SLIC with half-year PBT of Rs. 7.7 bn, among top earning SOEs

Secures the title of Most Loved Brand in both business categories Life & General insurance by Brand Finance for the fifth consecutive year Secures the Most Valuable General Insurance Brand in the country by Brand Finance for the fifth consecutive year Secures the Number 1 position in the General Insurance Category

The national insurer Sri Lanka Insurance Corporation (SLIC) is among the most profitable state entities with a stellar performance in the first half of the year 2022 to record a profit before taxation of Rs. 7.7 billion, with a strong improvement in combined Gross Written Premium (GWP) of Rs. 21 billion denoting a growth of 13.1%, the company said in a news release.

“Notwithstanding the stringent economic and social conditions that prevailed in the country, Sri Lanka Insurance’s asset base increased to Rs.269 billion and the Life fund to Rs. 152.4 billion to uphold the position as the largest and strongest insurer in the country,” it said.

“Further, Sri Lanka Insurance managed to retain AA (lka) Fitch rating for long term financial stability and SLIC is the only insurer to be certified with an AA (lka) rating.”

It also secured the ‘Most Valuable General Insurance Brand’ and the ‘Most Loved Insurance Brand’ of the year for the fifth consecutive year by Brand Finance, reaffirming the insurers people-centric approaches taken over the past years, the release said.

In the first half of the year 2022 SLIC reported a 7.5 % growth in life insurance premiums increasing to Rs. 10.5 billion and in 2022 surpassed its own record to declare a sum of Rs.9.8 billion as a bonus to policyholders for the year 2021. The cumulative life insurance bonus paid out during the past 15 years tops a massive Rs.83 billion making the SLIC bonus payout unmatched by any other insurer.

SLIC is the top General Insurance provider in the country leads the local General Insurance market by reporting a 19.4% premium growth increasing to Rs.10.5 billion, the release noted.

The company said it continues to explore avenues to provide protection to communities, segments and age groups and different affinity groups through product and market development initiatives and through practical and affordable insurance solutions.SLIC has an extensive network of 190 branches and customer service locations together with 8,000-strong Advisor network.

Established in 1962, SLIC celebrates 60 years of excellence as the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.268 billion and a Life fund of Rs. 152 billion, the largest in the local insurance industry.