Sri Lanka Insurance Life declares industry’s biggest bonus of Rs. 12.5 b to policyholders

• Unmatched track record with cumulative bonus declarations surpassing Rs. 116.6 b since 2006

Sri Lanka Insurance Life (SLICLL), reinforcing its position as the strongest and most trusted life insurer in the country, has once again set an industry benchmark by declaring an unprecedented Rs. 12.5 billion bonus to its policyholders for the year 2024, the highest annual life insurance bonus in the Sri Lankan life insurance industry. 

This declaration brings the cumulative bonus paid to policyholders since 2006 to a remarkable Rs. 116.6 billion, further solidifying SLICLL’s unbroken record of delivering the highest bonus year after year.

In a year marked by evolving economic dynamics, SLICLL demonstrated unwavering resilience and financial stewardship. The company’s asset base grew to Rs. 238.6 billion, while it continues to maintain the largest life insurance fund in the industry at Rs. 213.2 billion. On average, over Rs. 1 billion in maturity and claims are settled monthly, totalling approximately Rs. 12.9 billion annually in addition to the annual bonus, underscoring the company’s sound investment management strategies and its unrelenting commitment to policyholder protection.

With a legacy spanning over six decades, SLICLL has consistently delivered on its promises, building deep-rooted trust among generations of Sri Lankans. Despite various challenges, the company delivered exceptional financial results in 2024, recording a Profit Before Tax of Rs. 30.7 billion. The Gross Written Premium (GWP) rose to Rs. 26.3 billion, reflecting an impressive 25% year-on-year growth, while New Business premiums surged by 48% to Rs. 5.3 billion—the highest in the company’s history.

Central to this success is SLICLL’s customer-centric approach, which continues to guide the company’s strategic priorities. With an acute understanding of evolving market needs, the company introduced several relevant and timely insurance solutions in 2024. ‘Medi Champ,’ a multi-generational, affordable health cover, provides comprehensive benefits including global hospitalisation, OPD cover, and premium waivers. Meanwhile, ‘Value Max’ offers fast-track returns for customers seeking short-term investment-linked protection.

Going beyond insurance, SLICLL constantly strives to add meaningful value to its customers. The enhanced Life Loyalty Rewards program ensures long-term policyholders enjoy a host of exclusive benefits and discounts throughout their policy journey. The company also continues to push boundaries in digital transformation, investing in advanced technology platforms to simplify insurance access, enhance customer convenience, and deliver superior service experiences.

At the heart of SLICLL’s promise, captured in its positioning ‘Like a Father, Like a Mother,’ is a commitment to empathy and care, values that extend beyond business to the broader community. The company’s impactful Corporate Social Responsibility (CSR) initiatives have touched lives across the country. The ‘Suba Pathum Scholarship’ has empowered over 1,800 students with more than Rs. 200 million in scholarships. The ‘Pasal Piriyatha’ project has upgraded facilities in over 3,300 underserved schools, while support for national cultural events, such as Peraheras and Poson pilgrim assistance, remain ongoing priorities. 

In the wake of the 2024 floods, SLICLL partnered with the Disaster Management Centre to provide essential supplies to over 1,100 families in affected regions.