Sri Lanka Insurance Corporation General Ltd. (SLIC General) has reported that it has become the first general insurer in Sri Lanka to surpass Rs. 30 billion in gross written premium (GWP), based on its 2025 results. The company said the 2025 performance places it at the top of the domestic general insurance segment by premium volume, extending the position it held in 2024.
According to Daily FT’s report, management attributed the premium level to expansion in core lines, with motor insurance remaining the largest contributor to its general portfolio. While detailed line-of-business data were not disclosed, SLIC General described motor as its main class of business and a significant driver of overall general insurance penetration in the country. The company refers to itself as the National Insurer and focuses on coverage for individuals, families, and commercial policyholders.
SLIC General’s nonlife offering includes motor, personal accident, home, travel, and medical emergency products. According to the company, its strategy is to distribute these products across both urban and regional markets, with a focus on basic risk protection and price points targeted at mass-market segments. Part of the distribution effort involves collaboration with public-sector entities. Through the Suraksha program and arrangements with government institutions, SLIC General is working to extend cover to underserved and low-income communities that may have limited interaction with the formal insurance market. The company says these initiatives are designed to bring first-time buyers into the system and increase the number of insured risks.
The insurer has also used concentrated field activity to support new business and retention. On April 22, SLIC General carried out a coordinated campaign across its islandwide network, deploying staff from all 142 branches on the same day. Teams engaged local communities to explain how policies can respond to exposures such as property damage, accidental injury, medical emergencies, and travel-related incidents. The company said the campaign was intended to promote insurance as part of basic financial planning for households and businesses, rather than as an optional purchase only considered after a loss.
From a credit and counterparty-risk perspective, SLIC General notes that it currently holds an A+ rating from Fitch Ratings, which it says is the highest rating assigned to a domestic insurer in Sri Lanka. The company has also been ranked by Brand Finance as the most valuable general insurance brand in the country. These external assessments, together with the reported Rs. 30 billion in GWP, are among the factors brokers, corporate buyers, and reinsurers may consider when evaluating the company’s capacity, balance sheet strength, and role in the motor and broader general insurance markets.
SLIC General’s announcement comes as industry data point to continued growth in Sri Lanka’s insurance sector. In its review of performance for the first three quarters of 2025, the Insurance Regulatory Commission of Sri Lanka (IRCSL) outlined trends in both long-term and general insurance business and emphasized the sector’s role in an economy exposed to past macroeconomic volatility and recurring natural disasters. As of Sept. 30, 2025, there were 15 licensed long-term insurers and 14 licensed general insurers operating in the market, according to the IRCSL.
The regulator noted that insurance supports households, businesses, and industries by providing financial protection against unexpected losses and by facilitating risk transfer and mitigation within the wider financial system. Industry premium data show steady growth over the review period. In the first quarter of 2025, total GWP for the sector stood at LKR 92,229 million, comprising LKR 51,056 million from long-term insurance and LKR 41,172 million from general insurance. In the second quarter, total GWP rose to LKR 184,545 million. Long-term premiums accounted for LKR 107,283 million, while general premiums reached LKR 77,262 million, indicating expansion in both life and nonlife segments.
The upward trend continued into the third quarter of 2025, when total GWP reached LKR 283,613 million, the highest quarterly premium volume recorded in the period. Of this amount, long-term insurance contributed LKR 164,059 million and general insurance LKR 119,554 million. On a year-over-year basis, third-quarter 2025 GWP increased 19.48% from LKR 237,382 million in the third quarter of 2024, an absolute rise of LKR 46,231 million. Long-term insurance drove most of that growth, with GWP up 25.06% to LKR 164,059 million from LKR 131,184 million a year earlier. General insurance GWP expanded 12.58% to LKR 119,554 million from LKR 106,198 million in the third quarter of 2024.
