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Union Assurance records double-digit growth in Q3 2023

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Union Assurance, a leading player in Sri Lanka’s Life Insurance industry, is delighted to announce its outstanding performance in the third quarter of 2023, leaping ahead in the industry across key financial measures.

Demonstrating robust growth, the company recorded a 14% increase in gross written premium compared to the corresponding period in 2022, surpassing the industry growth rate of 11%. Notably, the company achieved a significant milestone by becoming the 4th largest market player in the life insurance industry, securing a total market share of 12% as of Q3 2023.

Excluding surplus transfers, the profit after tax soared by 74%, driven by higher investment income generated during the nine months of 2023, compared to the corresponding period in 2022. Union Assurance’s market capitalization witnessed an impressive 46% growth, reaching Rs. 23.9 billion as of Q3 2023.

With strategic asset allocation, and by leveraging the high-interest rate environment, the company was able to record a remarkable 54% growth in investment income, compared to the corresponding period in 2022. Union Assurance’s investment portfolio reached Rs. 80 billion by the end of September 2023, reflecting a substantial 24% increase compared to the corresponding period in 2022.

The company’s total assets and the life fund value stood at Rs. 91.3 billion and Rs. 63.9 billion, as of Q3 2023. Efficient asset liability management and a decreasing interest rate environment led to a remarkable improvement in the capital adequacy ratio, reaching 395% at the end of September 2023, compared to the 2022 year-end ratio of 194%.

Commenting on this remarkable performance, CEO of Union Assurance, Jude Gomes, stated, “We are elated to announce our exceptional performance. Amidst a challenging economic backdrop, we have consistently proven our mettle, recording double digital growth in the third quarter of 2023. This accomplishment is a testament to the dedication and hard work of our team, and we are well poised for continued success and innovation in the sector.”

Sharing his enthusiasm, the Deputy CEO of Union Assurance, Senath Jayatilake, stated, “At Union Assurance, we are not just focused on financial growth; we are progressively working towards creating sustainable value for all stakeholders. We take pride in reaching these significant milestones and express our gratitude to our valued stakeholders for their trust in Union Assurance. As we celebrate these achievements, we also reaffirm our commitment to continuous improvement, always seeking ways to enhance our services and provide better experiences for our customers.”

Union Assurance is a subsidiary of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. Set to protect the lives and enriching the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover health, investment, protection, retirement, and education needs of Sri Lankans. With an island-wide branch network and an over 4,000-strong workforce, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry. (Union Assurance)



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SLEIS 2026 to examine Sri Lanka’s energy transition and its implications

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Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.

The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.

Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.

The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.

The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.

Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).

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A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem

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The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.

Establishment of the New Advisory Committee

To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:

• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.

• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.

• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.

New Trustee Appointment

Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.

A Vision for the Future

“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.

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Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community

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Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.

The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.

Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.

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