In terms of section 53 of the RegulatiIn its first year of business, Sanasa General Insurance (SGIC) has made a recording profit of Rs.78 million before tax within six months from 01 July 2020 to 31 December 2019 since its date of segregation.
on of Insurance Industry (Amendment) Act No 3 of 2011, all composite insurance companies were required to segregate their life and general insurance business into two separate legal entities. Accordingly, Sanasa General Insurance Company Limited become a licensed general insurance company from 01 July 2019 and commenced general insurance business from 01 July 2019. Sanasa General Insurance has maintained a strong capital adequacy ratio. As of 31 December 2019, the capital adequacy ratio stood at 208%, well above the required level of 160%, reflecting the company’s focus on strengthening risk and stability. The company recorded a 5% increase of asset growth rate, 6% increase of shareholders’ fund, 13 % increment of investments compared to the asset transferring date. SGIC has reported net asset value per share of Rs. 12.6 at 31 December 2019 compared to Rs. 11.84 reported in 01 July 2019. Sanasa General Insurance was founded according to a concept of Dr. P.A. Kiriwandeniya in 2005 as a joint venture with Sanasa Life Insurance. Based on Sanasa’s general vision, SGIC operates on the principle of reaching customers with efficient trustworthy insurance services. The company has recorded a tremendous success by approaching agricultural and micro insurance sectors untapped by the competitors. The real strength and the secret behind its instant success is the young leadership and dedicated staff. The overall operational process of SGIC has been organised with a 3 year strategic plan to implement fivefold principles aimed at providing the coverage and benefits of insurance to a segment of society which had not been open to the insurance market for a long time.