Sri Lanka Insurance posts a record profit of Rs. 12.47 billion before taxation for 2022

The nation’s insurer, Sri Lanka Insurance yet again recorded a stellar performance in the year 2022 to record a profit before taxation of Rs. 12.47 billion for the year 2022, with a combined Gross Written Premium (GWP) of Rs. 41.2 billion.

Despite the adverse economic and social conditions that prevailed in the country in the year 2022, Sri Lanka Insurance was able to increase the asset base to Rs.274 billion and the Life fund to Rs. 156.7 billion to uphold the position as the largest and strongest insurer in the country.

Further although placed on a negative watch as all other local insurers due to the current economic situation of the country, Sri Lanka Insurance managed to retain A (lka) Fitch rating for insurer financial strength. SLIC is the only insurer to be certified with an A (lka) rating.

In the year 2022, Sri Lanka Insurance recorded a Life Insurance premium volume of Rs. 20.9 billion. Surpassing its own record, the company declared a staggering sum of Rs. 10.49 billion as Life Insurance bonus to its policyholders. Since 2006 SLIC has triumphed in declaring the highest Life Insurance bonuses year on year in the industry cumulating to a massive Rs. 92.8 billion making the SLIC bonus payout unmatchable.

Sri Lanka insurance Motor Plus the flagship brand emerged Market No 1 again enhancing the lead by Rs. 1.9 billion, recording a total volume of Rs. 12.78 billion premium value securing a market share of 19.6%. The category recorded a 9.5% growth above the industry growth which recorded at 7.3%. (SLI)