Sri Lanka Insurance embarks on new era: Legal segregation marks historic milestone
Sri Lanka Insurance Corporation Ltd creates history as they segregate their operations to Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.
Sri Lanka Insurance Corporation, a pioneering insurance giant with over 60 years, has entered a new chapter with the legal segregation of its Life and General insurance businesses.
This decision in compliance with the regulatory framework set by the Insurance Regulatory Commission of Sri Lanka (IRCSL), takes effect from February 1.
Founded 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. 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.
An event to mark this occasion was held at the Sri Lanka Insurance head office on February 1, following traditional Sri Lankan customs. At the ceremony, the Sri Lanka Insurance Chairman Ronald C. Perera presented the business registrations to the Group CEO Chandana L. Aluthgama, symbolizing the establishment of two distinct entities: Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited. Sri Lanka Insurance Corporation Life Limited (SLICLL) and Sri Lanka Insurance Corporation General Limited (SLICGL) foresee new opportunities for growth and success. The legal segregation allows for a more focused execution of their respective business strategies, ensuring enhanced efficiency and effectiveness in serving their customers. Both companies remain steadfast in their commitment to superior customer service. The essence of their business drive for 2024, ‘Customer centricity through focused specialization,’ remains unchanged.
Sri Lanka Insurance Group Chief Executive Officer Chandana L. Aluthgama stated; “Even though the legal segregation commenced on February 1, the Life and General business of SLIC has functioned as distinctive entities with its separate profit and loss statements, financial operations and strategic focuses.”
“Today’s announcement formalises this legal segregation, marking a significant milestone in our pursuit of excellence. It is also imperative to note that financial management of the two businesses has been prudently managed independently, ensuring the security of our funds and investments. This is a testament to our commitment to best practices and sound financial governance.”
As Sri Lanka Insurance Corporation embarks on this transformative journey, it carries with it the legacy of over 60 years as a composite insurer, now evolving into two distinct entities, each poised to contribute to the growth and prosperity of Sri Lanka.
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