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DateLine Monday, 21 April 2008

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SL Insurance splits up

Sri Lanka's one of the leading insurance companies, Sri Lanka Insurance is to be separated into two entities, namely, life and general. In view of the changes, two Chief Executive Officers (CEOs) will be designated for both units to manage them more efficiently, its sources said.

Sri Lanka Insurance, current CEO, Dr Nalaka Godahewa is likely to resign by the end of May. Presently, both entities, life and general insurance sectors are managed by one CEO.

"Under my two-year stewardship as the CEO, Sri Lanka Insurance was able to regain the market leadership in several product categories including non- motor general insurance sector" Dr Godahewa said.

Sri Lanka Insurance rated best insurance company in Sri Lanka in 2007 at the "National Business Excellence' award organized by the National Chamber of Commerce, Dr Godahewa told the 'Daily News Business'.

According to Dr Godahewa, he is stepping down from the post due to personal reasons and following his resignation he intends to pursue educational interests.

According to industry speculations, once the company divided into two entities, Suresh Paranawithana is tipped off to be the CEO designated for Life Insurance while Suren Galagoda will be the CEO for General sector.

It is the first and only insurance company in the country to be assigned a prime AA- rating for Insurance Financial Strength from the global rating agency, Fitch Rating London.

However the industry sources are much concerned how the rating is going to be affected with the, splitting of the company into two entities.

According to Sri Insurance sources the main objective of the separation is to focus both sectors to face well and smooth flow with the intense competition in the country.

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