brand logo

SLIC posts record-high GWP in 2021

24 Jan 2022

Sri Lanka Insurance (SLIC) closed the year 2021 with a positive note recording a combined Gross Written Premium (GWP) of Rs. 43 billion amidst the turbulent time. In the year 2021 SLIC 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 GWP growth rate of 9.7% during the year. Life insurance contributed 51% towards the total GWP whilst general insurance contributed 49%. SLIC declared the highest life insurance bonus in the industry of Rs. 8.6 billion.  SLIC was recognised 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. SLIC 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 fourth consecutive year. Moreover, SLIC Life recorded the highest brand value growth among the life insurance brands in Sri Lanka. SLIC was also recognised 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, 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. The 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.  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.”  SLIC Chief Executive Officer (CEO) 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 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, especially the sales force guided by the Chairman and the Board of Directors of SLIC.”

Kapruka

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!


More News..