National Insurance Trust Fund

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Type
State Owned Enterprise
Industry
Insurance

The National Insurance Trust Fund Board is primarily tasked with providing all government servants general insurance schemes. It is broken down into five divisions: the ‘Agrahara’ medical insurance scheme, the Strike, Riot, Civil Commotion and Terrorism Fund, Reinsurance, Motor Insurance, and General (Non Motor) insurance. The Agrahara medical insurance scheme involves hospital charge reimbursements, surgery related reimbursements as well as natural death covers. The Strike, Riot, Civil Commotion and Terrorism Fund was established to provide protection for general insurance policies issued in respect of those subjected to loss or damage to their property, setbacks to individual accidents, and bodily injuries occurring as a result of public strikes, civil commotion and terrorist activities in Sri Lanka. NITF’s Reinsurance segment has its primary objective as being an extension of support to all primary insurance companies operating in Sri Lanka while ultimately retaining foreign currency within the country. The motor division of the National Insurance Trust Fund provides comprehensive and third party insurance covers to government institutions and semi-government institutions at an affordable premium. NITF’s General Insurance (Non- Motor) business is subdivided into Fire, Marine, Medical, and Miscellaneous. NIFT was established by the National Insurance Trust Fund Act, No. 28 of 2006 and is headquartered in Colombo.

ROA
21.1
Governance
37.5
Profits/Losses
LKR 7,526,099

Governance Indicators

A systematic measure of how well this SOE is managed.

2016

Year of the most recent Annual Report available online

1

Have Annual Reports for the last five years been tabled in Parliament?

2

Does the Annual Report include the mandatory provisions set out in the PED guidelines?

1

Is the Audit Clean / Qualified / Disclaimer?

0

Is the information pertaining to the RTI officer available on the website?

0

Does the SOE respond to an RTI within the timeframe specified in the Act?

1

Does the SOE have a website?

1

Does the SOE website contain sufficient organtisational details?

0

Does the SOE website contain tender and procurement details?

Annual Report
Accessibility of Information
Auditing Standards
Rights to Information

Interpratation of the indicators

Good
2
Average
1
Bad
0

Financials

Available Financial data for the last few years.

Year Turnover (LKR) Total Assets Profit/Loss Total Debt Total Liabilities Total Equity Operational Profits ROA
2020
17,475,028
27,358,314
7,526,099 Data Not Avalaible
13,295,770
14,062,544
8,865,926
31.3
2019
16,448,027
15,595,193
3,114,087 Data Not Avalaible
13,515,101
7,191,846
3,008,486
17.2
2018
13,653,431
15,595,193
3,183,239 Data Not Avalaible
8,639,105
6,956,088
3,288,840
18.6
2017
11,613,829
18,552,675
976,233 Data Not Avalaible
11,406,317
7,146,358
1,077,185
5.1
2016
6,813,758
19,515,634
2,839,752 Data Not Avalaible
11,950,775
7,564,858
2,839,752
17.9
2015
7,931,486
12,233,467
4,303,324 Data Not Avalaible
3,578,528
8,654,939
4,390,147
36.7

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