Sri Lanka’s life insurance segment surpasses general business in Q2’23

The industry saw its total assets reach $3.1b during the quarter.

The profits of Sri Lankan life insurers reached $41.4b in the April to June period, whilst the general insurance segment registered a $18.9b, according to the Insurance Regulatory of Sri Lanka.

To compare, the life segment’s profit was 81.6% higher year-on-year (YoY) than the previous year’s $22.8m. On the other hand, the general insurance sector fell 58.8% YoY from last year’s $45.9b.

The industry’s consolidated assets reached $3.1b during the period, 10.7% YoY larger than the $2.8b last year.

(SRs1.00 = $0.0031)