Government-owned Sri Lanka Insurance Corporation (SLIC), a composite insurer, has posted a 30% growth in life insurance premium income to LKR19.2bn ($99m), while its general insurance business reported 7% growth in premium to LKR20.1bn, despite the COVID-19 pandemic.
The company achieved a combined GWP growth rate of 17% during the year. General insurance contributed 51% towards the total GWP whilst life insurance contributed 49%, according to a report in Daily Mirror.
Overall revenue reached LKR55.2bn ($285m) in 2020, 13.6% higher than the LKR48.6bn reported for 2019.
In addition, SLIC in 2020 surpassed its own record to declare a sum of LKR8.2bn as bonus to policyholders. The cumulative life insurance bonus paid out during the past 10 years tops LKR54bn.
“As the national insurer, we have witnessed yet another challenging year and the consequences brought out by the pandemic outbreak urged us to conduct our business operations in a more empathetic manner. SLIC has always taken the lead to protect the nation and during this difficult time, SLIC launched many initiatives to sustain the country’s health defences while ensuring our customers receive uninterrupted insurance service,” SLIC chairman Jagath Wellawatta said.