The Insurance Regulatory Commission of Sri Lanka (IRCSL), in partnership with the Insurance Association of Sri Lanka (IASL), has unveiled the Sri Lanka Insurance Industry Development Roadmap at a ceremony held in Colombo on 21, with Ananda Wijepala attending as Chief Guest.
The Roadmap is designed to serve as a strategic framework for the future development of Sri Lanka’s insurance sector, with a strong focus on resilience, innovation, inclusion, and long-term national contribution. It outlines key priority areas including sector modernisation, regulatory alignment, digital transformation, financial accessibility, and strengthening consumer confidence.
The launch event brought together senior government officials, regulators, industry leaders, insurers, and financial stakeholders, underscoring the sector’s critical role in supporting Sri Lanka’s broader economic and social resilience. The initiative marks a significant milestone for the industry as it seeks to improve insurance penetration, enhance public trust and policyholder protection, expand digital services, strengthen data infrastructure and transparency, and improve overall competitiveness and sustainability.
Key highlights of the programme included the official launch of the Roadmap by the Director General of IRCSL, a demonstration of the Centralised Insurance Data Repository by the Credit Information Bureau of Sri Lanka (CRIB), the unveiling of the Motor Insurance Digital Card, an awareness session on new compliance requirements and the Master Circular, and the launch of the IRCSL newsletter.
SLIC Life reports strong 2025 performance, sustaining growth momentum
Sri Lanka Insurance Life (SLIC Life) has delivered a strong and well-balanced financial performance in 2025, reflecting sustained growth, disciplined execution, and continued customer confidence.
The company reported a Profit Before Tax of Rs. 4.3 billion for the year, while Gross Written Premium (GWP) grew by 24% to Rs. 32.6 billion. New Business Premium Income reached Rs. 7.56 billion, recording a strong 42% growth—marking the highest growth among leading life insurers and underscoring robust market momentum and expanding customer reach.
Demonstrating its continued commitment to policyholders, SLIC Life paid Rs. 16.2 billion in claims and maturity benefits during the year. In addition, the company declared Rs. 12.5 billion in bonuses in 2025 for policies in force during 2024, the highest annual life insurance bonus in the Sri Lankan life insurance industry. This brings the cumulative bonus paid to policyholders since 2006 to Rs. 116.6 billion, reinforcing its long-standing record of delivering consistent industry-leading returns.
The company’s financial position remained strong, with total assets rising to Rs. 275 billion, while the Life Fund expanded to Rs. 247 billion, further strengthening its position as the largest Life Fund in the industry.
SLIC Life also contributed significantly to the national economy, paying Rs. 1.4 billion in taxes to the Government, further supporting broader economic stability and development.
On the professional front, the company achieved a record 351 MDRT qualifiers in 2025—the highest in its history—reflecting the strength, productivity, and professionalism of its sales force.
Nalin Subasinghe, Chief Executive Officer of Sri Lanka Insurance Life, said the 2025 performance reflects disciplined execution, strong customer trust, and the commitment of teams across the organisation, adding that the company’s focus on customer centricity and operational excellence positions it for sustained growth in the years ahead.
Sri Lanka’s Insurance Industry Development Roadmap officially launched
