GWP of Sri Lankan insurers witness 8.38% YoY in Q4’23

Claims incurred totalled Rs137b.

The Gross Written Premiums (GWP) of Sri Lankan insurers in the fourth quarter of 2023 (Q4’23) grew 8.38% year-on-year (YoY) to Rs279b, data from the Insurance Regulatory Commission of Sri Lanka showed.

Long-Term Insurance GWP stood at Rs153b, showing a 12.87% YoY increase, whilst General Insurance GWP reached Rs126b, up by 3.40% YoY. 

The industry’s total assets surged to Rs1.1t, a 14.74% YoY rise from Q4’22. 

Long-Term Insurance assets soared to Rs820b, up by 22.62% YoY, whilst General Insurance assets slightly declined to Rs267b. 

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Investments in Government Debt Securities rose to Rs503b, with Long-Term Insurance contributing Rs426b and General Insurance Rs77b. 

Claims incurred totalled Rs137b, with Long-Term Insurance at Rs76b and General Insurance at Rs60b, showing an increase of 11.77% YoY.

Profit Before Tax (PBT) reached Rs51b, with Long-Term Insurance at Rs31b and General Insurance at Rs20b. 

As of December 2023, there were 28 insurance companies operating, with 14 in Long-Term Insurance, 12 in General Insurance, and 2 as composite companies. 

Additionally, 78 insurance brokering companies were registered, with total assets reaching Rs12b, up by 27.75% YoY.