SLI posts Rs 6.35b profit before tax

Sri Lanka Insurance Corporation Limited (SLI) disclosed its financial performance for 2013 at a media briefing at the Hilton Residencies last week.

SLI recorded stellar performance in 2013 to record 10 percent growth in Profit before Taxation reaching a Profit before Taxation of Rs. 6.354 billion, a marked improvement on the Rs. 0.491 billion in 2013.

In 2013, SLI reported a 13.96 percent growth in life insurance premium increasing to Rs. 8.398 billion, while general insurance premium grew to Rs 12.953 billion.

The company achieved a combined Gross Written Premium (GWP) growth rate of 5.84 percent. General Insurance contributed 61 percent towards the total GWP while Life Insurance contributed 39 percent.

In 2009, SLI declared Rs. 3 billion as bonus to it's Life policy holders, the single largest bonus declared in the history of the Sri Lanka insurance industry.

In continuing with its tradition of leadership, SLI in 2014, superseded its own record to declare Rs. 4.4 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past nine years tops a massive Rs25.7 billion making the SLIC bonus payout unmatchable.

"In 2013 we remained the largest composite insurance provider in Sri Lanka. Our performance during the year has re- affirmed our status as the most robust insurance company in the industry," said SLI Managing Director Piyadasa Kudabalage.

"Our progressive business approach has enabled us to proactively benefit from the opportunities that arose and will continue to arise. We are confident that our strategy will continue to accelerate the momentum of growth of SLI," he said.

During 2010, SLI further strengthened its strategy of diversification that is largely attributed as the key catalyst for the company's precipitated growth during the year.

"While the growth in our core business contributed towards greater profitability, we are cognizant of the contribution from SLI's diversified portfolio in achieving a consolidated profit, that is in fact unprecedented," Kudabalage said.

"This is undoubtedly one of the highest profit achieved in the history of SLI and in the insurance industry.

Over the past three years SLI has diversified its investment portfolio in healthcare, hospitality and energy sector," he said.

Sri Lanka Insurance Corporation Limited was set up in 1962 as a State owned Corporation. In 1993, the Corporation was converted to a fully Government-owned limited liability company and subsequently the company was privatised in 2003 and was under the private management for six years.

The Corporation was re-instated as a nationalised entity on June 4, 2009. Its association with the State has further strengthened the Corporation and is considered the largest insurer in Sri Lanka.

SLI has firmly established itself as one of the most respected players in the insurance industry. With over 124 branches islandwide, an unparalleled assets base of over Rs.143.5 billion with a Life fund of over Rs. 66.5 billion and over one million policies in force, SLI continues to demonstrate its stability, strength and long term sustainability by being recognised as the only Insurer in Sri Lanka to be ranked AAA by RAM Ratings and AA(lka) by the global rating agency Fitch Ratings (London).

SLI is fully compliant to ISO 9001:2008 certification. At the World Finance Awards in London SLI was adjudged the 'Best Insurance Company of Sri Lanka', in 2010, 2011, 2012 and 2013.