Sate insurance giant Sri Lanka Insurance Corp. (SLIC) posted a provisional Rs. 753 mn profit for 2002, despite rising reinsurance premiums.
Net earnings in 2001 were Rs. 1.16 bn, an unusual year when it booked heavy investment income of Rs. 700 mn. rn
rnThe company earmarked for privatisation next month said its premium income grew by over 20 percent to Rs.7.5 bn.rn
rnSLIC also recognised as income over Rs.500 mn, which had been carried in its balance sheet over the years as a deposit.
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rnUnderwriting income from its Life and General insurance business made a turnaround to Rs. 99.6 mn in profits from a Rs. 1.78 mn loss.rn
rn"There has been growth, even when you exclude extraordinary items," Chairman Crishantha Perera told journalists on Wednesday. rn
rnPerera said SLIC continued its policy of re-insuring high risks with overseas re-insurers. rn
rnldblquote As a result, a large component of our income was give overseas, which resulted in a total outflow of over Rs. 2.0 bn last year compared