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
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
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
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
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.