SLIC records high GWP achievement in 2021

Sri Lanka Insurance (SLIC), the country’s top insurance entity, has reported a staggering combined Gross Written Premium (GWP) of Rs. 43 billion in 2021, amidst turbulent times.

In 2021 SLIC reported 14 per cent growth in life insurance premium rising to Rs.21.9 billion whilst general insurance reported 5.4 per cent growth in premium at Rs. 21.2 billion amidst stagnant market conditions, the company said in a media release.

The company achieved a combined GWP growth rate of 9.7 per cent during the year. Life insurance contributed 51 per cent towards the total GWP whilst General Insurance contributed the balance.

“Marking 60 years of excellence, SLIC recorded many remarkable achievements during the year 2021. SLIC yet again declared the highest Life Insurance bonus in the industry of Rs. 8.6 billion. The insurer was able to produce 189 MDRT members with 5 COT and 1 TOT member for the MDRT conference 2021 marking a historic milestone as the highest ever representation from Sri Lanka Insurance,” the statement said.

In 2021 SLIC managed to uphold the leadership position of the General Insurance sector and Motor Insurance sector while introducing multiple innovative motor insurance products that cater to the unique needs of customer segments in the motor insurance market.

Commenting on the achievements in 2021, SLIC Chairman Eng. Vijitha Herath noted: “The past year has been a testing time which compelled us to embrace changes and respond to challenges. As a state-owned insurer and the pioneer of the insurance industry, we have been contributing to the country’s development since its inception and we have aligned our corporate goals with the country’s development goals. We have pledged to safeguard the nation by delivering exceptional insurance service and today we have become an icon of excellence in the industry exploring avenues to expand protection across every corner of the island.”

SLIC CEO Chandana L. Aluthgama added: “Operating in a very competitive landscape we have demonstrated our resilience again with the excellent and sustainable achievements during the year 2021. We have evolved to be a beacon of light during the turbulent times safeguarding the nation. As we celebrate the 60 years of excellence we are gearing up to keep the positive momentum with our prudent and sustainable strategic initiatives.”