Record-Breaking Growth Amid Low Penetration
Sri Lanka Insurance Life (SLIC Life) reported impressive results for the first nine months of 2025. Gross Written Premiums (GWP) reached LKR 23.6 billion (+32% YoY), new business premiums rose 61% YoY to LKR 5.4 billion, and pre-tax profit climbed to LKR 23.9 billion. Claims disbursed totaled LKR 13.2 billion (+49% YoY), highlighting the company’s robust operational performance.
Drivers Behind the Success
Several factors have contributed to SLIC Life’s strong growth:
- Rising consumer awareness of financial planning and risk protection.
- Innovative product offerings catering to diverse income groups.
- Expansion into digital channels, improving accessibility and convenience.
Despite Sri Lanka’s life insurance penetration being low (~0.61% of GDP), SLIC Life has leveraged these opportunities to capture market share and strengthen its brand presence.
Implications for the Insurance Sector
The growth signals a shift in consumer behavior, encouraging competition and innovation across the sector. Increased penetration can improve financial stability, mobilize long-term savings, and enhance economic resilience. For investors and stakeholders, SLIC Life’s performance underscores the potential of Sri Lanka’s insurance market as a growth engine.
Looking Forward
As digital adoption and financial literacy increase, SLIC Life and other insurers are well-positioned to expand further. Strategic focus on product diversification, customer engagement, and operational efficiency will be key to sustaining growth in an evolving financial landscape.
Sources: Daily Mirror, Lanka News Web, Ceylon Today
