Sri Lanka Insurance holds Annual General Meeting via Zoom online
Sri Lanka Insurance held its Annual General Meeting via Zoom online platform on July 7, 2021.
The chairman and board of directors were participated for the meeting from their respective locations adhering to the COVID-19 health and safety standards issued by the health authorities.
During the Annual General Meeting, it was declared that the company has closed year 2020 in a positive note recording phenomenal growth with exceptional service innovations. Sri Lanka Insurance, the premier insurer to the nation, recorded stellar performance in 2020 to record a profit before taxation of Rs.7.9 billion for the year2020, with a strong improvement in combined gross written premium (GWP) of Rs.39.4 billion denoting growth of 16.65 percent.
In the year of 2020, Sri Lanka Insurance reported 29.9 percent growth in life insurance premium increasing to Rs.19.8, from 14.8 billion whilst Sri Lanka Insurance General reported 6.27 percent premium growth increasing to Rs.20.1 billion. General insurance contributed 51 percent towards the total GWP whilst life insurance
contributed 49 percent.
In continuing with its tradition of leadership, Sri Lanka insurance in 2020, surpassed its own record to declare a sum of Rs.8.6 billion as 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.
Established in 1962, Sri Lanka Insurance Corporation is the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.235 billion and a Life fund of Rs.134 billion, the largest in the local insurance industry. Sri Lanka Insurance ranked as the ‘Most Loved Insurance Brand’ and the ‘Most Valuable General Insurance Brand’ in the country by Brand Finance for the fourth consecutive year. Further, Sri Lanka Insurance recognised as a Great Place to Work in Sri Lanka by Great Place to Work. The company is on the mission of being a customer-focused company, which constantly innovates in providing insurance services to customers and is now serves customers through an extensive network of 158 branches.