Sri Lanka Insurance Profits Surge Post-Restructuring in 2024

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By: Staff Writer

July 10, Colombo (LNW): Sri Lanka Insurance Corporation (SLIC) has posted profits in 2024, following the legal segregation of its life and general insurance businesses into separate entities, according to the Insurance Regulatory Commission of Sri Lanka.

Founded in 1962 as the State-owned insurer, Sri Lanka Insurance played a pivotal role in shaping and establishing the insurance industry in the country, paving the way for private sector insurers.

Later it was converted into a private limited liability company before being reinstated as a nationalised entity in 2009

Over the past six decades, it has emerged as the strongest and largest insurer, contributing significantly to the nation’s development by safeguarding lives and assets and creating substantial job opportunities, particularly for the youth

Specifically, Sri Lanka Insurance Corporation Life Limited (SLICLL) reported a profit before tax of Rs. 30.7 billion and a Gross Written Premium of Rs. 26.3 billion, marking a 25 percent growth.

The general insurance arm, Sri Lanka Insurance Corporation General Limited (SLICGL), also showed strong performance, particularly in the motor and non-motor segments, with growth attributed to strategic positioning and performance monitoring.

The segregation was in accordance with the regulatory framework set by the Insurance Regulatory Commission of Sri Lanka (IRCSL) in adherence to the regulations set forth in the Insurance Industry (Amendment) Act, No. 03 of 2011,.

It is expected to enhance operational efficiency and effectiveness in serving customers and it will be focusing on capitalising on emerging opportunities, particularly in medical and non-motor insurance products.

Sri Lanka Insurance Corporation Life Limited (SLICLL) and Sri Lanka Insurance Corporation General Limited (SLICGL) hold an asset base of Rs. 238.6 billion and Rs. 51.13 billion, respectively at the end of 2024, finance ministry report revealed

Further, SLICLL holds the largest life fund of Rs. 216.8 billion in the insurance industry at the end of 2024. SLICLL recorded a revenue of Rs. 49.7 billion in 2024, while SLICGL recorded a revenue of Rs. 20.2 billion in 2024.

The Gross Written Premium (GWP) from the life insurance business was Rs. 24.5 billion in 2024 and SLICGL reported a GWP of Rs. 23.6 billion for non-life insurance in the same year

SLICLL recorded a profitability of Rs. 29 billion while SLICGL recorded a profitability of 3.6 billion. Meanwhile, the declared dividends amounted to Rs. 1.3 billion last year.

Under the State Enterprise Reform Program, the share ownership of Canwill Holdings Private Limited, a subsidiary of SLIC, valued at Rs. 10.5 billion was transferred to the Secretary to the Treasury during the year 2024.

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