COLOMBO: Sri Lanka Insurance (SLIC) reported a promising year during 2015 with growth in performance in almost all areas of business.
The growth for the year was robust at 18.65%, a significant improvement over 2014. The total revenue of the organisation grew to Rs. 31 billion in 2015 from Rs 29 billion in the previous year. Meanwhile, Gross Written Premium (GWP) increased to Rs. 24.5 billion from Rs. 20.6 billion while Net Earned Premium increased to Rs 20 billion from Rs 17.8 billion the previous year. The GWP for life insurance grew by 29 percent to Rs 10.5 billion from Rs 8 billion in 2014, resulting in notable gains in market share, while the General Insurance GWP increased by 12 percent to Rs. 14 billion from Rs 12.5 billion. As a percentage of the total market share, SLIC’s GWP for Life and Non-life stood at 23 and 21 percent respectively.
SLIC saw its Profit Before Tax grow to Rs. 4.8 billion last year from Rs 4.3 billion over the previous year while Profit After Tax grew to Rs 3.4 billion from Rs 3.2 billion in 2014. The company reported one of the largest asset bases in the industry, at Rs 167 billion which had grown steadily over the Rs 162 billion asset base in 2014.
The General Insurance Fund increased to almost Rs 15 billion in 2015 over the Rs 13 billion in 2014 while the Life Insurance Fund grew to Rs 77 billion from Rs 74 billion over the same period, which is the highest ever in the industry. Its shareholders’ fund was also the highest at Rs 63.7 billion. The largest ever bonus, at Rs 5.4 billion, was also paid to Life policyholders during 2015. Backed by these strong financial credentials, Sri Lanka Insurance also partners with some of the top re-insurance organisations in the world.
