SLIC privatisation

Asia

The government of Sri Lanka is hoping that the privatisation of the Sri Lanka Insurance Corporation (SLIC) will contribute substantially to the US$220mn it needs to raise to cut the budget deficit by the 8.5% agreed with the International Monetary Fund. SLIC accounts for 36% of the life insurance premiums in Sri Lanka. And, as the only insurer of public sector property, the company also has a substantial share of the nonlife market.