Sri Lanka Insurance Corporation (SLIC) Ltd, the legal successor of the Insurance Corporation of Sri Lanka, was established as a Public Company in 1993. Prior to its privatisation, SLICL was fully owned by the Government. SLIC has been the acknowledged leader in the field of insurance in Sri Lanka, providing competitive services to the public for protection of insurable interest in Life and Property against risks at a reasonable cost.

In 2003, 90% of shares of SLICL were sold to the Distilleries consortium comprising Distilleries Company of Sri Lanka Ltd, Aitken Spence & Co. Ltd, Aitken Spence Insurance (Pvt) Ltd and other foreign institutional investors together with Technical Partners, ING Institutional, and Government Advisory Services.

SLI who is the highest capitalized insurer and the only rated Insurance Company in Sri Lanka. The assets exceed US$ 430 million and has been bestowed with an AA-(Sri) rating.

DCSL owns 74% of the shares of Sri Lanka Insurance Corporation Ltd.