Sri Lanka Insurance posts a record Rs. 43 billion 2021 GWP

Sri Lanka Insurance Corporation (SLIC), the leading player in Sri Lanka’s insurance industry closed 2021 on a high note posting a record GWP of Rs. 43 billion on all classes of business in the teeth of current challenges, a company news release said.

The year saw 14% growth in life insurance premia, up to Rs.21.9 billion, while general insurance reported 5.4% growth in premium value totaling to Rs. 21.2 billion despite stagnant market conditions, the release said.

“The company achieved a combined Gross Written Premium (GWP) growth rate of 9.7% during the year. Life insurance contributed 51% to total GWP and General Insurance 49%.

Marking 60 years of excellence as the insurer of the nation, SLIC recorded many remarkable achievements during year 2021 including (yet again) the highest Life Insurance bonus in the industry of Rs. 8.6 billion, the release said.

The insurer was able to produce 189 MDRT (Million Dollar Round Table) members with five COT (Court of Table) and one TOT (Top of Table) member at the MDRT conference 2021 marking a historic milestone as the highest ever representation from Sri Lanka Insurance.

“In 2021 Sri Lanka Insurance upheld leadership in the country’s general Insurance and motor Insurance sectors while introducing multiple innovative motor insurance products that cater to the unique needs of customer in the motor insurance market,” the release said.

“Further, SLIC was recognized with many awards and accolades in the year. topping many aspects in the Brand Finance report on Sri Lanka’s Most Valuable Brands 2021 edition” including The Most Loved Insurance Brand of the year and the Most Valuable General Insurance Brand of the year, the release said.

These prestigious titles were carried for the fourth consecutive year. Also, SLIC Life recorded the highest brand value growth among the Life Insurance brands in Sri Lanka and was also recognized as a ‘Great Place to Work” in Sri Lanka in 2021, reiterating the company’s commitment towards developing and empowering employee relationships at the workplace, the release said.

It added that it had explored avenues to broaden the protection to communities serving different market segments, age groups and affinity groups through product and market development initiatives.

These included SLIC Speed Investment and SLIC Early cash and SLIC Minimuthu life insurance products that were relaunched understanding and catering to a new generation of SLIC clientele.

“Nagaraja” an exclusive medical insurance cover was also launched as the first product designed in the country to provide protection for Buddhist clergy and their family members and “Motor Plus Commercial” was launched with unique features to complement the needs of commercial vehicle users, it added.

“SLIC has been making steady progress in transforming its operational architecture and front end customer interfaces to ensure digital integration with a Mobile App introducing many enhanced features to constantly evolve with the consumer needs. This proved to be a significant tool during the pandemic period, the release said.

“The motor claim settlement process has undergone a major re-engineering process to facilitate fast-track and contactless claim settlements to customers. SLIC also increased the digital integration with other service providers to expand the number of payment platforms available to customers enhancing the accessibility and switching to contactless mode to ensure health and safety guidelines. The ‘Work Flow Management System’ is transforming all internal manual and paper-based operations to digital-driven systemized operations.”

Commenting on the excellence achieved during the year SLIC Chairman Eng. Vijitha Herath noted “The past year has been a testing time which compelled us to embrace changes and respond to challenges. As a State-owned insurer and the pioneer of the insurance industry, we have been contributing to the country’s development since inception and we have aligned our corporate goals with the country’s development goals. We have pledged to safeguard the nation by delivering exceptional insurance service and today we have become an icon of excellence in the industry exploring avenues to expand protection across every corner of the island.

“We continue to bring a sense of protection to millions of Sri Lankans with our stable financial performance and service enhancement. We reiterate the trust gathered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving ourself to conquer greater heights.”

Chief Executive Officer Chandana L. Aluthgama noted, “Operating in a very competitive landscape we have demonstrated our resilience again with the excellent and sustainable achievements during 2021. We have evolved to be a beacon of light during the turbulent times safeguarding the nation. As we celebrate the 60 years of excellence we are gearing up to keep the positive momentum with our prudent and sustainable strategic initiatives.”

He added they were heading towards an era of transformation and will continue to grow through strategic investments and diversification, internal efficiencies and productivity improvements.

“We were able to raise the bar for the insurance industry with these achievements made possible by the unwavering support and commitment of the management and staff, specially the sales force, guided by the Chairman and the Board of Directors of SLIC.”