Sale of majority shares of Sri Lanka Insurance Corporation
Sri Lanka Insurance Corporation Limited (SLIC) is a valuable investment opportunity in Sri Lanka in the sector of insurance and other considerations for investors. SLIC stands as the largest state-owned insurer in Sri Lanka with a rich history of over six decades since its establishment in 1962. As a pioneer in the insurance industry, SLIC has played a pivotal role in shaping the insurance landscape in the country. With its origins as a state-owned corporation, SLIC has evolved into a formidable entity managing an impressive asset base of USD 840 million.
Additionally, its life fund amounts to USD 480 million, both of which are the largest in Sri Lanka. This financial strength defines SLIC’s stability and reliability in the insurance sector. SLIC’s reputation is anchored in the expertise of its highly skilled and seasoned team of insurance professionals who are skilled and experienced in insurance services and strategies. Operating through a network of 142 branches and 53 ABDC (Agency, Brokerage, Direct, and Bancassurance) centers across Sri Lanka, the company has established a pervasive presence in the market. The technical knowledge base of SLIC is considered unrivaled in Sri Lanka, contributing to its success and leadership in the industry. Throughout the decades, SLIC has demonstrated consistent progress, advancing from strength to strength. The company has diversified its interests and made strategic investments across key industries, including banking and finance, healthcare, power and energy, and the hospitality sector.
The diversification reflects SLIC’s commitment to expanding its footprint and contributing to the economic development of the country. In summary, SLIC’s journey is marked by a legacy of excellence, financial strength, and a commitment to providing top-notch insurance services, and has emerged as the market leader in the Motor Insurance segment, securing a premium value of USD 39 Million and capturing a market share of 19.6%. The company’s influence extends beyond the insurance sector, making it a significant player in various industries, thereby contributing to the overall growth and prosperity of SL.
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