SRI LANKA INSURANCE
Posts a record high GWP achievement of Rs. 43 billion during the year 2021
Colombo 24th of January 2022: Sri Lanka Insurance, the reigning champion of the insurance industry of Sri Lanka closed the year 2021 with a positive note recording a staggering combined GWP of Rs. 43 billion amidst the turbulent time.
In the year 2021 Sri Lanka Insurance reported 14 % growth in life insurance premium increases to Rs.21.9 billion whilst general insurance reported 5.4% growth in premium, for a total value of Rs. 21.2 billion amidst the stagnant market conditions. The company achieved a combined Gross Written Premium (GWP) growth rate of 9.7 % during the year. Life insurance contributed 51% towards the total GWP whilst General Insurance contributed 49%.
Marking 60 years of excellence as the protector of the nation, Sri Lanka Insurance recorded many remarkable achievements during the year 2021.
Sri Lanka Insurance 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.
In the year 2021 Sri Lanka Insurance 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.
Further, Sri Lanka Insurance was recognized with many awards and accolades in the year 2021. The insurer tops the ranking in many aspects in the Brand Finance report on Sri Lanka’s Most Valuable Brands 2021 edition. Sri Lanka Insurance was awarded The Most Loved Insurance Brand of the year and the Most Valuable General Insurance Brand of the year proving its prowess to be awarded these prestigious titles for the 4th consecutive year. Also, SLIC Life recorded the highest brand value growth among the Life Insurance brands in Sri Lanka. SLIC was also recognized as a ‘Great Place to Work” in Sri Lanka in the year 2021, reiterating the insurer’s commitment towards developing and empowering employee relationships at the workplace.
Exploring the avenues to broaden the protection to communities SLIC served different segments, age groups and different affinity groups through product and market development initiatives. SLIC Speed Investment and SLIC Early cash and SLIC Minimuthu life insurance products were relaunched understanding and catering to a new generation of SLIC clientele. “Nagaraja” an exclusive medical insurance cover was also launched as the first product designed in Sri Lanka to provide protection for Buddhist clergy and their family members and “Motor Plus Commercial” was launched with unique features to complement the needs of the commercial vehicle users.
SLIC has been making steady progress in transforming its operational architecture and front end customer interfaces to ensure digital integration. SLIC Mobile App introduced many enhanced features to constantly evolve with the consumer needs and proved to be a significant tool during the pandemic period. The motor claim settlement process has undergone a major reengineering process to facilitate fast-track and contactless claim settlements to customers. SLIC also increased the digital integration with other service providers to expand the number of payment platforms available to customers enhancing the accessibility and switching to contactless mode to ensure health and safety guidelines. The “Work Flow Management System” is transforming all internal manual and paper-based operations to digital-driven systemized operations.
Commenting on the excellence achieved during the year 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 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.
We continue to bring a sense of protection to millions of Sri Lankans with our stable financial performance and service enhancement. We reiterate the trust garnered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving our self to conquer greater heights.”
Chief Executive Officer of Sri Lanka Insurance Chandana L. Aluthgama noted, “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. We are heading towards an era of transformation where we will continue to grow through strategic investments and diversifications, internal efficiencies and productivity improvements. We were able to raise the bar for the insurance industry with these great achievements made possible by the unwavering support and commitment of the management and staff members specially the sales force guided by the Chairman and the Board of Directors of SLIC.”