Business News Sri Lanka: Sri Lanka Insurance at the recently held Annual General Meeting declared that the company has closed year 2019 in a positive note recording phenomenal growth with exceptional service innovations.
Sri Lanka Insurance recorded stellar performance in 2019 to record 15% growth in profit before taxation reaching a Profit before taxation of Rs. 8.2 billion for the year, a marked improvement on the Rs.7.1 billion in the year 2019.
In the year of 2019 Sri Lanka Insurance reported 12 % growth in life insurance premium increasing to Rs.14.8 billion whilst general insurance premium grew to Rs.18.9billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 6.5 % during the year. General insurance contributed 56% towards the total GWPwhilst Life Insurance contributed 44 %.
In continuing with its tradition of leadership, Sri Lanka insurance in 2019, surpassed its own record to declare a sum of Rs.7.6 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs.50 billion making the SLIC bonus payout unmatchable.
“Sri Lanka Insurance further strengthens its strategy of diversification that is largely attributed as the key catalyst for the Company’s precipitated growth during the year. Whilst the growth in our core business contributed towards greater profitability, we are cognizant of the contribution from SLIC’s diversified portfolio in achieving a consolidated profit that is in fact unprecedented,” noted Jagath Wellawatta, Chairman of SLIC.
“We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans. Sri Lanka Insurance will be shifting paradigms in the insurance industry and we strive to continue providing the best protection for Sri Lankans. ”
“In 2019 we remained as the largest and the strongest insurance provider in Sri Lanka. Our performance during the year has re- affirmed our status as the most robust Insurance company in the industry” noted Chandana L. Aluthgama, Chief Executive Officer of SLIC.
‘Our progressive business approach has enabled us to proactively benefit from the opportunities that arose, and will continue to arise, even though the times are defining. We are confident that going forward, our strategy will continue to accelerate the momentum of growth of SLIC” he further stated.
Established in 1962, Sri Lanka Insurance Corporation is the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.211 billion and a Life fund of Rs. 116 billion, the largest in the local insurance industry.