Insurance Industry GWP records 10.31% growth in 2022

The total Gross Written Premium (GWP) of the insurance industry for Long Term and General Insurance Businesses for the period ended December 31, 2022 was Rs. 257,580 million (Q4, 2021: Rs.233,512 million), recording a growth of 10.31%, and a premium increase of Rs. 24,068 million when compared to the same period in the year 2021.

The GWP of Long-Term Insurance Business amounted to Rs. 135,367 million (Q4, 2021: Rs. 124,752 million) recording a growth of 8.51%. The GWP of General Insurance Business amounted to Rs. 122,213 million (Q4,2021: Rs. 108,760 million) recording a growth of 12.37%, according to the Insurance Regulatory Commission of Sri Lanka.

The Profit Before Tax (PBT) of insurance companies for the period ended Q4, 2022 in both Long-Term Insurance Business and General Insurance Business amounted to Rs. 50,336 million (Q4, 2021: Rs. 42,172 million) showing an increase in total profit amount by 19.36%. The PBT of Long-Term Insurance Business amounted to Rs. 23,439 million (Q4, 2021: Rs. 23,130 million) while the PBT of General Insurance Business amounted to Rs. 26,897 million (Q4, 2021: Rs. 19,042 million) showing an increase of 1.34% and 41.25% for Long –Term and General Insurance business respectively.

The value of the total assets of insurance companies increased to Rs. 947,259 million at the end of 4th Quarter 2022, when compared to Rs. 881,844 million recorded at the end of Q4 2021, reflecting a growth of 7.42%.

The assets of the Long-Term Insurance Business amounted to Rs. 668,676 million (Q4, 2021: Rs. 632,627 million) depicting a growth rate of 5.70%, mainly due to an increase in business volume which is represented by investments in government debt securities.

The assets of the General Insurance Business amounted to Rs. 278,583 million (Q4, 2021: Rs. 249,217 million) depicting a growth of 11.78%.