Life Report

Product Insurance Market Reports Life Rev Sudan

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Sri Lanka's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Sri Lanka's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Sri Lanka

The Sri Lanka life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Sri Lanka.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Sri Lanka and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Sri Lanka’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Sri Lanka is available.

Axco’s report describes the regulatory framework that applies to the Sri Lankan domestic life insurance sector, including whether non-admitted insurance is permitted in Sri Lanka; as well as the legislation necessary to know regarding Sri Lanka’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Sri Lanka with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Sri Lankan market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Sri Lanka, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Sri Lankan pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Sri Lanka report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Sri Lanka Life and Benefits Report Extract

Below are brief extracts of information from the Sri Lanka Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Life premiums for 2020 were LKR 102.97bn (USD 554.49mn), an increase of 15.98% compared to 2019 and up by 62% since 2016.

In August 2021, 28 insurance companies were active in the market. Two of these are composite insurers, whilst 12 are registered to handle only non-life business and 13 engage solely in life classes. The state-owned National Insurance Trust Fund operates mostly as a reinsurer, but also writes various insurance products. The largest life insurer in 2020 was Ceylinco Life Insurance Co Ltd ....


Legislation effected in 1996 prohibited the formation of new privately funded pensions, although existing arrangements (notably those of banks and large organisations) were permitted to continue. According to the Central Bank of Sri Lanka (CBSL), approved provident funds (APFs) and approved contributory pension schemes (ACPSs) had 186,491 members and estimated assets amounting to LKR 364.9bn (USD 1.96bn) at the end of 2020.

Employers and employees are obliged to contribute to the state-sponsored ....


Healthcare insurance has grown strongly in recent years and continues to do so, as more people seek alternatives to the waiting times experienced to obtain many standard treatments under the public health system. Most is written as stand-alone policies in the non-life market.

In 2020, the total premium was LKR 18.7bn (USD 100.7mn), an increase of 12.7% compared to 2019. The ongoing potential for local healthcare insurers is ....

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