Sri Lanka Insurance Life records sturdy growth of 13.6% by 3Q end

Sri Lanka Insurance has recorded a rigorous growth of 13.59% surpassing the industry growth in the life insurance sector for the period ended 30 September 2019.  Sri Lanka Insurance Life achieved total gross written premium of Rs. 11.03 billion maintaining the positive momentum of the life insurance industry.

The outstanding achievement was supported by Sri Lanka Insurance’s  3 year strategic focus on key areas including customer centric product portfolio, enhancement of sales force’s productivity levels, customer driven ground level activities, continuous efforts in understanding emerging customer needs and the collective effort of SLIC team towards the goals.

SLIC’ incomparable life insurance product portfolio extends from endowment products, retirement products, health plans and child insurance plans which provide total life insurance solution for all stages of life with high return to the customers within the Sri Lankan Insurance Industry.

The life insurance product portfolio consists with latest addition of SLIC Health Plus, SLIC Wealth Plus, SLIC Freedom Lifestyle Plus and Divisavi which is an affordable insurance plan.  

Benchmarking the insurance industry Sri Lanka insurance introduced a mobile application for customers. The fully fledged SLIC mobile app is a next-generation platform which facilitates customers to view policy details and products details, make premium payments of both Life and General Insurance policies and many more convenient services.

Sri Lanka Insurance also claims the largest life fund in the industry in excess of Rs. 110 billion and the company has declared the highest life insurance bonuses year on year for its valuable customers. In the year 2019 Sri Lanka Insurance has declared a Life Insurance bonus of Rs7.6 billion taking the total declared amount for the last 10 years to Rs. 50 billion. 

Despite the challenging market conditions and macro level challenges, Sri Lanka Insurance General Insurance sector also records a substantially positive growth in the industry. Sri Lanka Insurance Motor Plus the flagship brand of the general insurance category continuously secured the market leader position in the motor insurance market.

Geared and equipped with latest technology and innovative service features Sri Lanka Insurance Motor Plus provides a fast track claim settlement process and convenient service to the customers with ‘Bee Express’ service.

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. 205 billion and a Life fund of in excess of Rs. 110 billion, the largest in the local insurance industry. The company is also the first and only local insurer to secure Fitch Ratings AAA (lka) rating for its long-term financial stability and sustainability and also Sri Lanka Insurance ranked as the ‘Most Loved Insurance Brand’ and the 3rd Most Loved Consumer Brand in the country by Brand Finance. The company is on the mission of being a customer focused company which constantly innovates in providing insurance services to customers and is now serves customers through an extensive network of 158 branches.