Sri Lanka Insurance records Rs. 10.6bn PBT in 2023

Sri Lanka Insurance concludes year 2023 with a profit before tax of Rs. 10.6 billion, reflecting an improvement in combined Gross Written Premium (GWP) of Rs. 44.2 billion, a growth of 7.2 percent. 
As of December 31, 2023, Sri Lanka Insurance Life recorded a premium volume of Rs. 21 billion, while Sri Lanka Insurance General recorded a premium value of Rs. 23.1 billion.
Reaffirming its commitment to customers throughout 2023, Sri Lanka Insurance disbursed Rs. 27.6 billion to policyholders in the form of maturity settlements and combined claim payments in addition to the 10.4 billion bonus declaration.
Furthermore, solidifying its financial position, SLIC has been able to continuously increase its Asset base and Life Fund over the years. 

This year, the company was able to increase its asset base to Rs. 313.3 billion and the Life fund to Rs. 180.8 billion. These achievements have come amidst numerous changes that took place within the organization and during challenging economic and social conditions that prevailed in the country, Sri Lanka Insurance said in a statement. 
Securing its number one position for the 5th consecutive year, at the end of 2023 Sri Lanka Insurance Motor Plus remains the market leader recording a claim payout of 10 billion and a total volume of Rs. 13.5 billion premium value strengthening its market position with a market share of 21 percent. Sri Lanka Insurance Motor Plus achieved a growth of 6 percent, which is over 10 times faster than the industry growth average of 0.5 percent for the motor segment.

Affirming the prudent investment management strategies of the company and further emphasis on SLIC’s commitment towards its policyholders and their well-being, it outshined its own record to declare the largest Life Insurance bonus in the industry amounting to 10.4 billion for the year 2022 for its policyholders.
In the last two decades SLIC has declared the highest Life Insurance bonuses year on year in the industry cumulating to a massive Rs. 92.8 billion making the SLIC bonus declaration unmatchable. 

Commenting on the performance, Sri Lanka Insurance Group Chief Executive Officer Chandana L. Aluthgama noted that despite internal changes and the economic and social impact felt by the company, the strategic focus and steadfast commitment has positioned the position as one of the most profitable entities. 
“The hard work and determination of our people have been instrumental in navigating these challenges, and with a reinforced foundation and a clear vision for the future, we are now prepared to embark on a new journey as Sri Lanka Insurance Life and Sri Lanka Insurance General,” he said.

Sri Lanka Insurance Chairman Ronald C. Perera noted that in the midst of ongoing divestiture talks, it’s vital to emphasise that Sri Lanka Insurance, comprising both Life and General businesses, holds immense value for potential investors. 
“The outstanding performance of both entities positions them as pivotal players in the market, offering significant benefits to interested parties. Acquiring such a robust asset would not only bolster the buyer’s organization but also enhance its portfolio, fostering mutual growth and long-term prosperity,” said Perera.