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Sri Lanka Insurance recreates history declaring a staggering Rs. 10.4 Billion Bonus for Life Policyholders
The nation’s insurer, Sri Lanka Insurance (SLIC) yet again outshines its own record to declare the largest Life Insurance bonus in the industry amounting to a staggering Rs. 10.4 Billion for the year 2022 to its policyholders. Since 2006 SLIC has triumphed in declaring the highest Life Insurance bonuses year on year in the industry cumulating to a massive Rs. 92.8 Billion making the SLIC bonus declaration unmatchable.
By declaring the highest and largest ever Life Insurance Bonus in the country, Sri Lanka Insurance has upheld the trust placed by the policyholders as the strongest insurance provider in Sri Lanka. Despite the challenging market conditions, Sri Lanka Insurance was able to increase its asset base to Rs. 274 Billion and the life fund to Rs. 156.7 Billion, to further strengthen its position as the largest and strongest local insurer. This affirms the prudent investment management strategies of the company and further emphasis on Sri Lanka Insurance’s commitment towards its policyholders and their well-being. Also Sri Lanka Insurance is the only insurer in the country to be rated with an A(lka) Fitch rating for insurer financial strength in the country.
Customer centricity is one of the key strategic pillars of SLIC’s business drive and therefore the organsiation is determined to look at identifying new market segment and understanding the needs of its customers to develop affordable and suitable products. A unique insurance cover that was introduced by Sri Lanka Insurance last year was the School Fee Protector. This cover takes care of children’s education expenses in an unlikely event of loss or permanent disability of the breadwinner of the family. In addition to engaging in product and process innovations the orgaisation also looks at numerous ways of value additions to its customers. As a result, during 2022 Sri Lanka Insurance introduced a Life Loyalty Rewards scheme enabling SLIC Life customers to enjoy a range of offers and benefits to provide higher value for its loyal customers throughout the policy term. Also during last year SLIC has paid on average Rs. 960Mn per month as Life Insurance claim settlement demonstrating its commitment to delivering its promise to its policyholders.
Recently Sri Lanka Insurance was also awarded the ‘The Most Loved Insurance Brand’ by Brand Finance for the sixth consecutive year. The SLIC continues to remain in the limelight by being listed in the top 100 ‘Most Valuable Brands’ by Brand Finance 2023. Sri Lanka Insurance Life secured 1st Runner-up in the ‘Most Valuable Life Insurance Brand’ with a brand value of Rs. 2.7Bn.
Latest News
Concessionary priced food packages for new ‘Aswesuma’ applicants from 01st to 13th April
In keeping with the proposal by the President in his 2025 budget, for the provision of a package essential goods at a concessionary price during the Sinhala and Tamil New Year Festival season, it has been planned to provide a food package containing essential food items valued at Rs. 5000/- for only Rs. 2,500/-.
It is expected to select appropriate beneficiaries from among the 812,753 candidates who have submitted new applications for Aswesuma benefits.
Accordingly, the Cabinet of Ministers approved the proposal furnished by the Minister of Trade, Commerce, Food Security and Cooperative Development jointly with the Minister of Agriculture, Livestock, Lands and Irrigation to take necessary steps to provide the food package to the beneficiaries through the Lanka Sathosa outlet network and COOPFED outlets from 01.04.2025 to 13.04.2025
The Cabinet of Ministers have decided as follows considering the resolutions submitted by the President in his capacity as the Minister of Finance, Plan Implementation and Economic Development along with the Minister of Public Administration, Provincial Councils and Local Governments on payment of salaries according to the revised salary scales with effect from 01.04.2025 based on the resolution furnished by the President for revising the salaries of government service by the budget 2025;
• To empower the Secretary to the Ministry of Public Administration, Provincial Councils and Local Governments to issue circular instructions to the the secretaries of all the Ministries, Local Government Secretaries and Heads of Departments in regard to salary revisions of the government service.
• To empower the Secretary to the Ministry of Finance, Plan Implementation and Economic Development to issue circular instructions for state corporations, statutory boards and fully government owned companies and other institutions.
Approval of the Cabinet of Ministers has been granted to amend the Companies Act No. 07 of 2007 for remedying the shortcomings related to the transparency according to the international standards for prevention of money laundering, financing terrorism and other illegal activities.
Accordingly, the draft bill prepared by the Legal Draftsman has been revised as per instructions provided by the Attorney General subject to the special decision of the Supreme Court No. SC/SD/92/2024 and clearance of the Attorney General has been granted for the final draft bill prepared by the Legal Draftsman.
The Cabinet of Ministers granted approval to the resolution furnished by the Minister of Trade, Commerce, Food Safety and Cooperative Development to publish the aforementioned draft bill in the government gazette notification and subsequently submit to the Parliament for its concurrence.
Concessionary priced food packages for new ‘Aswesuma’ applicants from 01st to 13th April
Salary revision of the Government Service – 2025
Amendment of the Companies Act No. 07 of 2007 to be Gazetted
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