The cabinet of miisters granted approval for this purpose recently. This is consequent to the Cabinet in March this year, approving the segregation of the life and general insurance business of SLIC.

This was in line with the prevailing insurance market and the industry regulated by the Insurance Commission of Sri Lanka.

At Monday’s meeting, the Cabinet of Ministers approved the proposal presented by President Ranil Wickremesinghe in his capacity as the Minister of Finance to divest the life and general insurance business of Sri Lanka Insurance Corporation Ltd., to Sri Lanka Insurance Corporation Life Ltd., and Sri Lanka Insurance Corporation General Ltd., the wholly owned subsidiaries of SLIC.