Sri Lanka Insurance awarded Most Valuable General Insurance Brand by Brand Finance 2023

Sri Lanka Insurance was awarded the prestigious Most Valuable General Insurance Brand for the sixth consecutive year by Brand Finance on Sri Lanka’s most valuable and strongest brands 2023. Further, Sri Lanka Insurance Life secured 1^st Runner-up in the Most Valuable Life Insurance Brand by Brand Finance 2023, the company said in a media release.

Brand Finance has valued the Sri Lanka Insurance General Brand at Rs. 3.2 billion with a brand rating of AA+ while Sri Lanka Insurance Life brand has been valued at Rs. 2.7 billion. SLIC Life brand has moved up by two ranks to become the 34^th Most Valued Brand competing with giant retails brands in the country. 

As per the Brand Finance 2023 Annual Report, “The General Insurance industry in Sri Lanka has been significantly affected by various factors including reduced disposable income due to inflationary pressures, rupee depreciation, and tax reforms. Despite the challenging operating environment and the ongoing pandemic, Sri Lanka Insurance maintains its position as the top General Insurance provider with a brand value of Rs. 3.2 billion”.

The statement said Sri Lanka Insurance General, has carefully curated insurance solutions to fit different market segments Ex. Senior Citizens, Female Drivers, Three-wheeler, Lifestyle segments etc. The flagship brand Sri Lanka Insurance Motor Plus dominates the vehicle insurance market by introducing many innovative motor insurance solutions to the aforementioned segments inclusive of Motor Plus Loyalty Rewards which provides value added services.

Sri Lanka Insurance Life has a product portfolio consisting of an array of insurance solutions that cater to different insurance needs of the market and has revamped its core insurance solutions to ensure life insurance is more accessible to the mainstream market.