Over Rs. 23 billion in Gross Written Premium
Sri Lanka Insurance, the leading insurance company in the island, has reported a remarkable performance for the period ending September 30, 2017.
Announcing its excellent third quarter performance for 2017, SLI Chairman Hemaka Amarasuriya said the company recorded a profit before tax of Rs. 10,603 million (Rs. 10.6 billion) and a profit after tax of Rs. 9,482 million (Rs. 9.5 billion) for the period. The latter figure was before transferring to the Life Fund while Rs. 2,091 million was recorded as profit after tax attributable to shareholders.
Both Life and General Insurance contributed to this sound performance of the company with the Life Insurance sector reporting Rs. 8,732 million as profit before tax and Rs. 7,977 million as profit after tax while General sector achieved Rs. 1,870 million and Rs. 1,506 million respectively. The company leads the General Insurance sector with a 21.4% market share while coming second in the Life sector.
The Gross Written Premium (GWP) for the period was recorded as Rs. 23,336 million of which Rs. 9,245 million came from the Life business and Rs. 14,092 million from General.
SLI reported a Net Written Premium of Rs. 19,372 million with Life and General contributing Rs. 9,071 million and Rs. 10,300 million respectively. The company achieved an investment income of Rs. 9,162 million with Rs. 7,787 million and Rs. 1,375 million being attributed respectively to Life and General sectors, Mr. Amarasuriya said.
The company stood in the forefront when it comes to honouring claims to its policyholders. Claims worth Rs. 4,886 million were paid to Life policyholders during the period under review while Rs. 6,578 million was paid as claims to General policyholders, making up a total of Rs. 11,463 million in claims paid.
The Risk Based Capital Adequacy Ratio, of which the minimum requirement is 120%, was maintained at 427%by SLI Life and 195% by General.
SLI’s Assets Base, which is the largest in the local insurance industry, continued to grow during the period under review, recording Rs. 187 billion of which Rs. 118 billion was from Life Insurance and Rs. 68 billion from General Insurance. According to the Chairman, the National Insurance Company also reports the largest Life Fund in the industry of Rs. 99 billion.
Sri Lanka Insurance, which was established in 1962, has firmly established itself as one of the most respected players in the insurance industry. With over 120branches island-wide, an unparalleled Assets Base andLife Fundwith millions of policies in force, SLI continues to demonstrate its stability, strength and long-term sustainability.
The company was recognised with a Fitch Rating AA+(lka) National Long-Term Rating and AA+(lka) National Insurer Financial Strength Rating in August 2017. The rating reiterates SLI’s position as the strongest player in the local insurance industry. Being backed by top international reinsurers has continued to strengthen its position.