• An distinctive payout totaling Rs. 27.6 billion for Claims and Maturity, averaging Rs. 2.3 billion per 30 days
• Sri Lanka Insurance coverage Life Restricted and Sri Lanka Insurance coverage Normal Restricted properly poised to embark on a brand new journey
Sri Lanka Insurance coverage concludes the 12 months 2023 with outstanding success, attaining a powerful revenue earlier than taxation of Rs. 10.6 billion, reflecting a strong enchancment in mixed Gross Written Premium (GWP) of Rs. 44.2 billion, marking a progress of seven.2%. As of December 31, 2023, Sri Lanka Insurance coverage Life recorded a premium quantity of Rs. 21 billion, whereas Sri Lanka Insurance coverage Normal recorded a premium worth of Rs. 23.1 billion.
Reaffirming its dedication to clients all through 2023, Sri Lanka Insurance coverage disbursed a powerful Rs. 27.6 billion to policyholders within the type of maturity settlements and mixed declare funds along with the ten.4 billion bonus declaration, underscoring the corporate’s steadfast dedication to honoring its obligations and making certain the trustworthiness of its funding companies.
Moreover, solidifying its robust monetary place, SLIChas been capable of repeatedly improve its Asset base and Life Fund over time. This 12 months the corporate was capable of improve its asset base to huge Rs. 313.3 billion and the Life fund to Rs. 180.8 billion. These achievements got here amidst quite a few adjustments that befell inside the group and through difficult financial and social circumstances that prevailed within the nation.
Securing its primary place for the fifth consecutive 12 months, on the finish of 2023 Sri Lanka Insurance coverage Motor Plus stays the market chief recording a declare payout of 10 billion and a complete quantity of Rs. 13.5 billion premium worth strengthening its market place with a market share of 21%. Sri Lanka Insurance coverage Motor Plus achieved a progress of 6%, which is over 10 occasions quicker than the business progress common of 0.5% for the motor phase.
Affirming the prudent funding administration methods of the corporate and additional emphasis on SLIC’s dedication in direction of its policyholders and their well-being, Sri Lanka Insurance coverage outshined its personal report to declare the most important Life Insurance coverage bonus within the business amounting to 10.4 billion for the 12 months 2022 for its policyholders.
Within the final twenty years SLIC has triumphed in declaring the best Life Insurance coverage bonuses 12 months on 12 months within the business cumulating to an enormous Rs. 92.8 billion making the SLIC bonus declaration unmatchable.
The Group Chief Government Officer of Sri Lanka Insurance coverage, Mr. Chandana L. Aluthgama, proudly affirmed, “Our outstanding monetary and non-financial accomplishments mirror the unwavering dedication and efforts exhibited by our distinctive group at Sri Lanka Insurance coverage, even within the face of quite a few challenges.
Regardless of inner adjustments and the financial and social affect felt by the corporate, our strategic focus and steadfast dedication have positioned us as one of the crucial worthwhile entities but once more.
The exhausting work and willpower of our folks have been instrumental in navigating these challenges, and with a bolstered basis and a transparent imaginative and prescient for the long run, we at the moment are ready to embark on a brand new journey as Sri Lanka Insurance coverage Life and Sri Lanka Insurance coverage Normal.”
Chairman of Sri Lanka Insurance coverage, President Counsel Mr. Ronald C Perera said, “As we mirror on 2023, Sri Lanka Insurance coverage has demonstrated outstanding resilience and power, as a strong and worthwhile enterprise entity within the nation regardless of the numerous challenges over current years.
Within the midst of ongoing divestiture talks, it’s important to stress that Sri Lanka Insurance coverage, comprising each Life and Normal companies, holds immense worth for potential buyers. The excellent efficiency of each entities positions them as pivotal gamers out there, providing important advantages to events.
Buying such a strong asset wouldn’t solely bolster the client’s group but additionally improve its portfolio, fostering mutual progress and long-term prosperity. As we transfer ahead, Sri Lanka Insurance coverage stays steadfast in its dedication to offering stability and power to each Sri Lanka Insurance coverage Life and Sri Lanka Insurance coverage Normal.
Our basis is strong, and our imaginative and prescient for the long run is resolute. With confidence, we anticipate that the enduring power and stability of our firm will function the cornerstone for the continued success of each entities within the years forward.”
Including to the success of the corporate, SLIC had quite a few different achievements in the course of the 12 months. Sri Lanka Insurance coverage was awarded the ‘The Most Beloved Insurance coverage Model’ by Model Finance for the sixth consecutive 12 months.
SLIC was additionally listed within the prime 100 ‘Most Helpful Manufacturers’ in Sri Lanka by Model Finance 2023. The Sri Lanka Insurance coverage Normal model was awarded the ‘Most Helpful Normal Insurance coverage Model 2023’ whereas Sri Lanka Insurance coverage Life model secured 1st Runner-up within the ‘Most Helpful Life Insurance coverage Model 2023’ class.
Among the many many different awards SLIC was acknowledged on the Ladies Pleasant Office awards 2023 below the particular class for ‘Empowering Ladies Entrepreneurs with Life Insurance coverage Companies’. Moreover, the corporate gained the Insurance coverage, Finance and Funding sector award on the ‘Nice HR Quiz’.
SLIC additionally safe the Runner-Up award for Greatest Managed Venture in Banking and Monetary Sector on the Nationwide Venture Administration Awards 2023. The corporate continues with its initiatives to provide again to the society although varied initiatives.
A free Life Insurance coverage cowl was gifted to folks of kids born on World Kids’s Day for the second consecutive 12 months. Moreover, 375 Suba Pathum scholarships had been awarded to prime performers on the Grade 5 scholarship, GCE Bizarre Degree and Superior Degree 2020/2021 examinations.
As SLIC embarks on a brand new chapter, the corporate stays targeted on delivering progressive insurance coverage options, fostering buyer belief, and contributing positively to society. With a strong basis and a transparent imaginative and prescient for the long run, SLIC is poised to proceed its legacy of excellence and management within the insurance coverage business.
