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SLIC Life reports robust performance with Rs. 30.7 Billion PBT in 2024

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Nusith Kumaratunga (L) / Chandana L. Aluthgama (R)

Sri Lanka Insurance Corporation Life Limited (SLICLL) has concluded the year 2024 with outstanding financial performance, achieving a remarkable profit before taxation of Rs. 30.7 billion. The text of SLIC statement: “The company recorded a robust Gross Written Premium (GWP) of Rs. 26.3 billion, reflecting an impressive 25% growth. Remarkably, as of December 31, 2024, Sri Lanka Insurance Life marked a historic milestone with a New Business volume of Rs. 5.3 billion, recording a 48% growth, the highest in the company’s history.

Demonstrating its unwavering commitment to policyholders, Sri Lanka Insurance Life disbursed Rs. 13.7 billion in maturity settlements and claim payments in 2024, these figures reaffirm the company’s financial strength and dedication to fulfilling its obligations. Further cementing its position as a market leader, SLICLL continued to expand its asset base to an impressive Rs. 237 billion and grew its Life Fund to Rs. 213.2 billion. These achievements were realised amidst organizational transformations and challenging economic conditions. Additionally, the company recorded 319 MDRT qualifiers, the highest ever for SLIC Life.

Highlighting its prudent investment strategies and unwavering commitment to policyholders, Sri Lanka Insurance Life declared the largest Life Insurance bonus in the industry for 2023, amounting to Rs. 11.2 billion. Over the past two decades, the company has consistently delivered industry-leading bonus payouts, with cumulative declarations exceeding Rs. 104 billion. Continuing this legacy, Sri Lanka Insurance Life is set to declare its highest ever bonus for 2024, with official communication to be released in the near future.

Group Chief Executive Officer of Sri Lanka Insurance, Mr. Chandana L. Aluthgama, stated, “Our exceptional financial performance is a testament to the dedication and resilience of our team, who have navigated challenges with unwavering commitment. Despite economic fluctuations and internal transformations, our strategic focus has reinforced our market leadership. As we step into the future, we remain committed to innovation, customer trust, and industry leadership.”

Chairman of Sri Lanka Insurance, Mr. Nusith Kumaratunga, emphasized, “Sri Lanka Insurance Life has proven its strength and stability, delivering sustainable growth while reinforcing its role in the nation’s economic progress. Our vision extends beyond business success, we aim to contribute to national development by strengthening the economy and reducing dependency of the people on state support.”

Beyond financial success, Sri Lanka Insurance Life continued to earn industry recognition in 2024. The company was named ‘The Most Loved Life Insurance Brand’ by LMD for the seventh consecutive year and was ranked among the ‘Top 100 Most Valuable Brands’ in Sri Lanka by LMD Brand Finance. Additionally, SLIC Life secured top honors at the ‘Best Management Practices Company Awards 2024,’ ranking among the top ten companies and winning the ‘Insurance – Public Sector Company’ category.

Committed to international standards and operational excellence, Sri Lanka Insurance Life maintains ISO 9001:2015, ISO/IEC 27001:2013, and ISO 14064-1:2018 certifications. The company also continues its social impact initiatives, including the free Life Insurance cover gifted to parents of newborns on World Children’s Day for the third consecutive year, supported 1100 families in flood affected areas, providing emergency assistance to pilgrims traveling to Anuradhapura for Poson Poya and the awarding of 370 Suba Pathum scholarships to outstanding students in national examinations.

Looking ahead, Sri Lanka Insurance Life remains focused on driving innovation, enhancing customer confidence, and making meaningful contributions to society. With a solid foundation and a clear vision, the company is poised to maintain its legacy of excellence and leadership in the insurance industry.

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Interpol crackdown: Sri Lankan man among seven arrested in UK for human smuggling

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Suspect also wanted for child abuse: Extradition process underway

Among seven persons arrested in the United Kingdom for people smuggling is a Sri Lankan wanted by French authorities for the rape of a child.

UK’s National Crime Agency said that it collaborated with police and international partners in INTERPOL’s largest-ever operation targeting people smuggling and human trafficking.

Operation Liberterra III was led by the NCA’s Joint International Crime Centre (JICC) and targeted offenders wanted for a range of crimes who had entered the UK illegally.

Officers from the National Extradition Unit at the JICC made five arrests across London, Bedfordshire, Merseyside and Greater Manchester.

Those arrested included:

A 30-year-old Sri Lankan man arrested in Liverpool and wanted in France for the rape of a child

A 38-year-old Iraqi man wanted for rape in Germany arrested in Greater Manchester

A 29-year-old Egyptian man wanted for murder in France arrested in Bedfordshire

A 41-year-old Syrian man arrested in Greater Manchester and wanted in Germany for organising illegal small boat crossings

A 30-year-old Bulgarian man arrested in London for human trafficking and wanted in France

Greater Manchester Police teams also made two arrests across the county during the operation which was held between 10 and 21 November last year.

A 23-year-old Ukrainian man wanted in Germany for sexual exploitation

A 31-year-old Romanian man wanted in Romania for sexual exploitation

Extradition proceedings are underway for all seven suspects.

The NCA website quoted its Deputy Director of International Rick Jones as having said: “This global operation is a prime example of our commitment to working closely and effectively with international partners to tackle people smuggling and human trafficking.

“We were proud to host the European Co-ordination Unit and used a range of our specialist capabilities to gather and disseminate intelligence to law enforcement agencies across the world, and to enable our officers to identify, locate and detain offenders wanted overseas.

“As a result, seven suspects wanted in connection to serious offences have been removed from our communities and extradition proceedings are ongoing to ensure they face justice.”

Globally, 3,744 suspects were arrested including 1,800 for human trafficking and migrant smuggling offences.

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Sri Lanka calls on global consular corps to protect nationals amid fishermen incident

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Foreign Minister Vijitha Herath accepts a token of appreciation

Addressing a gathering of the world’s consular community, Foreign Minister Vijitha Herath issued a pointed, diplomatic request yesterday for the enhanced protection of Sri Lankan citizens abroad, a message delivered against the backdrop of a recent alleged assault on Sri Lankan fishermen by the Indian Coast Guard.

The occasion was the inauguration of the FICAC 2026 South Asia Regional Conference, hosted by The Association of Consuls in Sri Lanka together with the World Federation of Consuls (FICAC) at Cinnamon Life.

Minister Herath, while outlining Sri Lanka’s foreign policy of “non-alignment, strategic autonomy, and constructive engagement,” directly tasked the honorary consul community with a critical role. “I request the honorary consul community to maintain a continued and enhanced focus on safeguarding the rights and welfare of Sri Lankan nationals in respective jurisdictions,” he stated.

The appeal carries significant weight following recent media reports which detailed claims by a group of fishermen from Wennappuwa that they were assaulted by uniformed Indian Coastal Guards. The incident, alleged to have occurred partly in Sri Lankan territorial waters, resulted in hospitalisations and has been referred to the Foreign Affairs Ministry and Navy for investigation. Minister Herath’s carefully calibrated statement before the international audience underscored the government’s proactive but diplomatic approach to citizen welfare overseas.

Prime Minister Harini Amarasuriya, who also addressed the inaugural session, framed Sri Lanka as a nation on a resurgent path. She thanked FICAC for selecting Sri Lanka, noting the choice reinforces the country’s returning credibility under President AKD’s administration.

“Fiscal management is in good control with contained inflation and increased reserve levels and global confidence is returning as the country is moving towards stability, expanded economic activity and inclusive growth,” the Prime Minister stated. She also acknowledged the severe challenge posed by climate change, citing Cyclone Ditwah, and thanked the international community for its support during the disaster, which helped quickly revive the tourism sector.

Both leaders positioned the consular network as indispensable partners in Sri Lanka’s recovery and global re-engagement. Minister Herath emphasised their role in bridging “governments, businesses and communities,” while the Prime Minister stated such forums help reconsolidate the support of global actors.”

The three-day FICAC conference brings together consular officials from across South Asia, focusing on their unique role in facilitating diplomacy, trade, and legal cooperation outside traditional embassy channels.

By Sanath Nanayakkare

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Korean boost for Thriposha programme: Partnership worth USD 10 mn

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The Korea International Cooperation Agency (KOICA) has reached agreement with Sri Lanka to strengthen the country’s Thriposha nutrition programme through climate-resilient, locally sourced food systems.

According to the Korean Embassy here the agreement formalised a USD 10 million partnership that would enhance domestic production of high-quality maize, reduce reliance on imports, and reinforce the sustainability of Sri Lanka’s flagship nutrition intervention for children and mothers. The agreement in this regard reflected the shared commitment of the Republic of Korea and Sri Lanka to advancing inclusive, resilient, and sustainable development outcomes, the Embassy stated.

The agreement was signed in the presence of the Ambassador of the Republic of Korea to Sri Lanka Ms. Miyon Lee, the Minister of Rural Development, Social Security and Community Empowerment Dr. Upali Pannilage, Country Representative, World Food Programme (WFP) Philip Ward, and senior representatives from the Ministry of Agriculture, Ministry of Health, Ministry of Trade, Sri Lanka Thriposha Limited, demonstrating the commitment by all relevant stakeholders of this unique project.

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