Accordingly, it has reported a Profit before Tax of Rs 109.5 Million and a Profit after Tax of Rs. 85 Million as per the interim financial statement released to the Colombo Stock Exchange last week. This was the first time that the Company submitted its accounts under Sri Lanka Financial Reporting Standards (SLFRS).
One of the key contributory factors to this excellent performance has been the improved underwriting profitability achieved in respect of its General Insurance business. This is reflected by the Company being able to record a combined Ratio of 100% through its unwavering commitment to maintaining professional underwriting standards. This was supplemented by a strong growth in Investment Income largely due to the enhanced fund base resulting from the rights issue carried out last year, higher interest rates and foreign exchange gains. The application of new accounting standards (SLFRS) also had a positive impact on the Company’s performance.
While improving its bottom line, the Company was also able to record a 13 % growth in its turnover as measured by the Gross Written Premium (GWP). Its Life Insurance GWP grew by 20% while the General Insurance GWP grew by 8%.