Sri Lanka Insurance ups revenue in 2020 by 13.5% to high Rs. 55.2 b

Chairman Jagath Wellawatta

CEO Chandana L. Aluthgama

Amidst a turbulent and challenging year, Sri Lanka Insurance has closed year 2020 on a positive note, recording phenomenal revenue growth with exceptional service innovations.

Sri Lanka Insurance, the premier insurer to the nation, recorded stellar performance in 2020 to record Rs. 55.2 billion revenue for the year, a marked improvement on the Rs.48.6 billion in the year 2019. 

In the year of 2020 Sri Lanka Insurance reported 30 % growth in life insurance premium increasing to Rs. 19.2 billion whilst general insurance reported 7% growth in premium grew to Rs. 20.1 billion. 

The company achieved a combined Gross Written Premium (GWP) growth rate of 17 % during the year. General insurance contributed 51% towards the total GWP whilst Life Insurance contributed 49 %.

In continuing with its tradition of leadership, Sri Lanka insurance in 2020 surpassed its own record to declare a sum of Rs. 8.2 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs. 54 billion making the SLIC bonus payout unmatchable.

“As the national insurer we have witnessed yet another challenging year and the consequences brought out by pandemic outbreak urged us to conduct our business operations in a more empathetic manner. SLIC has always taken the lead to protect the nation and during this difficult time Sri Lanka Insurance launched many initiatives to sustain country’s health defences while ensuring our customers receive uninterrupted insurance service.

“As the pioneering insurance company in Sri Lanka we are in the forefront to inculcate the importance of insurance to the masses as a national responsibility on our shoulders. We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans under the ‘Insurance for All’ concept. Even though the times are defining we will continue protecting our nation turning obstacles into opportunities,” SLIC Chairman Jagath Wellawatta said.

“In year 2020 we have experienced volatility and uncertainty at an unprecedented level. With the pandemic situation, we have not seen the normalcy in our business operations yet we were resilient and have achieved remarkable results for SLIC. The pandemic situation compelled us to broaden our horizons further and we were challenged every day to embrace changes and adapt to those changes at a staggering speed. We have exercised innovative business strategies to cater to dynamic consumer needs and we were able to provide many service enhancements and product innovations delivering exceptional customer experience to our customers,” SLIC Chief Executive Officer Chandana L. Aluthgama said.

SLIC was able to achieve this magnanimous goal due to the commitment of all staff members especially the sales force and the Chairman, Board of Directors and the management has been actively monitoring the performance closely.

Established in 1962, Sri Lanka Insurance Corporation is the largest Government-owned insurance company in Sri Lanka, with a managed asset base of over Rs. 212 billion and a Life fund of Rs. 117 billion, the largest in the local insurance industry. 

Sri Lanka Insurance ranked as the ‘Most Valuable General Insurance Brand’, ‘Most Loved Insurance Brand’ and the third Most Loved Consumer Brand in the country by Brand Finance. The company is on the mission of being a customer focused company which constantly innovates in providing insurance services to customers and is now serves customers through an extensive network of 158 branches.