In its first year of business, Sanasa General Insurance (SGIC) made a recording profit of Rs.78 million before tax within six months from December 31 2019 to July 1, 2020 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 became a licensed general insurance company from July 1, 2019 and commenced general insurance business from July 1, 2019. Sanasa General Insurance has maintained a strong capital adequacy ratio as of December 31, 2019, the capital adequacy ratio stood at 208%, well above the required level of 160%, reflecting the company’s focus on strengthening risk and stability.
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Chairman, S.M.T.H. Subasinghe
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The company recorded a 5% increase of asset growth rate, 6% increase of shareholders’ fund, 13% increment of investments compared to the asset transferring date.
SGIC has reported net asset value per share of Rs.12.6 as at December 31, 2019 compared to Rs. 11.84 reported in July 1, 2019.
Sanasa General Insurance 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 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 organized with a 3 year strategic plan to implement fivefold principles aimed at providing the coverage and benefits of insurance to a segment of society which had not been open to the insurance market for so long.
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