AIA Sri Lanka first to implement segregation of life and general insurance

Tuesday, 16 December 2014 00:55 - - {{hitsCtrl.values.hits}}

AIA Insurance became the first insurer in Sri Lanka to take the progressive step in responding to the guidelines issued by the Insurance Board of Sri Lanka (IBSL) to separate life insurance and general insurance business operations. The company announced plans to transfer its general insurance business to a newly incorporated wholly owned subsidiary. This would result in AIA Insurance Lanka PLC operating exclusively in life insurance in keeping with the Regulation of Insurance Industry (Amendment) Act No. 03 of 2011.

AIA General Insurance Lanka Limited will commence operations on 1 January 2015 and will operate as a fully owned subsidiary of AIA Insurance Lanka PLC. Tanuj Edward will be the Chief Operating Officer of AIA General and Prasad Dodangoda will be the General Manager Distribution. AIA Insurance Chief Executive Officer Shah Rouf commented, “AIA General is about to embark on a new journey with the dawn of the new year as a dynamic player in the industry with its focus on growth and profitability.” He further added: “The two business operations will have a clear segregated identity and focus on their respective class of business, adding and creating value for all stakeholders. We are confident that the segregation would bring greater flexibility, dynamism and enhanced business opportunities to both life and general entities and is a progressive and much needed move for the insurance industry as a whole.” “Through this segregation, our general insurance customers can look forward to continued efficiency and service excellence that they have got used to enjoying,” said Company Spokesman and Head of Marketing Suren Perera.