Company profile: Sri Lanka Insurance Corporation

Sri Lanka Insurance Corporation (SLIC) saw its pre-tax profit fall by Rs43mn (US$0.5mn) to Rs565mn in 1999, largely because of a sharp fall in non-life underwriting profits. SLIC, the legal successor of the state-owned Insurance Corporation of Sri Lanka, was incorporated in 1993 as a public company and is the leading insurer of life and general insurance risks in Sri Lanka, with a market share of about 60% for both types of business. The company has a network of 14 regional offices and 61 branch offices in Sri Lanka together with a branch in the Maldives.