SLIC posts staggering revenue of Rs. 55.2B
Sri Lanka Insurance (SLIC), the premier insurer to the nation recorded stellar performance in 2020 to record Rs 55.2 billion revenue for the year, a marked improvement on the Rs.48.6billion in 2019, the Company stated.
“Amidst the turbulent and challenging year Sri Lanka Insurance has closed year 2020 on a positive note recording phenomenal revenue growth with exceptional service innovations,” it stated.
In 2020, Sri Lanka Insurance reported 30 % growth in life insurance premium increasing to Rs.19.2billion whilst general insurance reported 7% growth in premium grew to Rs 20.1billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 17 % during the year. General insurance contributed 51% towards the total GWP whilst Life Insurance contributed 49%.
In continuing with its tradition of leadership, Sri Lanka insurance in 2020 surpassed its own record to declare a sum of Rs.8.2 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops a massive Rs.54 billion making the SLIC bonus payout unmatchable.
‘As the national insurer, we have witnessed yet another challenging year and the consequences brought out by the pandemic urged us to conduct our business operations in a more empathic manner. SLIC has always taken the lead to protect the nation and during this difficult time Sri Lanka Insurance launched many initiatives to sustain the country’s health defences, while ensuring our customers receive uninterrupted insurance service.
As the pioneering insurance company in Sri Lanka, we are in the forefront to inculcate the importance of insurance to the masses as a national responsibility on our shoulders. We will further strengthen internal capabilities to serve the nation through innovative and affordable insurance solutions which cater to all Sri Lankans under the ‘Insurance for All’ concept. Even though the times are defining we will continue protecting our nation turning obstacles into opportunities’ said, Chairman SLIC, Jagath Wellawatta.
“In 2020, we have experienced volatility and uncertainty at an unprecedented level. With the pandemic situation, we have not seen the normalcy in our business operations yet we were resilient and have achieved remarkable results for SLIC. The pandemic situation compelled us to broaden our horizons further and we were challenged every day to embrace changes and adapt to those changes at a staggering speed. We have exercised innovative business strategies to cater to dynamic consumer needs and we were able to provide many service enhancements and product innovations delivering exceptional customer experience to our customers”, said SLIC Chief Executive Officer, Chandana L. Aluthgama
SLI was able to achieve this magnanimous goal due to the commitment of all staff members especially the sales force, Chairman, Board of Directors and the management has been monitoring the performance closely, he said.