SLIC Life reports Rs. 30.7 bn PBT in 2024

• Records Rs. 26.3 bn in GWP with 25% growth
• Records Rs. 5.3 bn in New Business, achieving 48% growth in 2024
• Exceptional payout totalling Rs. 13.7 bn for Claims and Maturity, averaging Rs. 1.15 bn per month

Sri Lanka Insurance Corporation Life Limited (SLICLL) concludes year 2024 with outstanding financial performance, achieving a remarkable profit before taxation of Rs. 30.7 billion. 

The company recorded a robust Gross Written Premium (GWP) of Rs. 26.3 billion, reflecting an impressive 25 percent growth. Remarkably, as of December 31, 2024, Sri Lanka Insurance Life marked a historic milestone with a New Business volume of Rs. 5.3 billion, recording a 48 percent growth, the highest in the company’s history.

Demonstrating its unwavering commitment to policyholders, Sri Lanka Insurance Life disbursed Rs. 13.7 billion in maturity settlements and claim payments in 2024, these figures reaffirm the company’s financial strength and dedication to fulfilling its obligations. Further cementing its position as a market leader, SLICLL continued to expand its asset base to an impressive Rs. 237 billion and grew its Life Fund to Rs. 213.2 billion. These achievements were realised amidst organizational transformations and challenging economic conditions. Additionally, the company recorded 319 MDRT qualifiers, the highest ever for SLIC Life.

Highlighting its prudent investment strategies and unwavering commitment to policyholders, Sri Lanka Insurance Life declared the largest Life Insurance bonus in the industry for 2023, amounting to Rs. 11.2 billion. 

Over the past two decades, the company has consistently delivered industry-leading bonus payouts, with cumulative declarations exceeding Rs. 104 billion. Continuing this legacy, Sri Lanka Insurance Life is set to declare its highest ever bonus for 2024, with official communication to be released in the near future.

Sri Lanka Insurance Group Chief Executive Officer,  Chandana L. Aluthgama stated, “Our exceptional financial performance is a testament to the dedication and resilience of our team, who have navigated challenges with unwavering commitment. Despite economic fluctuations and internal transformations, our strategic focus has reinforced our market leadership. As we step into the future, we remain committed to innovation, customer trust, and industry leadership.”

Sri Lanka Insurance Chairman Nusith Kumaratunga, emphasised, “Sri Lanka Insurance Life has proven its strength and stability, delivering sustainable growth while reinforcing its role in the nation’s economic progress. Our vision extends beyond business success, we aim to contribute to national development by strengthening the economy and reducing dependency of the people on state support.”