in Sri Lanka, inclusive of its insurance unit, has reported a 3% rise in profits, reaching 4.43 billion rupees, according to interim accounts. This growth comes as a result of decreased provisions, compensating for a decline in net interest income. In the December quarter, the HNB group achieved earnings