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| Sunday, 14 March 2004 |
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| News Business Features Editorial
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SLI records outstanding performance Sri Lanka Insurance (SLI) recorded an outstanding performance for the year ending December 2003. The financial giant recorded a total Gross Written Premium (GWP) of Rs. 8.2 billion, a 6% growth in comparison to 2002. The company attributes this growth to the commitment & hard work of its sales force, the dedication of its employees and the support extended by the intermediaries. The total life business grew by 14% recording a Gross written premium of Rs. 3.2 billion, retaining the company's leadership in the life segment. Whilst the life business generated from individual policies grew by 9% to record a GWP of Rs. 2.4 billion, the corporate life business grew by 5.6%. The new business premium grew by 54% in comparison to 2002. As a result, SLI's life fund now stands at Rs. 24 billion thus reinforcing its long-term commitment to its policy holders. The company also declared an annual bonus of Rs. 150, highest ever in the industry. The general insurance business recorded a GWP of Rs. 5 billion, a 2.6% growth in comparison to 2002 in spite of the highly competitive market. Moreover, several strategic decisions have been taken to expanding the non-life market share in 2004 including the forming of a Corporate Business Development Unit, to exclusively service the needs of corporate clients and the broker community. Sri Lanka Insurance the market leader in both Life and Non-Life Insurance business is financially the strongest. With Rs. 8 billion in assets and Rs. 32 billion assets under management the company settles claims on an average of Rs. 12mn per day. The financial giant who enjoys a majority of the market share is currently consolidating all its processes and resources, in re-positioning SLI to compete in a very aggressive market. The company not only hopes to match customer service standards now prevalent in the market but hopes to surpass the level by offering excellent service, that would stretch the boundaries of performance and change the paradigms of the insurance industry in Sri Lanka forever. SLI ownership is currently spread amongst Aitken Spence & Co Ltd. Distilleries Company of Sri Lanka Ltd. & Greenfield Pacific EM Holdings Ltd. Both Aitken Spence and Distilleries were recently listed in the Forbes 500 small companies outside the US for best shareholder value. The Board of Directors of Sri Lanka Insurance comprises Chairman Harry Jayawardene Deputy Chairman Raj Obeysekera and Directors Rajan Brito, Royle Jansz, Damien Fernando and Gomin Dayasiri. |
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