2015/16 YEAR REPORT: POSITIVE NET RESULTS REGISTERED!
Insurance Company SC announces positive net results in the closed financial
year, 2015/16. The Company registered Br 60,811,793 profit in the specified
period from its both life and non-life insurance operations, income from
investment and non-investment sources.
The company underwrote a premium
of Br315 Million from general insurance and Br 27 million premium generated
from long-term insurance. Accordingly premium income from general insurance
grew by 6% and life business also registered commendable result.
Much of the modest growth
recorded in non-life business was the result of significant growth registered
in respect of three major classes of businesses, namely, Fire and General
Accident grew by 32%; the combined premiums of what our Company calls as the
"group of small-premiums” classes (Accident & Health/Personal
Accident/Workmen’s Compensation and General Liability) by 27% and motor by 11%.
With a written premium of Br192,
982,826, Motor/Auto insurance continued to account for the largest premium
volume in the Company's total premium portfolio as at 30 June 2016. At nearly
61%, it was even marginally higher than its share in the previous year, which
During the year under report, every class of business it underwrote produced positive or underwriting surplus. On 30 June 2016, the Company had
achieved an Underwriting Surplus of Br70, 832,073.
During the reporting period, the
Company wrote a gross written premium of Br27, 045,735, which grew by about
6.3% as compared to last year.
The company conducts valuation of
premium from life insurance once every two years. Actuarial Valuation
made as at June 30, 2016 shows Br16.844 million surpluses transferred from life