SLIC posts record pre-tax profit of Rs. 11.7 bln in 2021

National insurer Sri Lanka Insurance (SLIC) has reported a strong performance for 2021 with a pre-tax profit of Rs. 11.7 billion and improvement in combined Gross Written Premium (GWP) of Rs. 43.2 billion, growing by 9.7 per cent from the previous year.

Notwithstanding the stringent economic and social conditions that prevailed in the country, SLIC’s asset base increased to Rs.268 billion and the Life fund to Rs. 152 billion, the company said in a media release.

Last year, SLIC reported a 14.1 per cent growth in life insurance premiums increasing to Rs. 21.9 billion from Rs. 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,” it said.

SLIC continues to explore avenues to provide protection to communities, segments and age groups and different affinity groups through product and market development initiatives, through practical and affordable insurance solutions.

Commenting on the 2021 progress, SLIC Chairman Eng.

Vijitha Herath noted “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. 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. We reiterate the trust garnered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving ourselves to conquer greater heights.”

SLIC CEO Chandana L. Aluthgama said, “Amidst 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.”