SLIC formalises legal segregation of its Life and General insurance businesses

Sri Lanka Insurance Corporation (SLIC) has officially entered a new chapter with the legal segregation of its Life and General insurance businesses. This monumental decision, in compliance with the regulatory framework set by the Insurance Regulatory Commission of Sri Lanka (IRCSL), took effect from February 1, 2024.

Chandana L. Aluthgama, Group Chief Executive Officer of Sri Lanka Insurance stated, “even though the legal segregation commenced on 1st of February the Life and General business of SLIC has functioned as distinctive entities with its separate profit and loss statements, financial operations, and strategic focuses. Today’s announcement formalises this legal segregation, marking a significant milestone in our pursuit of excellence. It is also imperative to note that financial management of the two businesses has been prudently managed independently, ensuring the security of our funds and investments. This is a testament to our commitment to best practices and sound financial governance.”