Sri Lanka:Biggest insurer declares record bonus for life insurance policyholders

Sri Lanka insurance (SLI), the largest state-owned insurer in the country, has declared the biggest-ever life insurance bonus for its life insurance policyholders amounting to LKR8.6bn ($43.2m) for the year 2020.

The company has declared a cumulative total of LKR73.2bn in life insurance bonuses since 2005, reported the newspaper Ceylon Today.

A life insurance fund amounting to LKR138bn, the company’s prudent investment management strategies and accumulating life fund have enabled the company to give higher returns to its policyholders.

In 2020, Sri Lanka Insurance reported growth of 29.9% in life insurance premiums to LKR19.2bn from LKR14.8bn in 2019.

The company launched online payment gateways, 0% interest easy payment schemes, and online insurance proposals last year, to make its services more convenient for customers. The insurer is also focused on expanding its branch network which currently comprises 158 branches located islandwide.

Source: Asia Insurance Review