Sri Lanka Insurance declares staggering Rs. 11.2 b bonus for Life policyholders

Sri Lanka Insurance Life (SLICLL), has yet again outshines its own record to declare the largest life insurance bonus in the industry, amounting to a staggering Rs. 11.2 billion for the year 2023, to its policyholders. 

Since 2006, the Sri Lanka Insurance Corporation (SLIC) has triumphed in declaring the highest life insurance bonuses year on year in the industry – which is now more than a massive Rs. 104 billion – making the SLIC bonus declaration unmatchable. 

By declaring the highest and largest ever life insurance bonus in the country, SLICLL has upheld the trust placed by policyholders as the strongest insurance provider in Sri Lanka. Despite internal changes and the economic and social impact felt by the company, SLICLL was able to increase its asset base to Rs. 221 billion and the life fund to Rs. 180.8 billion to further strengthen its position as the largest and strongest local insurer.  Furthermore, the monthly average life insurance claim settlement exceeds Rs. 1 billion amounting to around Rs. 12 billion annually, in addition to the annual bonus declaration.



 This affirms the prudent investment management strategies of the company and further emphasises SLIC’s commitment towards its policyholders and their well-being. 

The official bonus declaration event was held at a special event at Nuwara Eliya in the presence of corporate management, regional management, the sales team, and customers on 6 July. The SLIC Group Chief Executive Officer Chandana L. Aluthgama officially announced the bonus value for the year 2023, which was followed by the launch of the communication campaign of the bonus declaration. 

Reflecting on this significant milestone, Aluthgama said: “We are a company with a legacy of 60 years and we have stood by our customers at all times and kept our promise. Despite various challenges, we have remained steadfast in our mission to prioritise the well-being of our customers. The company’s prudent management strategies and positive approach towards the growth of the business has earned us great results for the year 2023. Our commitment towards our policyholders have always been our priority and a Rs. 11.2 billion bonus declaration is a result of this very commitment.”

SLIC Chairman President’s Counsel Ronald C. Perera said: “Our ability to declare an enormous Rs. 11.2 billion bonus for our policyholders underscores SLICLL’s financial strength and resilience as a company.” 

He also emphasised the fact that this is the largest sum of money an individual company has declared as a bonus for its customers in the country and no organisation in the country has been able to achieve such a milestone. 

This achievement sets SLICLL apart in the corporate sector, demonstrating its unwavering commitment to delivering on its promises and standing strong as a leader in the industry.

Customer-centricity is one of the key strategic pillars of SLIC’s business drive and therefore, the organisation is determined to look at identifying new market segments and understanding the needs of its customers to develop affordable and suitable products. ‘Wealth Plus’, a short-term investment plan with long-term protection now enhanced with flexible payment term options, was launched for greater customer convenience. 

In addition to engaging in product and process innovations, the organisation also looks at numerous ways of value addition to its customers. As a result, SLIC has continuously upgraded its Life Loyalty Rewards scheme to provide higher value for its loyal customers throughout the policy term, enabling SLICLL customers to enjoy a range of offers and benefits.

SLICLL remains steadfast in their commitment to superior customer service. The essence of its business drive for 2024, ‘customer-centricity through focused specialisation’, remains unchanged.

SLICLL said it continues to explore avenues to provide protection to communities, segments, age groups, and different affinity groups through product and market development initiatives and through practical and affordable insurance solutions. The strength of its widespread branch network of 190 branches and customer service locations, together with an extensive adviser network, serves beyond the mandate of insurance to provide protection to the people of this nation.