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LOLC Life and LOLC General seen as standing out

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LOLC Group’s Insurance arm concluded the FY 2022 on a high note, recording its best -ever performance to date. Consolidated Gross Written Premium (GWP) of LOLC General Insurance (motor and non-motor) for the year ended 31st December 2022 stood at Rs. 8.551 Bn, reflecting a commendable 17% improvement over the previous financial year.

LOLC Life and General together also accounted for a combined Profit After Tax (PAT) of Rs. 2,418 Mn. What is more remarkable is that these results come amidst the backdrop of a significant decline in industry-wide performance owing to severe external challenges throughout 2022.

In the current financial year, LOLC General Insurance recorded a Profit before Tax (PBT) of Rs.1.65 Bn, denoting a solid 30% increase year on year, along with a PAT of Rs. 1.40 Bn representing 28% improvement over the figure reported for the previous financial year. The Total Comprehensive Income of the company recorded Rs. 449 Mn. Furthermore, with the Company’s market share in the Motor segment edging up to 10% in the year 2022, LOLC General too moved up 2 spots in the industry league tables from 7th position in 2021 to claim 5th place in 2022.

Similarly, LOLC Life Assurance also soared ahead to deliver exceptional results and reach some important milestones in the current financial year. Reporting an overall Premium income growth of 12% year on year, the company was recognized as having the Highest New Business growth (FYP) in the industry at 31%, a monumental achievement given the severe challenges encountered during 2022. Meanwhile growing by 74% year on year, the PAT crossed the 1Bn mark for the first time in the company’s history. Backed by strong bottom line results, LOLC Life Assurance reported a Return on Equity (ROE) of 33%. Moreover, with a 4% market share in GWP terms, LOLC Life moved up to the 7th spot in the industry rankings for 2022 from 8th position occupied in the previous financial year.

The formation of the Insurance arm, – Life and non-Life (General) operations in 2010 denotes a key milestone in LOLC’s strategic diversification agenda. A little over a decade on, LOLC life and general businesses have proven themselves as the most preferred insurance providers in the market.

LOLC Life Assurance Ltd (LOLC Life) continues to offer a comprehensive suite of Insurance covers from Life Insurance plans, pension plans, child plans, critical illness plans and home loan protection solutions, all tailored to suit the bespoke needs of each customer. The business model of the Life business revolves around providing sustainable solutions to ensure the safety of people and communities. A robust business model coupled with sound underwriting principles has put LOLC Life on an accelerated growth trajectory, for the past few years.

LOLC General caters to all customer segments through specialized lifestyle Insurance solutions for vehicles, homes, businesses, travel, cargo, personal accident cover etc. Seeking to emulate a more inclusive approach to business, LOLC General also offers Takaful Insurance – an alternative solution for risk averse customers to benefit from the risk sharing concept promulgated by the Islamic banking principles.

Over the past ten years, LOLC General has recorded a number of milestones, most notably the listing on the Colombo Stock Exchange in December 2021. The unveiling of the ‘Honours’ loyalty programme in October 2022 marks another important milestone for LOLC General.



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BOC Maldives Celebrates 45 Years of Banking Excellence and Unveils New Digital Banking Initiative

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Established in 1981, BOC Maldives has grown steadily over the years, building a reputation as a trusted banking partner. BOC Maldives forms an important part of Bank of Ceylon’s international network, connecting the bank’s operations in London, Chennai, Seychelles, Malé and Hulhumalé. Within this network, BOC Maldives occupies a unique position due to its presence in a tourism-driven economy and its role in facilitating banking relationships associated with trade, investment, foreign currency transactions, and broader regional business activities.

Bank of Ceylon (BOC) Maldives recently celebrated its 45th anniversary, marking a significant milestone in the bank’s longstanding contribution to the Maldivian banking sector and its commitment to fostering economic growth and financial inclusion in the Maldives. A special customer felicitation ceremony was held to recognise long standing relationships with key customers and business partners with the participation of Bank of Ceylon’s Chairman Mr. Kavinda de Zoysa, General Manager/CEO Mr. Y.A. Jayathilaka, Acting Senior Deputy General Manager/Head of Global Markets Mr. G.A. Jayashantha, and Chief Manager of the Overseas Branches Division, Mr. Harischandra Hewage together with Country Manager Ms. Manjula Herath and the staff of BOC, Maldives.

The ceremony reflected the bank’s appreciation for the trust and confidence placed in BOC Maldives over the years and underscored the importance of maintaining strong and mutually beneficial partnerships. Addressing the gathering, senior representatives of the bank highlighted the institution’s journey over the past 45 years and emphasized the branch’s contribution towards strengthening economic ties between Sri Lanka and the Maldives. They also acknowledged the invaluable support extended by customers, stakeholders, regulatory authorities, and employees who have contributed to the branch’s success throughout the years.

One of the key highlights of the event was the announcement of the upcoming launch of Internet Banking services in the Maldives. This initiative represents another significant step in the bank’s digital transformation journey and its ongoing efforts to enhance customer convenience and accessibility. The branch has consistently embraced advancements in banking technology to improve customer service and operational efficiency. Notably, BOC was the first bank in the Maldives to introduce Automated Teller Machines (ATMs), demonstrating its pioneering approach to banking innovation within the country.

The anniversary also offered an opportunity to reflect on the legacy built by BOC Maldives since its establishment. Over the years, the bank has been associated with financing and supporting projects in government, infrastructure, tourism, resort development, construction, real estate, wholesale and retail trade, housing, fisheries, and aviation. Earlier milestones in the bank’s Maldivian operations have also recognized its role in supporting major national and sectoral projects, including airport-related development, government sector financing, and the Hulhumalé Reclamation Project Phase II.

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Blue Lanka Tours launches employee mental health and wellness programme

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Participants of the event

Blue Lanka Tours recently launched a mental health and wellness initiative aimed at promoting employee wellbeing and fostering a healthier workplace culture.

The programme, titled Compass, was held at the ITC Ratnadeepa in Colombo, bringing together employees for a series of sessions focused on mental health awareness, healthy living and personal development.

Addressing the event, Blue Lanka Tours Founder and Managing Director Dinesh N. Perera said the company’s responsibility extended beyond serving international visitors to ensuring the wellbeing of its employees.

“When we say we are a responsible company, it also means we are a responsible employer who recognises workplace pressures, personal responsibilities and the demands of modern life,” he said.

Wellness Facilitator and Mindset Coach Tanuja Perera Raymond conducted a session on building confidence, emotional balance and workplace performance through practical daily habits. Counselling Psychologist and Mind Leap Counselling Services Founder Dulari Ranasinghe discussed strategies for managing stress, overcoming emotional challenges and developing healthier personal relationships.

Fitness and Nutrition Coach Shane Ramenaden led the final session, highlighting the relationship between physical health and workplace productivity through posture improvement, mindful decompression, nutrition and healthy lifestyle practices.

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ICAO Asia-Pacific Director joins NGAP aviation awareness programme in Kandalama

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A winner of the art competition receiving her certificate

The Civil Aviation Authority of Sri Lanka (CAASL) conducted the Next Generation of Aviation Professionals (NGAP) Sri Lanka Programme at D.S. Senanayake Maha Vidyalaya, Kandalama, recently bringing together around 400 school students to promote awareness of aviation-related careers.

The programme, organised through the CAASL Civil Aviation Promotion Unit under the leadership of Director General of Civil Aviation and Chief Executive Officer Captain Daminda Rambukwella, aimed to inspire students to explore opportunities in the aviation sector.

ICAO Asia and Pacific Regional Director Tao Ma attended the event as chief guest, reaffirming the International Civil Aviation Organization’s support for initiatives that encourage youth participation in aviation and contribute to the sustainable growth of the global industry.

Students from D.S. Senanayake Maha Vidyalaya and several schools in the Galewela Education Zone participated in the programme, which featured interactive sessions, presentations by aviation professionals, and educational activities designed to enhance knowledge of the sector.

The programme commenced with a model aircraft flying display, which drew significant interest from students while demonstrating basic principles of flight and aircraft operations.

An aviation-themed art competition was also held, with ICAO officials and CAASL representatives reviewing student artwork and commending their creativity and enthusiasm.

Speaking at the event, Tao Ma praised Sri Lanka’s efforts to promote aviation awareness among youth, noting the importance of developing the next generation of aviation professionals.

Director General of Civil Aviation and Chief Executive Officer of the Civil Aviation Authority of Sri Lanka, Captain Daminda Rambukwella highlighted the role of the NGAP initiative in building a future-ready aviation workforce and encouraged students to consider careers in the expanding sector.

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