Sri Lanka Insurance Inaugurates Business Operations for 2024

Chandana L Aluthgama, Chief Executive Officer (SLIC)

Sri Lanka Insurance (SLIC) inaugurates business operation for the year 2024 on the 1st of January, at Sri Lanka Insurance Head Office. ‘Customer centricity through focused specialisation’ was announced as the theme for the business drive of 2024. The event was graced by the Board of Directors, Corporate Management, and Staff of SLIC. Business launches were also carried out at branch level in parallel to the main event at head office. The branch staff joined the head office event via live stream. The day’s proceedings commenced with observing blessings from the four religious believes. 

Sri Lanka Insurance celebrates a glorious 62 years of service as the largest and strongest state insurer. The organisation remains at the helm of the insurance sector and has helped maintain industry-wide growth and equity, even during testing times. Year 2023 was a challenging year overall for the business community, however Sri Lanka Insurance have risen to the occasion and it is evident through their exceptional performance. 

Sri Lanka Insurance possess the largest asset base and the Life Fund solidifying its position as the strongest and largest insurance provider of Sri Lanka. The year marked the significant achievement of Sri Lanka Insurance being able to declare a SLR. 10.4 billion Life Insurance Bonus for 2022 to its policyholders. This is the 1st time in the Life Insurance industry that an organization has declared a Bonus over SLR 10 billion. Since 2006, SLIC has consistently declared the highest Life Insurance bonus each year, amounting to an unmatched total of SLR. 92.8 billion. Furthermore, SLIC concluded the year successfully recording a Rs. 21 Billion GWP in Life Insurance and Rs. 23.4 Billion GWP in General Insurance business.

In his New Year message, Chairman of Sri Lanka Insurance, President Counsel Mr. Ronald C Perera stated, ‘The dedication and hard work of all employees of Sri Lanka Insurance has contributed to the financial success and numerous accomplishments of the organisation in the past year.  It is because of the employees who are the foundation of the company that Sri Lanka Insurance has withstood many challenges it has seen.” He further commented, “Sri Lanka Insurance will embark on a new journey in 2024 with all preparations made for the segregation of the company as Sri Lanka Insurance Life and Sri Lanka Insurance General.” The Chairman reiterated that it is a regulatory requirement and this change will bring positive changes and a positive growth to both the Life Insurance and General Insurance categories.

Chief Executive Officer of Sri Lanka Insurance, Mr. Chandana L. Aluthgama in his New Year message stated, “despite the many challenges the Company has successfully completed another year due to the resilience showcased by the employees and the company as a whole. Regardless of the adversities we have kept our promises to our customers and have made an impact on the people by giving back to the communities to uplift their life styles.” He further stated, “As we embark` on a new journey as Sri Lanka Insurance Life and Sri Lanka Insurance General, the business drive for both Life and General categories in 2024 will be ‘Customer centricity through focused specialisation’. This theme underscores the very core of SLIC’s mission to place its customers at the heart of everything we do. It is a commitment to not only meet but exceed their expectations through our expertise and specialized services by aligning our business strategies to ensure a superior customer experience.”

Adding to the success of the company, SLIC had numerous other achievements during the year. Sri Lanka Insurance was awarded the ‘The Most Loved Insurance Brand’ by Brand Finance for the sixth consecutive year. SLIC was also listed in the top 100 ‘Most Valuable Brands’ in Sri Lanka by Brand Finance 2023. The Sri Lanka Insurance General brand was awarded the ‘Most Valuable General Insurance Brand 2023’ while Sri Lanka Insurance Life brand secured 1st Runner-up in the ‘Most Valuable Life Insurance Brand 2023’ category. Among the many other awards SLIC was recognized at the Women Friendly Workplace awards 2023 under the special category for ‘Empowering Women Entrepreneurs with Life Insurance Agencies’. Furthermore, the company won the Insurance, Finance and Investment sector award at the ‘Great HR Quiz’. SLIC also secure the Runner-Up award for Best Managed Project in Banking and Financial Sector at the National Project Management Awards 2023. The organisation is technically robust and has been awarded the ISO 9001:2015 quality standard and Carbon Footprint Certification complying with ISO 14064-1:2018.  The company continues with its initiatives to give back to the society though various projects. A free Life Insurance cover was gifted to parents of children born on World Children’s Day for the second consecutive year. Additionally, 375 Suba Pathum scholarships were awarded to top performers at the Grade 5 scholarship, GCE Ordinary Level and Advanced Level 2020/2021 examinations.