SANASA Life shows strong performance in 2Q of 2021

From left: SANASA Life Insurance CEO/GM Indika Kiriwandeniya, SANASA Life Insurance Chief Business Officer Ivan Nicholas, SANASA Life Insurance Chief Operating Officer/Principal Officer Nuwanpriya Gunawardena 

SANASA Life Insurance (SLICL), one of the most renowned brands in the Micro Insurance Company category in Sri Lanka has showed resilience and agility in adopting to the new normal while managing to post a healthy operational and financial performance, whilst achieving a record 235.1% Year-on-Year (YoY) in Gross Written Premiums (GWP) to reach Rs. 719.9 million in the year 2021. 

The Company Total Asset Portfolio reached 2,673.8 million against the 2,307.3 million reported on the year end 2020. Operation Surplus Transferred to Life Fund at the end of second quarter was 256.6 million. Since the beginning of the pandemic, SLICL launched several initiatives to support its key stakeholders including its vulnerable policyholders who were hit-hard by the impacts of the pandemic by introducing a project to waive off the lapsed premiums of more than 21,000 policyholders.

With these projects, SLICL has won several international awards. Most recently, World Economics Magazine awarded SLICL with ‘Life Insurance COVID-19 Response Initiative Sri Lanka 2021’ and ‘Most Sustainable Micro Insurance Company’ awards. Commenting on the achievements, SANASA Life Insurance CEO Indika Kiriwandeniya stated, “As a company working for the welfare of the rural people, we have worked for the benefit of all our stakeholders, even in the midst of COVID-19 pandemic. We believe that all our accomplishments and achievements are results of what we do to enhance the lives of those people. We will continue to take our business to people with different financial means and I believe in my team for a better future ahead.” 

As per the insurance industry statistics for the second quarter 2021, SLICL has showed a dramatic growth despite the adverse effects of the pandemic. SANASA Life Insurance Chief Business Officer Ivan Nicholas stated, “SLICL has been able to climb up the ladder from 14th place to 11th place in terms of share of Gross Written Premium (GWP). We were able to be established as a growing player in the industry in the past year. My heartfelt thanks go to my Sales and Non-Sales team, and also I would like to express my gratitude to the Chairman and the CEO for their strategic leadership.”

SANASA Life Insurance has been a people’s brand in the field of insurance in Sri Lanka for nearly 30 years. It was established for the purpose of giving relief to the people of rural areas who did not enjoy the benefits of insurance when it really needed on death or disablement. In October, 1991 All Lanka Mutual Assurance Organization (ALMAO) was established and the monthly premium was a small sum of Rs. 5 to Rs. 20 and thereby the foundation for an invaluable insurance company was laid. In 2003, SANASA Life obtained the license to operate as a Life Insurance company. Today, SANASA is one of the leading insurance service providers in Sri Lanka providing thousands of job opportunities to the younger generation.