Sri Lanka Insurance records pre-tax profit of Rs. 10.6 billion for 2023
View(s):Sri Lanka Insurance (SLIC) saw a strong performance in 2023 achieving a pre-tax profit of Rs. 10.6 billion, reflecting a robust improvement in combined Gross Written Premium (GWP) of Rs. 44.2 billion, marking a growth of 7.2 per cent.
As of December 31, 2023,
Sri Lanka Insurance Life recorded a premium volume of Rs. 21 billion, while Sri Lanka Insurance General recorded a premium value of Rs. 23.1 billion, the company said in a media release.
SLIC disbursed Rs. 27.6 billion to policyholders in the form of maturity settlements and combined claim payments in addition to the Rs. 10.4 billion bonus declaration, underscoring the company’s steadfast commitment to honouring its obligations and ensuring the trustworthiness of its investment services.
Furthermore, SLIC has been able to continuously increase its Asset base and Life Fund over the years. This year the company was able to increase its asset base to Rs. 313.3 billion and the Life fund to Rs. 180.8 billion. These achievements came amidst numerous changes that took place within the organisation and during challenging economic and social conditions that prevailed in the country.
Sri Lanka Insurance Motor Plus remains the market leader recording a claim payout of Rs.10 billion and a total volume of Rs. 13.5 billion premium value strengthening its market position with a market share of 21 per cent.
Affirming the prudent investment management strategies of the company and further emphasis on SLIC’s commitment towards its policyholders and their well-being, SLIC outshined its own record to declare the largest Life Insurance bonus in the industry amounting to Rs.10.4 billion for the year 2022 for its policyholders.
Group CEO of Sri Lanka Insurance, Chandana L. Aluthgama, said: “Despite internal changes and the economic and social impact felt by the company, our strategic focus and steadfast commitment have positioned us as one of the most profitable entities yet again. The hard work and determination of our people have been instrumental in navigating these challenges, and with a reinforced foundation and a clear vision for the future, we are now prepared to embark on a new journey as Sri Lanka Insurance Life and Sri Lanka Insurance General.”
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