News
Sri Lanka Insurance celebrates a glorious 62 years of service
…inaugurates Business Operations for 2024
Sri Lanka Insurance (SLIC) inaugurated business operations for the year 2024 on Jan 1, at Sri Lanka Insurance Head Office, in Colombo. ‘Customer centricity through focused specialisation’ was announced as the theme for the business drive of 2024. The event was graced by the Board of Directors, Corporate Management, and Staff of SLIC. Business launches were also carried out at branch level in parallel to the main event at head office. The branch staff joined the head office event via live stream. The day’s proceedings commenced with observing blessings from the four religious believes.
Sri Lanka Insurance celebrates a glorious 62 years of service as the largest and strongest state insurer. The organisation remains at the helm of the insurance sector and has helped maintain industry-wide growth and equity, even during testing times. Year 2023 was a challenging year overall for the business community,
however Sri Lanka Insurance have risen to the occasion and it is evident through their exceptional performance.
Sri Lanka Insurance possess the largest asset base and the Life Fund solidifying its position as the strongest and largest insurance provider of Sri Lanka. The year marked the significant achievement of Sri Lanka Insurance being able to declare a SLR. 10.4 billion Life Insurance Bonus for 2022 to its policyholders. This is the 1st time in the Life Insurance industry that an organization has declared a Bonus over SLR 10 billion. Since 2006, SLIC has consistently declared the highest Life Insurance bonus each year, amounting to an unmatched total of SLR. 92.8 billion. Furthermore, SLIC concluded the year successfully recording a Rs. 21 Billion GWP in Life Insurance and Rs. 23.4 Billion GWP in General Insurance business.
In his New Year message, Chairman of Sri Lanka Insurance, President Counsel Mr. Ronald C Perera stated, ‘The dedication and hard work of all employees of Sri Lanka Insurance has contributed to the financial success and numerous accomplishments of the organisation in the past year. It is because of the employees who are the foundation of the company that Sri Lanka Insurance has withstood many challenges it has seen.
” He further commented, “Sri Lanka Insurance will embark on a new journey in 2024 with all preparations made for the segregation of the company as Sri Lanka Insurance Life and Sri Lanka Insurance General.” The Chairman reiterated that it is a regulatory requirement and this change will bring positive changes and a positive growth to both the Life Insurance and General Insurance categories.
Chief Executive Officer of Sri Lanka Insurance, Mr. Chandana L. Aluthgama in his New Year message stated, “despite the many challenges the Company has successfully completed another year due to the resilience showcased by the employees and the company as a whole. Regardless of the adversities we have kept our promises to our customers and have made an impact on the people by giving back to the communities to uplift their life styles.
” He further stated, “As we embark` on a new journey as Sri Lanka Insurance Life and Sri Lanka Insurance General, the business drive for both Life and General categories in 2024 will be ‘Customer centricity through focused specialisation’. This theme underscores the very core of SLIC’s mission to place its customers at the heart of everything we do. It is a commitment to not only meet but exceed their expectations through our expertise and specialized services by aligning our business strategies to ensure a superior customer experience.”
Adding to the success of the company, SLIC had numerous other achievements during the year. Sri Lanka Insurance was awarded the ‘The Most Loved Insurance Brand’ by Brand Finance for the sixth consecutive year. SLIC was also listed in the top 100 ‘Most Valuable Brands’ in Sri Lanka by Brand Finance 2023. The Sri Lanka Insurance General brand was awarded the ‘Most Valuable General Insurance Brand 2023’ while Sri Lanka Insurance Life brand secured 1st Runner-up in the ‘Most Valuable Life Insurance Brand 2023’ category.
Among the many other awards SLIC was recognized at the Women Friendly Workplace awards 2023 under the special category for ‘Empowering Women Entrepreneurs with Life Insurance Agencies’. Furthermore, the company won the Insurance, Finance and Investment sector award at the ‘Great HR Quiz’. SLIC also secure the Runner-Up award for Best Managed Project in Banking and Financial Sector at the National Project Management Awards 2023.
The organisation is technically robust and has been awarded the ISO 9001:2015 quality standard and Carbon Footprint Certification complying with ISO 14064-1:2018. The company continues with its initiatives to give back to the society though various projects. A free Life Insurance cover was gifted to parents of children born on World Children’s Day for the second consecutive year. Additionally, 375 Suba Pathum scholarships were awarded to top performers at the Grade 5 scholarship, GCE Ordinary Level and Advanced Level 2020/2021 examinations.
News
Cut power bills by 3-5%, don’t hike them, consumers demand
By Anuradha Hiripitiyage
Electricity tariffs should be reduced by between 3 and 5 percent instead of being increased by 2.88 percent in the fourth quarter, as proposed by the National System Operator (NSO), Electricity Consumers’ Association Secretary Sanjeewa Dhammika said.
Addressing a media briefing in Maradagahamula, Divulapitiya, Gampaha, yesterday (16), Dhammika said a proper assessment of electricity generation costs, including the contribution of hydropower, could justify a reduction in tariffs.
He said the NSO had sought approval from the Public Utilities Commission of Sri Lanka (PUCSL) for a 2.88 percent tariff increase, which was expected to generate an additional Rs. 4,438 million.
However, the Commission had indicated that an increase of only 1.46 percent was warranted, amounting to Rs. 2,245 million, he said, adding that even this increase was unnecessary.
Dhammika alleged that the proposed revision sought to pass on to electricity consumers the financial burden arising from the non-arrival of five coal shipments and failed tenders.
“The Government had said that the burden of coal-related losses would not be passed on to the public. It is therefore unjust to make consumers bear these costs,” he said.
He pointed out that the PUCSL had forecast that hydropower would account for 32.34 percent of total electricity generation in the coming quarter, while the cost of such generation would represent only 3.45 percent of the overall cost of electricity production.
Consumers should benefit from the lower cost of hydropower generation rather than bear the burden of more expensive thermal power generation, he said.
Dhammika also questioned the inclusion of Rs. 669 million in capacity charges that had not been approved by the PUCSL, as well as a further Rs. 1,069 million to repay loans relating to incomplete projects.
Including such charges in the proposed tariff revision was unjustifiable, he said.
The PUCSL has given the public until October 30 to submit their views on the proposed tariff revision.
Dhammika said the possibility of increased hydropower generation in the coming weeks, as reservoir levels rise, should also be taken into account when determining electricity tariffs.
He maintained that tariffs could be reduced by 3 to 5 percent if hydropower generation was properly assessed and coal-related losses and unapproved charges were excluded from the calculations.
He further claimed that electricity tariffs could be reduced by as much as 10 percent through the promotion of renewable energy and the effective use of solar power and battery storage systems.
The Electricity Consumers’ Association urged the Government to withdraw the proposed tariff increase, insisting that consumers should not be made to bear costs arising from coal supply problems and other disputed charges.
News
Asgiri Mahanayake calls for immediate release of Gnanasara Thera
By S.K. Samaranayake
Most Ven. Warakagoda Sri Gnanaratana Mahanayake Thera of the Asgiri Chapter has called for the immediate release of Ven. Galagodaaththe Gnanasara Thera, who is currently serving a prison sentence, following a court ruling.
The Asgiri Mahanayake made the appeal when a delegation of senior prison officials, including Assistant Commissioner of Prisons and Director of Operations Senaka Pallegedara, called on him on the 16th.
During the meeting, the prelate warned that the continued incarceration of Ven. Gnanasara Thera could lead to a volatile situation and cause public agitation.
Responding to the appeal, the prison officials informed the Mahanayake Thera that the authority to order the release of Ven. Gnanasara Thera did not rest with the Prisons Department but with the President.
Other senior prison officials, including Rajeev Srimal Silva, Sampath Warnakulasooriya and Mangala Welivita, were also present at the meeting.
News
Lanka Air Force joins multinational exercise in India
The Sri Lanka Air Force participated in a multinational air exercise in India, alongside the air forces of the United States, France and Germany, as Sri Lanka continues to expand military cooperation with foreign countries.
A Sri Lankan Air Force Beechcraft King Air 360ER aircraft, and a six-member crew, took part in Exercise Tarang Shakti 2026, held at Air Force Station Jodhpur, from September 26 to October 12.
The exercise was hosted by the Indian Air Force, under the theme “Power in Partnership,” and involved Australia, Bangladesh and the United Arab Emirates, among other participating countries.
According to the Sri Lanka Air Force, the exercise was aimed at enhancing operational cooperation and interoperability among participating air forces and providing opportunities to share tactics and operational experience.
India’s public broadcaster reported that the exercise included training and experience in planning and conducting joint multinational combat operations, including counter-air, air defence, reconnaissance and air-to-air refuelling missions.
The exercise also involved 32 countries as observers.
Sri Lanka’s participation comes amid increased military engagement with foreign partners. India and Sri Lanka recently exchanged 240 military personnel under a tri-service exchange programme.
Sri Lankan military personnel also recently participated in a counter-terrorism exercise with Russia, while a senior US Army Pacific official visited Sri Lanka and discussed opportunities for greater joint training.
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