Sri Lanka Insurance posts record PBT of Rs. 12.47 Bn. for 2022
Sri Lanka Insurance yet again recorded a stellar performance in 2022 to record a profit before taxation of Rs. 12.47 billion for the year 2022, with a combined Gross Written Premium (GWP) of Rs. 41.2 billion.
Sri Lanka Insurance was able to increase the asset base to Rs. 274 billion and the Life fund to Rs. 156.7 billion to uphold the position as the largest and strongest insurer in the country. In the year 2022, Sri Lanka Insurance recorded a Life Insurance premium volume of Rs. 20.9 billion. Surpassing its own record, the company declared a staggering sum of Rs.10.49 billion as Life Insurance bonus to its policyholders. Since 2006 SLIC has triumphed in declaring the highest Life Insurance bonuses year on year in the industry cumulating to a massive Rs.92.8 billion making the SLIC bonus payout unmatchable.
Sri Lanka insurance Motor Plus the flagship brand emerged Market No 1 again enhancing the lead by Rs. 1.9 billion, recording a total volume of Rs. 12.78 billion premium value securing a market share of 19.6%. The category recorded a 9.5% growth above the industry growth which recorded at 7.3%. SLIC also introduced many firsts to the Insurance industry in terms of Insurance solutions.
Understanding the modern consumer SLIC has been taking the lead and making steady progress in transforming its operational architecture and front end customer interfaces to ensure increased digital integration to ensure extreme customer convenience.
SLIC also accelerated the digital strategy to systematically automate the systems and processes with the ultimate aim of migrating to a paperless environment at all levels of the business.
CEO of Sri Lanka Insurance Chandana L. Aluthgama stated, “We have been able to demonstrate our resilience and prudent strategic practices to record a phenomenal financial result for the year 2022. We were able to accelerate our strategic initiatives to enhance digital integration and deliver exceptional service levels to our stakeholders and instill a performance driven culture linking rewards accordingly to introduce a variable pay instead of the traditional year on year fix increment. Looking at the future ahead we are geared now with increased internal efficiencies and productivity improvements to face the fast evolving insurance landscape.”
SLIC Chairman President’s Counsel Ronald C. Perera, commented “During unprecedented challenging times SLIC has been able record robust performance retaliating yet again the financial and operational prowess of the company.”
Sri Lanka Insurance managed to retain A(lka) Fitch rating for insurer financial strength. SLIC is the only insurer to be certified with an A (lka) rating.