Sri Lanka Insurance posts record high GWP of Rs.43bn for 2021

Sri Lanka Insurance, the reigning champion of the insurance industry of Sri Lanka, closed the year 2021 with a positive note, recording a staggering combined GWP of Rs.43 billion amidst the turbulent time.

In the year 2021, Sri Lanka Insurance reported a 14 percent growth in life insurance premium increases to Rs.21.9 billion whilst general insurance reported a 5.4 percent growth in premium, for a total value of Rs.21.2 billion amidst the stagnant market conditions. 

The company achieved a combined gross written premium (GWP) growth rate of 9.7 percent during the year. Life insurance contributed 51 percent towards the total GWP whilst general insurance contributed 49 percent.

Marking 60 years of excellence as the protector of the nation, Sri Lanka Insurance recorded many remarkable achievements during the year 2021.
Sri Lanka Insurance yet again declared the highest life insurance bonus in the industry of Rs.8.6 billion. The insurer was able to produce 189 MDRT members, with five COT and one TOT member for the MDRT conference 2021, marking a historic milestone as the highest ever representation from Sri Lanka Insurance. 

Commenting on the excellence achieved during the year, SLIC Chairman Eng. Vijitha Herath noted, “The past year has been a testing time, which compelled us to embrace the changes and respond to challenges. As a state-owned insurer and the pioneer of the insurance industry, we have been contributing to the country’s development since inception and we have aligned our corporate goals with the country’s development goals.

 We have pledged to safeguard the nation by delivering exceptional insurance service and today we have become an icon of excellence in the industry exploring avenues to expand protection across every corner of the island. 
We continue to bring a sense of protection to millions of Sri Lankans with our stable financial performance and service enhancement. We reiterate the trust garnered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving ourselves to conquer greater heights.”

Sri Lanka Insurance Chief Executive Officer Chandana L. Aluthgama noted, “Operating in a very competitive landscape, we have demonstrated our resilience again with the excellent and sustainable achievements during the year 2021. We have evolved to be a beacon of light during the turbulent times, safeguarding the nation. As we celebrate the 60 years of excellence, we are gearing up to keep the positive momentum with our prudent and sustainable strategic initiatives. We are heading towards an era of transformation, where we will continue to grow through strategic investments and diversifications, internal efficiencies and productivity improvements. We were able to raise the bar for the insurance industry with these great achievements made possible by the unwavering support and commitment of the management and staff members, specially the sales force guided by the chairman and board of directors of SLIC.”