Sri Lanka Insurance posts record pre-tax profit of Rs.11.7bn for FY21

Sri Lanka Insurance yet again recorded stellar performance in the year 2021 to record a profit before taxation of Rs.11.7 billion for the year 2021, with a strong improvement in combined Gross Written Premium (GWP) of Rs. 43.2 billion denoting 9.7 percent growth.

Notwithstanding the stringent economic and social conditions that prevailed in the country, Sri Lanka Insurance’s asset base increased to Rs.268 billion and the Life fund to Rs. 152 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 Sri Lanka Insurance managed to retain AA (lka) Fitch rating for long term financial stability. SLIC is the only insurer to be certified with an AA (lka) rating.  In another achievement, SLIC secured the ‘Most Valuable General Insurance Brand’ and the ‘Most Loved Insurance Brand’ of the year for the 5th consecutive year by Brand Finance, reaffirming the insurer’s people-centric approaches taken over the past years.

In the year 2021, Sri Lanka Insurance reported 14.1 percent growth in life insurance premiums increasing to Rs. 21.9 billion from 19.3 billion. Sri Lanka insurance in 2021 surpassed its own record to declare a sum of Rs.8.6 billion as a bonus to policyholders. The cumulative life insurance bonus paid out during the past 15 years tops a massive Rs.73.2 billion making the SLIC bonus payout unmatchable. 

Sri Lanka Insurance General, The number 1 General Insurance provider in the country leads the local General Insurance market by reporting 5.4 percent premium growth increasing to Rs.21.2 billion.

Commenting on the excellence achieved during the year SLIC Chairman Eng. Vijitha Herath said, “The past year brought us countless challenges as well as opportunities to extend our service further and fulfil our duty and responsibility to the country as the protector of the nation. 

As we celebrate the 60 years of excellence and step into an era of transformation we continue to uphold the legacy we built as the trusted insurer. We continue to contribute to shaping the economic and social landscape of Sri Lanka and safeguard the people of this nation as the pioneer of the insurance industry of Sri Lanka.”

Chief Executive Officer of Sri Lanka Insurance Chandana L. Aluthgama noted, “Amid the highly competitive market conditions and dynamic consumer patterns we have yet again demonstrated our resilience and prudent strategic practices to record a phenomenal financial result for the year 2021. 

We were able to accelerate our strategic initiatives to enhance digital integration and deliver exceptional service levels to our stakeholders. Looking at the future ahead we are constant in our efforts to increase internal efficiencies and productivity improvements through more curated strategies to be a future-ready insurer.”