Sri Lanka Insurance posts a record profit of Rs. 11.7 billion before taxation for the year 2021 – Press Releases






Still left – SLIC Chairman – Eng.Vijitha Herath, SLIC Main Govt Officer – Chandana L. Aluthgama
• Secures the title of Most Cherished Brand in the two business enterprise categories Existence & Typical insurance policy by Manufacturer Finance for the 5th consecutive 12 months
• Secures the Most Worthwhile General Insurance policies Brand in the state by Manufacturer Finance for the 5th consecutive year
• Secures the Variety 1 place in the Normal Insurance policy Category on the nation
The countrywide insurance provider Sri Lanka Insurance nonetheless again recorded stellar general performance in the 12 months 2021 to document a profit right before taxation of Rs. 11.7 billion for the yr 2021, with a robust enhancement in merged Gross Composed High quality (GWP) of Rs. 43.2 billion denoting a expansion of 9.7%.
Notwithstanding the stringent financial and social situations that prevailed in the region, Sri Lanka Insurance’s asset base improved to Rs.268 billion and the Existence fund to Rs. 152 billion to uphold the position as the major and strongest insurance provider in the country.
Further more whilst placed on a destructive view as all other local insurers, because of to the recent economic predicament of the state Sri Lanka Insurance policy managed to retain AA (lka) Fitch ranking for lengthy phrase financial balance. SLIC is the only insurance company to be certified with an AA (lka) ranking.
In one more victorious accomplishment, SLIC secured the ‘Most Worthwhile Basic Coverage Brand’ and the ‘Most Loved Coverage Brand’ of the yr for the 5th consecutive calendar year by Brand Finance, reaffirming the insurer’s men and women-centric ways taken more than the previous several years.
In the yr 2021 Sri Lanka Insurance policy claimed a 14.1 % growth in lifetime insurance policies rates rising to Rs. 21.9 billion from 19.3 billion. Sri Lanka insurance plan in 2021 surpassed its individual document to declare a sum of Rs.8.6 billion as a reward to policyholders. The cumulative life insurance reward paid out out through the earlier 15 yrs tops a substantial Rs.73.2 billion generating the SLIC reward payout unmatchable.
Sri Lanka Insurance coverage General, The number 1 Standard Insurance policies company in the state sales opportunities the neighborhood Common Insurance plan current market by reporting a 5.4% premium progress increasing to Rs.21.2 billion.
Sri Lanka Insurance carries on to check out avenues to provide protection to communities, segments and age groups and different affinity teams via merchandise and market place progress initiatives, by realistic and affordable insurance policy methods. The strength of its comprehensive department community of 190 branches and shopper service locations together with 8000 Advisor network serves outside of the mandate of insurance to deliver safety to the individuals of this country.
SLIC has been using the lead and producing regular progress in transforming its operational architecture and front end customer interfaces to make sure increased electronic integration and the Motor assert settlement course of action getting re-engineered to facilitate quickly-monitor and contactless assert settlements to shoppers. SLIC also accelerated the digital technique to systematically automate the systems and procedures with the top goal of migrating to a paperless environment at all concentrations of the enterprise. The “Work Flow Administration System” is transforming all inside manual and paper-dependent operations into electronic-driven systemized functions. Payments procedures are also reworking towards a lot more electronic and paperless methods to greatly enhance effectiveness as effectively as to cut down expense factors.
Commenting on the excellence attained throughout the year SLIC Chairman Eng. Vijitha Herath observed “The past year brought us many troubles as very well as prospects to increase our services even more and fulfil our responsibility and duty to the region as the protector of the nation. As we rejoice the 60 several years of excellence and action into an period of transformation we proceed to uphold the legacy we designed as the dependable insurance company. We keep on to contribute to shaping the financial and social landscape of Sri Lanka and safeguard the persons of this country as the pioneer of the insurance market of Sri Lanka. We reiterate the belief garnered through generations as the most significant and strongest insurance provider and we carry on including worth to all our stakeholders evolving ourselves to conquer increased heights.”
Main Executive Officer of Sri Lanka Insurance Chandana L. Aluthgama famous, “Amidst the hugely competitive industry ailments and dynamic customer patterns we have nevertheless once more demonstrated our resilience and prudent strategic methods to document a phenomenal economic outcome for the year 2021. We were being capable to accelerate our strategic initiatives to increase digital integration and supply fantastic support ranges to our stakeholders. Looking at the long term in advance we are constant in our efforts to maximize interior efficiencies and efficiency enhancements via more curated tactics to be a upcoming-ready insurance provider.


