Sri Lanka Insurance posts Rs.12.47bn PBT for 2022

• Declares highest life insurance bonus of Rs.10.49bn in industry
• Claims highest life insurance fund of Rs.156.7bn
• Records a staggering Rs.1.8bn monthly claim payout
• Motor Plus emerges as market leader once again 

Sri Lanka Insurance Corporation (SLIC) yet again recorded a stellar performance in the year 2022, to record a profit before taxation (PBT) of Rs.12.47 billion for the year 2022, with a combined gross written premium of Rs.41.2 billion.
Despite the adverse economic and social conditions that prevailed in the country in the year 2022, SLIC 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.
Although placed on a negative watch as all other local insurers, due to the current economic situation of the country, SLIC managed to retain A(lka) Fitch rating for insurer financial strength. SLIC is the only insurer to be certified with an A (lka) rating. 
In the year 2022, SLIC 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.
SLIC Motor Plus, the flagship brand, emerged as 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 percent. The category recorded a 9.5 percent growth above the industry growth, which recorded at 7.3 percent. 
“Amidst very challenging market conditions and ever evolving consumer patterns, 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 instil a performance-driven culture, linking rewards accordingly to introduce a variable pay, instead of the traditional year-on-year fix increment,” SLIC CEO Chandana L. Aluthgama stated. 
“During unprecedented challenging times, SLIC has been able record robust performance, retaliating yet again the financial and operational prowess of the company. I thank the board, management and staff of SLIC for their efforts in achieving this remarkable performance,” SLIC Chairman President’s Counsel Ronald C. Perera said.