SLIC General achieves outstanding financial results in FY24

Chairman Nusith Kumaratunga (left) and Group CEO Chandana L. Aluthgama

• Records annual claim payout totalling Rs. 10.5 b
• Records massive Rs. 25 b in GWP, marking impressive 9.45% growth 
• Records outstanding PBT of Rs. 4 b
• Market leader with 19.4% market share, up 9% 
• Sri Lanka Insurance Motor Plus retains no. 1 position in industry

Sri Lanka Insurance Corporation General Ltd., (SLICGL) has announced the achievement of an outstanding performance in 2024, reinforcing its strength and resilience in the industry as the market leader. 

The company posted a remarkable Profit Before Tax (PBT) of Rs. 4 billion and a Profit After Tax (PAT) of Rs. 3.3 billion, demonstrating solid financial stability. As of 31 December 2024, SLICGL recorded a Gross Written Premium (GWP) of Rs. 25 billion, while expanding its asset base to Rs. 51 billion, further cementing its financial position.

In the motor insurance segment, Sri Lanka Motor Plus generated Rs. 14 billion in premium income, securing a 20% market share and maintaining its position as the number one motor insurance provider in the country for the sixth consecutive year. 

The segment recorded a 5.3% growth, reflecting its continued dominance.

Meanwhile, the Non-Motor segment achieved Rs. 11 billion in premium income, registering a 15% growth, which surpassed the industry growth rate in this category. Overall, SLICGL recorded a 9% growth to be the market leader with a 19.4% market share, outperforming the industry average and underscoring its diverse portfolio and customer-centric approach.

Reaffirming its commitment to policyholders, SLICGL disbursed Rs. 10.5 billion in claim payouts in 2024, demonstrating its dedication to honouring obligations and providing reliable protection to customers.

Group CEO Chandana L. Aluthgama said: “SLICGL has once again delivered an exceptional performance in 2024, reinforcing our position as a leader in the insurance industry. Despite an evolving economic landscape, our strategic resilience, operational efficiency, and customer-centric approach have enabled us to achieve sustained growth. This success is a testament to the trust placed in us by our policyholders and the unwavering commitment of our team. As we move forward, we remain dedicated to setting new benchmarks in service excellence, innovation, and financial strength to better serve our customers and stakeholders.” 

Chairman Nusith Kumaratunga said: “The outstanding performance of SLICGL in 2024 underscores our unwavering commitment to stability and long-term value creation. Through prudent risk management, market adaptability, and a steadfast focus on delivering superior insurance solutions, we have navigated industry challenges with confidence. Our ability to maintain profitability while enhancing service excellence speaks volumes about our organisational strength and strategic vision. Looking ahead, we are well-positioned to drive further growth, reinforce stakeholder confidence, and continue shaping the future of the insurance sector in Sri Lanka.”

As SLICGL enters a new year, the company remains steadfast in its commitment to innovation, customer-centric solutions, and sustainable growth. By continuously evolving to meet the changing needs of individuals and businesses, SLICGL is dedicated to delivering cutting-edge insurance products that provide security and peace of mind. Strengthening customer trust remains a top priority, with a focus on service excellence, digital transformation, and enhanced customer engagement. 

Beyond business, SLICGL is deeply committed to making a positive impact on society through responsible corporate citizenship and community-driven initiatives, setting new benchmarks for excellence while driving meaningful progress in Sri Lanka’s economic and social landscape.