SLI confident of 2012 profits

By Lalin Fernandopulle

Sri Lanka Insurance (SLI) Group profits for 2012 will reach Rs. 12 billion achieved in the previous year, SLI Managing Director and CEO Mohan de Alwis said at the launch the SLI Motor Plus Loyalty Rewards scheme last week.

SLI Managing Director and CEO Mohan de Alwis exchanges the agreement with Chevron Lanka, CEO Kishu Gomes Pic: Vipula Amarasinghe

He said that SLI performed exceptionally well last year despite stiff competition and a challenging business environment. Company profits in 2011 stood at Rs. 7 billion. SLI is the market leader in General Insurance and the motor sector with a comprehensive customer base of 300,000. “SLI's extensive branch network and service stations across the country make a salient contribution to the growth of the business. SLI has been a household name since it was set up several decades ago,” de Alwis said.

Set up in 1962 as a state owned corporation, SLI was converted to a private limited liability company for six years and was reinstated as a nationalised entity in June 2009. The return of ownership to the state has further strengthened the company and is the largest government-owned insurer in Sri Lanka with an asset base of over Rs 107 billion, a life fund of Rs 56 billion, the largest in the industry, and a capitalisation of Rs 6 billion.

SLI, Chief Officer, General Insurance, Ainsley Alles said that SLI has a 25 percent market share in the General Insurance sector and growth which is above average. SLI will continue to be a trailblazer through its 125 branches.

SLI is the only insurance company in Sri Lanka to be awarded AAA by RAM Ratings and it is the first insurance company to receive a global AA (Ika) from Fitch Ratings (London).

The company's financial stability and strong re-insurance arrangements has enabled it to reach many milestones in the insurance industry such as the claim of Rs 39.5 billion, the largest claim ever paid and the largest bonus ever declared to its life policy holders amounting to Rs 3.4 billion.The company has invested in multi-faceted projects bringing in lucrative returns for all its stakeholders. The strategic investments by Sri Lanka Insurance spans many diversified fields.

The Motor Plus Reward scheme will reward Motor Plus comprehensive motor insurance policyholders. SLI has partnered with leading brands such as Senok Auto Mobile Ltd, Senok Aviation, Michelin Tyres, Lucas Battery, Sunlanka Auto Traders, Kingsbury Hotel, Cinnamon and Chaya hotel chain, Gallery Boutique, DSI, and Rocell Bathware to provide a range of benefits to Motor Plus customers.

SLI Motor Plus customers will be entitled to the rewards at the time of renewal or purchase of a new policy. Customers could benefit from the rewards by presenting the Motor Plus insurance card and the rewards booklet to the partner companies. SLI Motor Plus has pioneered many projects for customer convenience such as tie-ups with giants of the vehicle trade for repairs in case of accidents. Senok, AMW, United Motors, Associated Motors, Micro, Toyota Lanka, Prestige Automobiles, KIA Motors, DIMO, Carmart Ltd, are some of the companies that provide repair services to SLI Motor Plus clients.