Hayleys AIG transfers life portfolio to SLI

HAYLEYS AIG announced transfer of its life portfolio to the Sri Lanka Insurance, corporation Limited at an official ceremony held at the Galle Face Hotel on November 11.

Hayleys AIG CEO Mike Blakeway said in a statement their top most priority is to find a suitable custodian taking into consideration the company's long-term commitment to policyholders.

As a result the primary decision to choose Sri Lanka Insurance (SLI) was because of its financial strength and its ability to meet future policyholder obligation in comparison to its competition", he said.

Although Hayleys AIG could have continued to provide high standards of service to its life policyholders with the passage of time, he believes that a large insurer like Sri Lanka Insurance with its wide spread operation will be able to no doubt offer an excellent service to its life policyholders thus catering to their ever changing needs.

"As one of the largest foreign-owned insurers in this country, we have a long-term commitment to Sri Lanka. In fact, we are actively pursuing a strategy of expansion in general insurance and have even increased the capitalisation of our business to fund its growth and ensure the long-term strength of the company."

"The agreement with SLI has been a great source of satisfaction to us. With Sri Lanka Insurance looking after the interests of our life insurance clients, we can be rest assured that we have given them the best possible choice and that they will remain in the best possible hand's said Blakeway.

Damien Fernando, CEO Sri Lanka Insurance said due to SLI's extensive infrastructure and technical knowledge he is confident of exceeding the expectation levels of the new policyholders in terms of product innovation and service.

Currently SLI manages the largest Life Assurance Fund in Sri Lanka and is the only rated Insurer, AA-(Sri), with over 90 branches Islandwide and an extensive agent network.

The Life fund currently valued at approximately Rs. 30 billion allows SLI to offer its existing and new policyholders unparalleled stability, exposure to new and innovative products and a level of service that cannot be afforded by its competitors.

- (AGP)