Sri Lanka Insurance Corporation General Limited (SLICGL) Achieves Outstanding Financial Results for the Year 2024

Sri Lanka Insurance Corporation General Limited (SLICGL) Achieves Outstanding Financial Results for the Year 2024

• Sri Lanka Insurance General records an annual claim payout totaling to Rs. 10.5 billion

• Records a massive Rs. 25 billion in Gross Written Premium, marking an impressive 9.45% growth from 2023

• SLICGL records an outstanding Profit Before Tax of Rs. 4 billion

• Market leader with a 19.4% market share with a 9% growth

• Sri Lanka Insurance Motor Plus retains no. 1 position in the Motor Insurance Industry

Colombo 22nd April 2025: Sri Lanka Insurance Corporation General Limited (SLICGL) delivered an outstanding performance in 2024, reinforcing its strength and resilience in the industry as the market leader. The company posted a remarkable profit before taxation of Rs. 4 billion and a profit after tax of Rs. 3.3 billion, demonstrating solid financial stability. As of December 31, 2024, SLICGL recorded a Gross Written Premium (GWP) of Rs. 25 billion, while expanding its asset base to Rs. 51 billion, further cementing its financial position.

In the motor insurance segment, Sri Lanka Motor Plus generated Rs. 14 billion in premium income, securing a 20% market share and maintaining its position as the number one motor insurance provider in the country for the sixth consecutive year. The segment recorded a 5.3% growth, reflecting its continued dominance.

Meanwhile, the Non-Motor segment achieved Rs. 11 billion in premium income, registering a 15% growth, which surpassed the industry growth rate in this category. Overall, Sri Lanka Insurance General recorded a 9% growth to be the market leader with a 19.4% market share, outperforming the industry average and underscoring its diverse portfolio and customer-centric approach.

Reaffirming its commitment to policyholders, Sri Lanka Insurance General disbursed Rs. 10.5 billion in claim payouts in 2024, demonstrating its dedication to honoring obligations and providing reliable protection to customers.

Commenting on the strong performance, the Group Chief Executive Officer of Sri Lanka Insurance Mr. Chandana L. Aluthgama stated, “SLICGL has once again delivered an exceptional performance in 2024, reinforcing our position as a leader in the insurance industry. Despite an evolving economic landscape, our strategic resilience, operational efficiency and customer-centric approach have enabled us to achieve sustained growth. This success is a testament to the trust placed in us by our policyholders and the unwavering commitment of our team. As we move forward, we remain dedicated to setting new benchmarks in service excellence, innovation and financial strength to better serve our customers and stakeholders.”

Elaborating further, the Chairman of Sri Lanka Insurance remarked: “The outstanding performance of SLICGL in 2024 underscores our unwavering commitment to stability and long-term value creation. Through prudent risk management, market adaptability and a steadfast focus on delivering superior insurance solutions, we have navigated industry challenges with confidence. Our ability to maintain profitability while enhancing service excellence speaks volumes about our organisational strength and strategic vision. Looking ahead, we are well-positioned to drive further growth, reinforce stakeholder confidence and continue shaping the future of the insurance sector in Sri Lanka.”

As SLICGL enters a new year, the company remains steadfast in its commitment to innovation, customer-centric solutions and sustainable growth. By continuously evolving to meet the changing needs of individuals and businesses, SLICGL is dedicated to delivering cutting-edge insurance products that provide security and peace of mind. Strengthening customer trust remains a top priority, with a focus on service excellence, digital transformation and enhanced customer engagement. Beyond business, SLICGL is deeply committed to making a positive impact on society through responsible corporate citizenship and community-driven initiatives, setting new benchmarks for excellence while driving meaningful progress in Sri Lanka’s economic and social landscape.

About Sri Lanka Insurance Corporation General Ltd. (SLICGL)
With over six decades of expertise in General Insurance, SLICGL stands as the most valuable and most loved general insurance brand in the country, renowned for its comprehensive portfolio backed by financial stability. As Sri Lanka’s market leader in general insurance, SLICGL leverages its extensive branch network and seasoned sales force to deliver customizable products and superior service standards to all customer segments. Product offerings range from motor, fire and engineering, medical, general accident and marine delivered through an island wide presence of over 200 branch network and customer service centers. SLICGL was awarded the prestigious ‘Best Insurance Company for Customer Satisfaction – Sri Lanka 2024’ by Global Brand Awards. As the general insurance arm of state-owned pioneer SLIC, SLICGL is poised for the next phase of rapid growth and expansion while continuing to be the nation’s first choice in risk protection.