Business
Sri Lanka Insurance posts a record profit of Rs. 12.47 billion before taxation for the year 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%.
SLIC also introduced many firsts to the Insurance industry in terms of Insurance solutions. Motor Plus Pinnacle the premium motor insurance product, Drive 60 a personal accident cover for senior citizens and JanaRakuma a personal accident cover affordable for all. SLIC also introduced Medi 60 the first and only medical cover for the senior citizens of the country and School Fee Protect the only insurance policy that provides protection for your child’s school fees for the entire school period.
Understanding the modern consumer SLIC has been taking the lead and making steady progress in transforming its operational architecture and front end customer interfaces to ensure increased digital integration to ensure extreme customer convenience. Claim settlement process has been re-engineered to facilitate fast-track and contactless claim settlements to customers.
SLIC also accelerated the digital strategy to systematically automate the systems and processes with the ultimate aim of migrating to a paperless environment at all levels of the business. The “Work Flow Management System” is transforming all internal manual and paper-based operations into digital-driven systemized operations. Payments processes are also transforming towards more digital and paperless procedures to enhance efficiency as well as to reduce cost components. SLIC also ushered in a performance driven culture with assigned KPIs at all levels.
Commenting on the achievements CEO of Sri Lanka Insurance Chandana L. Aluthgama stated – Amidst very challenging market conditions and ever evolving consumer patterns we have been able to demonstrate our resilience and prudent strategic practices to record a phenomenal financial result for the year 2022. We were able to accelerate our strategic initiatives to enhance digital integration and deliver exceptional service levels to our stakeholders and instill a performance driven culture linking rewards accordingly to introduce a variable pay instead of the traditional year on year fix increment. Looking at the future ahead we are geared now with increased internal efficiencies and productivity improvements to face the fast evolving insurance landscape. The success is also an embodiment of the commitment and agility of our staff and field force to an ever evolving insurance market.
Commenting on the financial success SLIC Chairman President’s Counsel Mr. Ronald C. Perera, commented “During unprecedented challenging times SLIC has been able record robust performance retaliating yet again the financial & operational prowess of the company, I thank the board, management and staff of SLIC for their efforts in achieving this remarkable performance”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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