All expenses related to, the acquisition of premium including commission expenses.
An expert concerned with the application of probability and statistical theory to problems of insurance, investment, financial management and demography.
A determination by an actuary at a specific date of the value of a life Insurance Company’s assets and its liabilities. The purpose of a valuation is to ensure that the Company holds adequate assets to fund the Company’s liabilities.
Assets that are included in determining an insurer’s statutory solvency margin, specified under the rules made by the Insurance Board of Sri Lanka under the regulation of the Insurance Industry
Act No.43 of 2000.
A series of regular payments. Annuities include annuities certain, where payments are made at definite times and life annuities where payments depend on the survival of an annuitant. A life Annuity is a contract that provides a regular payment, typically monthly, during the life time of the policyholder or a fixed period if less. If the payment starts at the outset of the contract, it is an immediate annuity. If it starts at some point in the future, it is a deferred annuity.
The person or financial institution (for e.g. a trust fund) named in the policy as the recipient of insurance money in the event of the policyholder’s death.
Bonus is a method of distribution of surplus amongst the participating policyholders of a Life Insurance Company. A bonus is an enhancement to the basic sum assured under a contract and is declared as a percentage of the sum assured.
The amount payable under a contract of insurance arising from the occurrence of an insured event.
The amounts provided to cover the estimated ultimate cost of settling claims arising out of events which have been notified by the Reporting date, being sums due to beneficiaries together with claims handling expenses, less amounts already paid in respect of those claims.
Remuneration to an intermediary for services such as selling and servicing an insurer’s products. This is one component of acquisition expenses.
Profits after tax divided by dividend measures the number of times dividends are covered by distributable profits for the period.
Profit attributable to ordinary shareholders divided by the weighted average number of ordinary shares.
Premium to which the insurer is contractually entitled and receivable in the accounting period.
A leading organisation in the sustainability field. GRI promotes the use of sustainability reporting as a way for organisations to become more sustainable and contribute to sustainable development.
Insurance is a contract whereby one party the insurer, in return for a consideration i.e., the premium, undertakes to pay to the other party – the insured, a sum of money or its equivalent in kind, upon the happening of a specified event that is contrary to the interest of the insured.
The funds or funds to be maintained by an insurer in respect of its Life Insurance business in accordance with the Regulation of the Insurance Industry Act No. 43 of 2000.
Periodic payments to the policyholders on a specific type of policy.
The excess of the assets over the liabilities as determined by the actuary and after the distribution of dividends to policyholders.
A policy terminated at the end of the grace period because of
non-payment of premiums.
Insurance (including reinsurance) business falling within
the classes of insurance specified as Long Term Insurance Business under the Regulation of the Insurance Industry Act
No. 43 of 2000.
Number of shares in issue multiplied by the market value of each share as at the Reporting date.
The time at which payment of the sum insured under a Life Insurance policy falls due at the end of its term.
Gross Written Premium adjusted for the reinsurance incurred.
Net assets attributable to Shareholders’ equity divided by the number of Ordinary shares issued.
Claims incurred less reinsurance recoveries.
The printed document issued to the policyholder by the Company stating the terms of the insurance contract.
Under an insurance policy, the amount that can be borrowed at a specific rate of interest from the issuing Company by the policyholder, who used the value of the policy as collateral for the loan. In the event the policyholder dies with the debt partially or fully unpaid, the insurance company deducts the amount borrowed, plus any accumulated interest, from the amount payable.
The payment, or one of the periodic payments, a policyholder agrees to make for an insurance policy. Depending on the terms of the policy, the premium may be paid in one payment or a series of regular payments.
Commission received or receivable in respect of premium paid or payable to a reinsurer.
The premium payable to the reinsurer.
Profits after tax dividend by the capital employed as at the Reporting date.
Profits after tax divided by total assets attributable to shareholders.
An account which shows a financial summary of the insurance related revenue transactions for the accounting period.
An amount of capital based on an assessment of risks that a company should hold to protect policyholders against adverse developments.
The amounts refundable to Life policyholders when they terminate their insurance contracts after a specific period.