Sri Lanka Insurance posts pre-tax profit of Rs.6.35 bln
View(s):Sri Lanka Insurance Corporation Limited (SLI) disclosed its financial performance for the year 2013 highlighting that the insurance firm had recorded profits amounting to Rs.6.35 billion before tax, a media release issued by the company stated.
SLI said it recorded a 10 per cent growth in Profit before Taxation reaching a Profit before Taxation of Rs. 6.354 billion for the year, a marked improvement on the Rs.0.491billion in the year 2013.
SLI in 2013 reported a 13.96 per cent growth in life insurance premium increasing to Rs. 8.398 billion, whilst general insurance premium grew to Rs 12.953 billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 5.84 per cent during the year. General Insurance contributed 61 per cent towards the total GWP whilst Life Insurance contributed 39 per cent.
In 2009 SLI declared Rs. 3 billion as bonus to its life policyholders, the company stated. SLI in 2014 superseded its own record to declare a sum of Rs. 4.4 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past nine years tops a massive Rs. 25. 7 billion making the SLIC bonus payout unmatchable.
“In 2013 we remained the largest composite insurance provider in Sri Lanka. Our performance during the year has re-affirmed our status as the most robust Insurance company in the industry,” noted Piyadasa Kudabalage, Managing Director of SLI. “Our progressive business approach has enabled us to proactively benefit from the opportunities that arose, and will continue to arise, in fast growing Sri Lanka. We are confident that going forward, our strategy will continue to accelerate the momentum of growth of SLI”, he further stated.
During the year 2010, SLI further strengthened its strategy of diversification that is largely attributed as the key catalyst for the company’s precipitated growth during the year. “Whilst the growth in our core business contributed towards greater profitability, we are cognizant of the contribution from SLI’s diversified portfolio in achieving a consolidated profit, that is in fact unprecedented”, noted Mr. Kudabalage, Managing Director of SLI. “This is undoubtedly one of the highest profits achieved in the history of SLI and in the Insurance industry.”