Sunday Dec 15, 2024
Sunday Dec 15, 2024
Wednesday, 7 May 2014 00:54 - - {{hitsCtrl.values.hits}}
In the highly competitive industry the Chairman and Board of Directors led by Upali Dharmadasa took pride in SLIC’s leadership in terms of Gross Written Premium of Rs. 21.36 billion, up by 5.84 over 2012. General insurance accounted for 61% and long term insurance (life) contributed 39%. The latter’s premium saw a 14% growth to Rs. 8.4 billion whilst general insurance amounted to Rs. 13 billion.
SLIC’s pre-tax profit reflected a 10% increase whilst post-tax profit was Rs. 4.6 billion.
“In GWP, profits and bonus declared as well as financial stability, SLIC remains the undisputed leader,” SLIC’s Managing Director Piyadasa Kudabalage told journalists last night at a ceremony held to make a token presentation of bonuses to select life policy holders.
The six SLIC life policy holders who received their bonus at the ceremony last night were S.H.U. Amarasekara, Dr. Wimal Wimalaratna, M.P.V.C. Cooray, M.A.L.G. Nethikumara, A.T. Matarage and N.K.N. Udaya kumara.
“In 2013 we remained the largest composite insurance provider and our performance during the year has re-affirmed our status as the most robust insurance company in the industry,” Kudabalage added. SLIC’s asset base was a staggering Rs. 143.5 billion, of which the Life Fund is Rs. 66.5 billion.
According to him, SLIC’s progressive business approach has enabled it to proactively benefit from the unfolding opportunities in post-war Sri Lanka and those to come in the future. “We are confident that our strategy will continue to accelerate the momentum of growth of SLI,” the Managing Director added.
"Combined value of bonuses declared by SLIC for life policy holders
2009 Rs. 3 billion
2010 Rs. 3.4 billion
2011 Rs. 4 billion
2012 Rs. 4.2 billion
2013 Rs. 4.4 billion"
Since 2010, SLI has pursued an aggressive diversification strategy to boost investment income and Kudabalage described it as a catalyst for the company’s growth in 2013. SLIC has investments in Litro Gas, Lanka Hospitals (formerly Apollo Hospital) and Hyatt Regency Colombo which is 475 room and 84 serviced apartment complex.
“Whilst the growth in our core business contributed towards greater profitability, we are aware of the contribution from SLIC’s diversified portfolio in achieving a consolidated profit that is unprecedented,” Kudabalage said.
He said SLIC Group turnover was Rs. 60 billion 2013 and profit amounted to Rs. 13.5 billion. “We will see further diversification and growth to ensure higher investment income and stability,” the Managing Director added.
Celebrating its 52nd year of operation, SLIC is the only insurer to be rated AAA by RAM Ratings and AA by Fitch Ratings. At the World Finance Awards in London, SLI had been adjudged the ‘Best Insurance Company in Sri Lanka’ in the years 2010, 2011, 2012 and 2013. It has over 120 branches and over one million policies in force.
