{"id":127839,"date":"2014-07-15T12:30:24","date_gmt":"2014-07-15T07:00:24","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=127839"},"modified":"2014-07-24T17:54:51","modified_gmt":"2014-07-24T12:24:51","slug":"recorded-profits-of-rajapaksa-state-owned-insurance-giant-vanished","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/recorded-profits-of-rajapaksa-state-owned-insurance-giant-vanished\/","title":{"rendered":"Recorded Profits Of Rajapaksa-State Owned Insurance Giant Vanished"},"content":{"rendered":"<p>Confirming reports that have been circulating over the depleting finances of Sri Lanka Insurance Corporation, local media has reported the establishment has obtained a bank loan of Rs. 900 million during the first quarter of 2014.<\/p>\n<p><a href=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2012\/02\/cabraal-mahinda_basil-colombo-telegraph.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft  wp-image-4247\" alt=\"Rajapaksa, Cabraal, Basil Rajapaksa speak during the presentation of the Central Bank of Sri Lanka annual report 2010, in Colombo\" src=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2012\/02\/cabraal-mahinda_basil-colombo-telegraph.jpg\" width=\"366\" height=\"250\" srcset=\"https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2012\/02\/cabraal-mahinda_basil-colombo-telegraph.jpg 610w, https:\/\/www.colombotelegraph.com\/wp-content\/uploads\/2012\/02\/cabraal-mahinda_basil-colombo-telegraph-300x205.jpg 300w\" sizes=\"auto, (max-width: 366px) 100vw, 366px\" \/><\/a>It is reported that a loan of this nature has been borrowed by SLIC for the first time in its history \u2013 a reflection of sure signs of financial concerns within the institution.<\/p>\n<p>However, SLIC that disclosed its financial performance of 2013 recently, boasted their stellar performance \u2013 a whopping 10% growth in profit before taxation of Rs. 6.354 billion. Reports that have quoted sources in the SLIC state that the need for the establishment to obtain a bank loan despite such a significant growth is of grave concern as only a meager amount off the recorded profit had been spent on SLIC expenses including compensation and payment of benefits.<\/p>\n<p>The SLIC presently dominates the insurance market in Sri Lanka and the question remains of what became of the profits recorded in 2013 of this Rajapaksa-state managed insurance giant.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":5568,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,1,6969,2375],"tags":[],"class_list":["post-127839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-colombotelegraph","category-news","category-popular-stories","category-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - 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