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.
The CBIRC has issued a notice covering the hugely popular inclusive health insurance plan known generally as huiminbao ("Benefitting the People" insurance) that supplement the state-run basic medical insurance scheme.
The customer policy restructuring process of financially-stricken state-owned life insurer Asuransi Jiwasraya is approaching its final stage.
It is understood that more than 80% of Jiwasraya s customers have agreed to join the restructuring programme.
Jiwasraya, with the support of the government, seeks to reduce its losses and to maintain policy benefits for 2.5m Jiwasraya customers, reported
Kontan. However, as of the end of 2020, Jiwasraya s equity was negative at IDR38.64tn ($2.7bn), and the solvency ratio stood at -1,000.3%.
The restructuring programme involves the migration of Jiwasraya s policyholders and their policies to IFG Life, which was set up to resolve Jiwasraya s outstanding obligations to customers. IFG Life, established by the Ministry of State Owned Enterprises (BUMN Ministry), received its operating licence in April. The new insurer received an injection of funds from the government of IDR20tn.
The Insurance Commission (IC) has revealed that Sun Life Canada (Philippines) and Prudential Guarantee and Assurance Inc (PGAI) remained the highest-ranked life and non-life insurance company, respectively, in terms of premium income in 2020.
Based on insurance companies’ reports submitted to the IC as of the end of December last year, Sun Life topped life insurance companies with a premium income of PHP39.27bn ($812m) in 2020, while PGAI led the non-life sector with net premiums written (NPW) amounting to PHP4.55bn.
Both Sun Life and PGAI were also ranked number one in their segments in 2019.
PGAI has led non-life insurance companies in NPW for five consecutive years, from 2011 to 2015, then again from 2017 to 2020.