SLIC posts revenue of Rs. 55.2 billion in 2020
View(s):Sri Lanka Insurance (SLIC), amidst a turbulent and challenging year, has closed year 2020 in a positive note recording a phenomenal revenue of Rs. 55.2 billion revenue, up from Rs.48.6 billion in 2019.
In 2020 SLIC reported 30 per cent growth in life insurance premium increasing to Rs.19.2 billion whilst general insurance reported 7 per cent growth in premium that grew to Rs. 20.1 billion. The company achieved a combined Gross Written Premium (GWP) growth rate of 17 per cent during the year. General insurance contributed 51 per cent towards the total GWP whilst Life Insurance contributed 49 per cent, SLIC said in a media release.
“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,” it said.
‘As the national insurer we have witnessed yet another challenging year and the consequences brought out by the pandemic outbreak urged us to conduct our business operations in a more empathetic 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. Even though the times are defining we will continue protecting our nation turning obstacles into opportunities,” noted.Jagath Wellawatta, Chairman of SLIC.
The release said SLIC was able to achieve these results due to the commitment of all staff members especially the sales force and the Chairman, Board of Directors and the management has been actively monitoring the performance closely.
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.212 billion and a Life fund of Rs. 117 billion, the largest in the local insurance industry.