SLIC Life posts robust financial performance with Rs. 30.7 b PBT in 2024

• Records Rs. 26.3 b in GWP with 25% growth 
• Achieves Rs. 5.3 b in New Business, realising record 48% growth 
• Makes exceptional payout of Rs. 13.7 b for Claims and Maturity, averaging Rs. 1.15 b per month

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

Sri Lanka Insurance Corporation Life Ltd., (SLICLL) said yesterday it concluded the year 2024 with outstanding financial performance, achieving a remarkable Profit Before Tax (PBT) of Rs. 30.7 billion. The company recorded a robust Gross Written Premium (GWP) of Rs. 26.3 billion, reflecting an impressive 25% growth. 

As of 31 December 2024, SLICLL marked a historic milestone with a New Business volume of Rs. 5.3 billion, recording a 48% growth, the highest in the company’s

history.

Demonstrating its unwavering commitment to policyholders, SLICLL disbursed Rs. 13.7 billion in maturity settlements and claim payments in 2024. These figures reaffirm the company’s financial strength and dedication to fulfilling its obligations. 

Further cementing its position as a market leader, SLICLL continued to expand its asset base to an impressive Rs. 237 billion and grew its Life Fund to Rs. 213.2 billion. These achievements were realised amidst organisational transformations and challenging economic conditions. Additionally, the company recorded 319 MDRT qualifiers, the highest ever for SLICLL.

Highlighting its prudent investment strategies and unwavering commitment to policyholders, SLICLL declared the largest life Insurance bonus in the industry for 2023, amounting to Rs. 11.2 billion. Over the past two decades, the company has consistently delivered industry-leading bonus payouts, with cumulative declarations exceeding Rs. 104 billion. Continuing this legacy, SLICLL is set to declare its highest-ever bonus for 2024, with official communication to be released in the near future.

Group CEO Chandana L. Aluthgama said: “Our exceptional financial performance is a testament to the dedication and resilience of our team, who has navigated challenges with unwavering commitment. Despite economic fluctuations and internal transformations, our strategic focus has reinforced our market leadership. As we step into the future, we remain committed to innovation, customer trust, and industry leadership.”

Chairman Nusith Kumaratunga said: “SLICLL has proven its strength and stability, delivering sustainable growth while reinforcing its role in the nation’s economic progress. Our vision extends beyond business success – we aim to contribute to national development by strengthening the economy and reducing dependency of the people on State support.”

Beyond financial success, SLICLL continued to earn industry recognition in 2024. The company was named ‘The Most Loved Life Insurance Brand’ by LMD for the seventh consecutive year and was ranked among the ‘Top 100 Most Valuable Brands’ in Sri Lanka by LMD Brand Finance. Additionally, SLICLL secured top honours at the Best Management Practices Company Awards 2024, ranking among the top 10 companies and winning the ‘Insurance – Public Sector Company’ category.

Looking ahead, SLICLL said it remains focused on driving innovation, enhancing customer confidence, and making meaningful contributions to society. With a solid foundation and a clear vision, the company is poised to maintain its legacy of excellence and leadership in the insurance industry.

Committed to international standards and operational excellence, SLICLL maintains ISO 9001:2015, ISO/IEC 27001:2013, and ISO 14064-1:2018 certifications. The company also continues its social impact initiatives, including the free life Insurance cover gifted to parents of newborns on World Children’s Day for the third consecutive year, supported 1,100 families in flood-affected areas, providing emergency assistance to pilgrims travelling to Anuradhapura for Poson Poya, and the awarding of 370 Suba Pathum scholarships to outstanding students in national examinations.