Brief comparison — key differences between AIA Insurance (AIA Insurance Lanka PLC) and Sri Lanka Insurance Life (Sri Lanka Insurance Corporation Life Limited, often shortened to SLIC Life)

1. Ownership & group

• AIA Insurance Lanka — part of AIA Group, a large publicly listed pan‑Asian life insurer headquartered in Hong Kong (private/market‑listed regional group). (AIA-group-wise.aem.growthops-fs.com)
• Sri Lanka Insurance Life — the life arm of Sri Lanka Insurance Corporation; historically state‑owned and recently legally segregated into a dedicated life company (state majority ownership / national insurer). (dailymirror.lk)

2. Market position & scale in Sri Lanka

• SLIC Life — generally the largest life insurer by scale in Sri Lanka (large life fund, strong GWP and market share; recent public figures show high premiums, assets and large life fund). (sliclife.com)
• AIA Sri Lanka — one of the leading private life insurers in Sri Lanka (consistently ranked among top life insurers; significant franchise and awards). AIA is typically among the top few private competitors but not the single largest state insurer. (cfi.co)

3. Financial strength & ratings

• SLIC Life — has received an A+(lka) National Insurer Financial Strength rating from Fitch (Stable outlook) and publishes strong regulatory capital / RBC positions in recent disclosures. (sliclife.com)
• AIA Sri Lanka — benefits from the financial strength and group support of AIA Group (AIA Group reports strong regional results); AIA Sri Lanka publishes its own capital metrics and is described as strongly capitalised in local reporting. (For AIA Group global ratings and consolidated strength refer to AIA Group filings). (AIA-group-wise.aem.growthops-fs.com)

4. Product focus and propositions

• AIA Sri Lanka — life, health, savings, retirement/pension solutions, group life and employee benefits, wellness programmes (AIA Vitality), bancassurance and digital integrations; strong emphasis on health & wellness value‑add. (AIA-group-wise.aem.growthops-fs.com)
• SLIC Life — traditional life insurance, savings, with large scale bonus declarations and conventional participating/with‑profits style offerings; strong track record of bonus payouts and large life fund (emphasis on protection plus shareholder role in national development). (sliclife.com)

5. Distribution & customer reach

• AIA Sri Lanka — extensive private distribution: large force of wealth planners/agents, bancassurance partnerships, many branches, and digital channels. (cfi.co)
• SLIC Life — island‑wide presence and long historical network as the national insurer; large agency/branch footprint and institutional ties as a state player. (dailymirror.lk)

6. Brand & customer perception

• AIA Sri Lanka — marketed strongly around “healthier, longer, better lives”, frequent awards for being a top life insurer and a focus on customer experience and workplace recognition. (cfi.co)
• SLIC Life — strong legacy brand and high public recognition in Sri Lanka; recent awards and “most loved” / top‑brand recognitions plus public trust as the long‑standing national insurer. (sliclife.com)

7. Pricing, bonuses & claims

• SLIC Life — publicly highlights large bonus declarations and significant claim/maturity payouts (historically emphasizes dividends/bonuses to participating policyholders). (sliclife.com)
• AIA Sri Lanka — competitive product pricing varies by product; emphasis on flexible savings, health riders, wellness discounts and product innovation (exact premiums depend on product, age, health and underwriting). (AIA-group-wise.aem.growthops-fs.com)

How to choose between them (practical points)

• If you prioritise a state‑backed, large traditional insurer with strong bonus history and national scale → SLIC Life is often preferred. (sliclife.com)
• If you prioritise wellness features, bancassurance access, digital tools, international group backing and modern product design → AIA Sri Lanka is a strong option. (AIA-group-wise.aem.growthops-fs.com)
• Always compare the specific policy illustrations: premium, projected bonuses (if participating), surrender values, riders (critical illness, disability), claim process, and the insurer’s solvency/capital position in the most recent financials.

Sources used (representative)

• Sri Lanka Insurance Life (SLIC Life) corporate news and Fitch rating announcements. (sliclife.com)
• AIA Insurance Lanka / AIA Group profile, awards and product descriptions. (cfi.co)

If you’d like, I can:

• pull the latest consolidated financials/annual reports for each company (most recent year) and compare metrics (assets, GWP, solvency/RBC, claim payout ratios), or
• compare two specific products (e.g., a 20‑year savings plan or a term life + critical illness) side‑by‑side from each company and show premium and benefits.

Which follow‑up would you prefer — a financial‑metrics table or a product‑level comparison?