Sanasa General Insurance concludes first year of operation remarkably
In its first year of business, Sanasa General Insurance (SGIC) has made a recording profit of Rs.78 million before tax, within six months from July 1, 2020 to December 31, 2019, since its date of segregation.
In terms of Section 53 of the Regulation of Insurance Industry (Amendment) Act No 3 of 2011, all composite insurance companies were required to segregate their life and general insurance business into two separate legal entities. Accordingly, Sanasa General Insurance Company Limited become a licensed general insurance company from July 1, 2019 and commenced general insurance business from
July 1, 2019.
SGIC has maintained a strong capital adequacy ratio. As of December 31, 2019, the capital adequacy ratio stood at 208 percent, well above the required level of 160 percent, reflecting the company’s focus on strengthening risk and stability.
The company recorded a 5 percent increase of asset growth rate, 6 percent increase of shareholders’ fund, 13 percent increment of investments, compared to the asset transferring date.
SGIC has reported a net asset value per share of Rs.12.6, at December 31, 2019, compared to Rs.11.84 reported in July 1, 2019.
SGIC was founded according to a concept of Dr. P.A. Kiriwandeniya, way back in 2005, as a joint venture with Sanasa Life Insurance. Based on Sanasa’s general vision, SGIC operates on the principle of reaching customers with efficient trustworthy insurance services.
The company has recorded a tremendous success by approaching agricultural and micro insurance sectors untapped by the competitors. The real strength and the secret behind its instant success is the young leadership and dedicated staff.
The overall operational process of SGIC has been organised with a threeyear strategic plan to implement fivefold principles aimed at providing the coverage and benefits of insurance to a segment in society, which had not been open to the insurance market for so long.