Sri Lanka Insurance (SLIC) capped off a successful year in 2023, demonstrating resilience and strong financial performance despite facing internal changes and challenging economic conditions. The company achieved a pre-tax profit of Rs. 10.6 billion, reflecting a significant 7.2% growth in Gross Written Premium (GWP) to Rs. 44.2 billion.
SLIC’s commitment to policyholders remained unwavering throughout the year. They disbursed Rs. 27.6 billion in the form of maturity settlements, claim payments, and a record-breaking Rs. 10.4 billion bonus declaration. This commitment is further solidified by their continuously growing Asset Base (Rs. 313.3 billion) and Life Fund (Rs. 180.8 billion).
Market Leadership and Innovation
Sri Lanka Insurance maintained its dominant position in the motor insurance segment. Sri Lanka Insurance Motor Plus retained its market leadership for the fifth consecutive year, boasting a 21% market share and a Rs. 10 billion claim payout. This segment achieved an impressive 6% growth, significantly outpacing the industry average of 0.5%.
Unmatched Life Insurance Bonuses
Continuing their longstanding tradition, SLIC declared the largest Life Insurance bonus in the industry for 2022, totaling Rs. 10.4 billion. This accomplishment adds to their two-decade streak of offering the highest annual bonuses, accumulating a massive Rs. 92.8 billion for policyholders.
Resilience and Looking Forward
Both the Chairman, President Counsel Mr. Ronald C Perera, and the Group CEO, Mr. Chandana L. Aluthgama, expressed their pride in SLIC’s achievements and unwavering commitment to policyholders. They emphasized the company’s strong foundation and clear vision for the future, particularly as Sri Lanka Insurance Life and Sri Lanka Insurance General embark on a new chapter.
Beyond Financials – Awards and Social Impact
SLIC’s success extends beyond financial results. They were recognized for excellence by Brand Finance, receiving awards for “The Most Loved Insurance Brand” for the sixth consecutive year and a place in the top 100 “Most Valuable Brands” in Sri Lanka. Additionally, both the Life and General Insurance arms received top honors in their respective categories.
SLIC is also dedicated to social responsibility. They gifted free life insurance coverage to parents of children born on World Children’s Day and awarded scholarships to top academic performers.
A Legacy of Excellence
As Sri Lanka Insurance embarks on a new chapter, their focus remains on providing innovative solutions, building trust with customers, and giving back to society. With a strong foundation and a clear vision, SLIC is poised to continue its leadership role in the Sri Lankan insurance industry.