SLIC to separate life and general insurance businesses
State-owned insurance provider, Sri Lanka Insurance Corporation (SLIC) has been directed to immediately divide its long-term life insurance and general insurance business into two separate companies within the corporation structure.
This directive was issued by the Committee on Public Enterprises (COPE) recently as it has observed that there was a setback in the market share last year although there has been significant growth in the life insurance market as of January this year compared to last year.
COPE pointed out that according to a comparative analysis done by the committee, though the life insurance market in Sri Lanka has grown by 21 per cent in 2021, the life insurance market of the SLIC has grown only by 14 per cent.
It was of the view that all other insurance companies in Sri Lanka operate long-term insurance and general insurance separately.
Pointing out that the total assets of the Sri Lanka Insurance Corporation stood at Rs.184 billion, the COPE has recommended to the CEO of the corporation to submit a report on the future trade promotion strategic plans of the SLIC to the Committee as soon as possible.
COPE also ordered SLIC to explain on the necessity of establishing the ‘Management Service Insurance Company’, which costs Rs. 700 million to pay the salaries of 93 officials in the top management of the company.
COPE recommends to submit all the annual reports of the SLIC which have been delayed so far within a period of one month.
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