Sri Lanka’s gross written premiums pencil 16.5% YoY in Q3 2024

However, earnings contracted by 8.31% YoY.

The Sri Lankan insurance industry’s third quarter (Q3 2024) gross written premiums (GWP) Rs.237.4b, climbing 16.5% year-on-year (YoY), data from the Insurance Regulatory Commission of Sri Lanka showed.

Likewise, the life insurance segment’s GWP grew 19.3% YoY to Rs.131.2b, whilst general insurance saw a 13.3% YoY rise to Rs.106.2b.

By Q3 2024, total assets rose to Rs.1.15t, a 5.75% increase from Rs.1.09t in Q3 2023.

Life insurance assets grew 10.5% to Rs.873b, whilst general insurance assets declined 6.9% to Rs.279.1b.

In Q3 2024, total claims rose 6.15% YoY to Rs.109b. Life insurance claims grew 11.2% to Rs.62.2b, whilst general insurance claims increased marginally by 0.11% to Rs.46.8b.

However, in Q3 2024, total profit before tax (PBT) declined 8.31% YoY to Rs.33.4b. Life insurance PBT dropped 6.31% YoY to Rs.18.4b, whilst general insurance PBT fell 10.64% to Rs.15b.

As of 30 September, 82 insurance brokering firms were registered with the IRCSL.

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