Sri Lanka Insurance stands among most profitable State entities with record Rs. 7.7 b PBT in 1H

Chairman Ronald C. Perera (left) and CEO Chandana L. Aluthgama 

• Secures the No. 1 position in the General Insurance Category
• Wins title of ‘Most Loved Brand’ in both business categories Life and General insurance by Brand Finance for the 5th consecutive year
• Secures ‘Most Valuable General Insurance Brand’ in the country by Brand Finance for the 5th consecutive year

The national insurer Sri Lanka Insurance is among the most profitable State entities with a stellar performance in the first half of the year 2022 to record a profit before taxation of Rs. 7.7 billion, with a strong improvement in combined Gross Written Premium (GWP) of Rs. 21 billion denoting a growth of 13.1%.

Notwithstanding the stringent economic and social conditions that prevailed in the country, Sri Lanka Insurance’s asset base increased to Rs. 269 billion and the Life fund to Rs. 152.4 billion to uphold the position as the largest and strongest insurer in the country.

Further, Sri Lanka Insurance managed to retain AA (lka) Fitch rating for long-term financial stability and SLIC is the only insurer to be certified with an AA (lka) rating.

In another victorious achievement, SLIC secured the ‘Most Valuable General Insurance Brand’ and the ‘Most Loved Insurance Brand’ of the year for the fifth consecutive year by Brand Finance, reaffirming the insurer’s people-centric approaches taken over the past years.

In the first half of the year 2022, Sri Lanka Insurance reported a 7.5% growth in life insurance premiums increasing to Rs. 10.5 billion. Sri Lanka insurance in 2022 surpassed its own record to declare a sum of Rs. 9.8 billion as a bonus to policyholders for the year 2021. The cumulative life insurance bonus paid out during the past 15 years tops a massive Rs. 83 billion making the SLIC bonus pay out unmatchable.

Sri Lanka Insurance General, the No. 1 General Insurance provider in the country, leads the local General Insurance market by reporting a 19.4% premium growth increasing to Rs. 10.5 billion.

Sri Lanka Insurance continues to explore avenues to provide protection to communities, segments and age groups and different affinity groups through product and market development initiatives, through practical and affordable insurance solutions. The strength of its extensive branch network of 190 branches and customer service locations together with 8000 Advisor network serves beyond the mandate of insurance to provide protection to the people of this nation.

SLIC has been taking the lead and making steady progress in transforming its operational architecture and front-end customer interfaces to ensure increased digital integration and the motor claim settlement process being re-engineered to facilitate fast-track and contactless claim settlements to customers. 

SLIC also accelerated the digital strategy to systematically automate the systems and processes with the ultimate aim of migrating to a paperless environment at all levels of the business. The “Work Flow Management System” is transforming all internal manual and paper-based operations into digital-driven systemised operations. Payments processes are also transforming towards more digital and paperless procedures to enhance efficiency as well as to reduce cost components.

Established in 1962, Sri Lanka Insurance Corporation celebrates 60 years of excellence as the largest Government-owned insurance company in Sri Lanka, with a managed asset base of over Rs. 268 billion and a Life fund of Rs. 152 billion, the largest in the local insurance industry. 

The insurer is also the first and only local insurer to secure Fitch Ratings AA (lka) rating for its long-term financial stability and sustainability and also Sri Lanka Insurance ranked as the ‘Most Valuable General Insurance Brand’, ‘Most Loved Insurance Brand’ for the fifth consecutive year in the country by Brand Finance. 

The national insurer is on a mission of being a customer-focused company that constantly innovates in providing insurance services to customers and is now serving customers through an extensive network of over 190 branches and customer service locations.