Sri Lanka insurance embarks on a new era: legal segregation marks a historic milestone
Sri Lanka Insurance Corporation Ltd creates history as they segregate their operations to Sri Lanka Insurance Corporation Life Limited and Sri Lanka Insurance Corporation General Limited.
Sri Lanka Insurance Corporation, the pioneering insurance giant with a rich history spanning over 60 years, has officially entered a new chapter with the legal segregation of its Life and General insurance businesses. This monumental decision, in compliance with the regulatory framework set by the Insurance Regulatory Commission of Sri Lanka (IRCSL), takes effect from February 1, 2024.
Founded as the state-owned insurer, Sri Lanka Insurance played a pivotal role in shaping and establishing the insurance industry in the country, paving the way for private sector insurers. Over the past six decades, it has emerged as the strongest and largest insurer, contributing significantly to the nation's development by safeguarding lives and assets and creating substantial job opportunities, particularly for the youth.
A momentous event to mark this historic occasion was held at the Sri Lanka Insurance head office on February 1, following traditional Sri Lankan customs. At the ceremony, the Chairman of Sri Lanka Insurance President Counsel Mr. Ronald C Perera presented the business registrations to the Group CEO Mr. Chandana L Aluthgama, symbolizing the establishment of two distinct entities: Sri Lanka Insurance Corporation
Life Limited and Sri Lanka Insurance Corporation General Limited. Sri Lanka Insurance Corporation Life Limited (SLICLL)and Sri Lanka Insurance Corporation General Limited (SLICGL) foresee new opportunities for growth and success. The legal segregation allows for a more focused execution of their respective business strategies, ensuring enhanced efficiency and effectiveness in serving their customers. Both companies remain steadfast in their commitment to superior customer service. The essence of their business drive for 2024, 'Customer centricity through focused specialisation,' remains unchanged.
Mr. Chandana L. Aluthgama, Group Chief Executive Officer of Sri Lanka Insurance stated, “even though the legal segregation commenced on 1st of February the Life and General business of SLIC has functioned as distinctive entities with its separate profit and loss statements, financial operations, and strategic focuses. Today's announcement formalises this legal segregation, marking a significant milestone in our pursuit of excellence. It is also imperative to note that financial management of the two businesses has been prudently managed independently, ensuring the security of our funds and investments.