SLIC Insurance among the most profitable state entities
View(s):National insurer
Sri Lanka Insurance (SLIC) is among the most profitable state entities with a top performance in the first half of the year 2022 recording a profit before taxation of Rs. 7.7 billion, with a strong improvement in combined Gross Written Premium (GWP) of Rs. 21 billion, showing a growth of 13.1 per cent.
SLIC’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, it said in a media release.
SLIC also secured the ‘Most Valuable General Insurance Brand’ and the ‘Most Loved Insurance Brand’ of the year for the 5th consecutive year by Brand Finance.
In the first half of the year 2022 SLIC reported a 7.5 per cent growth in life insurance premiums increasing to Rs. 10.5 billion. SLIC 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 payout unmatchable.
SLIC Genera has reported a 19.4 per cent premium growth increasing to Rs.10.5 billion.
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 systemized operations. Payments processes are also transforming towards more digital and paperless procedures to enhance efficiency as well as to reduce cost components.
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