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 per cent, 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.
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.
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 per cent 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 per cent 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 per cent respectively.