Profits of Sri Lankan insurers jump 35% YoY in Q1 2024

Its assets climbed 10.9% YoY.

Sri Lanka's insurance industry recorded a profit before tax (PBT) for both long-term/life and general insurance of Rs. 12,332m in the first quarter of the year (Q1 2024), a 35.1% year-on-year (YoY) jump, data from the Insurance Regulatory Commission of Sri Lanka showed.

The PBT for Long-Term Insurance rose by 4.4% YoY to Rs. 6,655m, whilst the PBT for General Insurance doubled (106.1% YoY) to Rs. 5,677m.

The industry’s total Gross Written Premium (GWP) stood at Rs. 78,589m for Long-Term and General Insurance Businesses for the quarter ending 31 March, reflecting a 7.4% YoY growth compared to Rs. 73,178m in Q1 2023. 

The Long-Term Insurance Business reported a GWP of Rs. 40,230m, a notable 19.3% YoY rise from Rs. 33,733m in Q1 2023. 

In contrast, the General Insurance Business saw a 2.8% decline in GWP, amounting to Rs. 38,358m, down from Rs. 39,445m in the previous year.

The total assets of insurance companies grew by 10.9%, reaching Rs. 1,098,988m by the end of Q1 2024, up from Rs. 991,126m at the same time last year. Long-Term Insurance assets increased by 18.5% to Rs. 824,890m, whilst General Insurance assets decreased by 7.2% to Rs. 274,098m.

The regulatory monitors 29 insurance companies and 78 brokering companies.