The European Chamber of Commerce of Sri Lanka (ECCSL), in collaboration with the Strengthening Social Cohesion and Peace in Sri Lanka (SCOPE) programme, recently hosted its third industry-focused event, bringing together apparel-sector stakeholders to exchange experiences and practical insights on embedding inclusivity and sustainability into business operations.

Building on the success of ECCSL’s earlier events focused on tourism and food and agriculture, this apparel-focused gathering convened government representatives, industry leaders, business practitioners and the academia to discuss practical strategies for embedding inclusivity and sustainability into business operations.

While many businesses already recognize the importance of these principles, the event emphasized practical implementation, shifting the conversation from the “why” to the “how” of inclusive and sustainable practices.

Chamindry Saparamadu, Director General of the Sustainable Development Council of Sri Lanka, discussed how the Government of Sri Lanka is supporting businesses to create social and environmental impact through its Inclusive and Sustainable Business (ISB) Strategy. Ms. Saparamadu outlined how this strategy aims to create a resilient, equitable, and sustainable economy by building an ecosystem in which inclusive and sustainable businesses can thrive, driving transformative change across industries.

The event also featured engaging presentations from leading apparel businesses—Omega Line, Hirdaramani, and Compreli Consulting—each showcasing real-world examples of how inclusivity and sustainability can be embedded into business operations.

Omega Line, represented by Saman Jayasinghe (Chief HR Officer, Group – Administration) and Charman Dep (Assistant General Manager – Production Planning), presented its multifaceted sustainability approach, spotlighting its Vavuniya factory as a successful model for combining environmental stewardship with social impact.

Hirdaramani’s Manindri Bandaranayake (Chief Brand & Sustainability Officer for Sri Lanka, Bangladesh, Ethiopia, and Vietnam) showcased the company’s holistic sustainability framework, including its Wonders of Wellbeing (WOW) program, policies supporting differently-abled individuals, and deep community engagement.

Finally, Compreli Consulting co-founders Ramesh De Silva and Shehan Olegasageram showcased their innovative garment repair-as-a-service model—a circular, scalable solution that reduces waste and carbon emissions, while aligning with evolving global sustainability regulations.

Participants then had the opportunity to share their own knowledge in a group discussion, exchanging experiences and reflecting on the challenges and opportunities encountered in their sustainability journeys.

The event underscored the collective benefit of building Sri Lanka’s reputation as a global leader in inclusive and sustainable business. By fostering collaboration between businesses, the academic community and government stakeholders, the session aimed to accelerate broader industry adoption of these principles and contribute to Sri Lanka’s sustainable economic growth.

The discussions were facilitated by the Project Lead of ECCSL’s Inclusive Business Practices project, William Baxter.

Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, has recorded a strong financial performance with growth across key metrics for the year ending December 31, 2024. The Company achieved a 15% growth in gross written premium, totalling Rs. 21.6 billion driven by double-digit growth in both regular new business premiums and renewal premiums and paid Rs. 7.7 billion worth of claims and benefits to its customers during the year. In addition, for the year ending December 2024, the Company also declared an industry-leading universal life policyholder dividend rate of 12%, underscoring its continued commitment to deliver exceptional value to its customers.

Net investment income recorded a 9% year-on-year growth to reach Rs. 11.8 billion aided by an effective asset allocation strategy. The gains from the trading investment portfolio increased by 123% to reach Rs. 2.9 billion driven by the strong performance of the Colombo Stock Exchange during the latter part of the year.

Union Assurance distributed Rs. 3 billion as surplus from the policyholder fund and reported a profit after tax of Rs. 3.7 billion for 2024. The Company declared a final shareholder dividend of Rs. 5.00 per share amounting to a total payout of Rs. 2.9 billion.

A key milestone for Union Assurance in 2024 was the surpassing of Rs. 100 billion in total assets for the first time in its history, ending the year with Rs. 109.5 billion. This underscores the Company’s solid financial foundation and growth trajectory.

The Company’s assets under management grew by 15% during the year, reaching Rs. 95.6 billion driven by market valuation gains and cash generation from business operations. Furthermore, Union Assurance’s capital adequacy ratio stood at a healthy 264% at the end of 2024, well above the regulatory minimum of 120%.

Associated Motor Finance Company PLC (AMF) has delivered a strong performance for the nine months ended 31st December 2024. The company recorded significant profitability growth, reinforced balance sheet strength, and a strong liquidity position, demonstrating strategic agility and prudent risk management.

AMF has shown resilience despite economic challenges during the COVID-19 pandemic and the 2022 financial crisis. While the industry saw a decline in lending activity, AMF continued to grow its portfolio, strengthening capital and liquidity to ensure financial stability.

The Company achieved significant growth across key financial indicators. Profit Before Tax (PBT) increased by an impressive 133%, reaching Rs. 781 million, and Profit After Tax (PAT) recorded substantial growth of 135%, rising to Rs. 393 million.

Return on Assets (ROA) and Return on Equity (ROE), stood at 5.25% and 15.25%, respectively, and the Capital Base to Risk-Weighted Assets (Tier II) ratio reached 15.49%, exceeding the regulatory minimum requirement of 12.5% and demonstrating the Company’s profitability and further improvement.

Total assets expanded to Rs. 20.39 billion, and Loans and receivables grew to Rs. 12 billion, boasting a healthy credit portfolio and increased lending activity. Customer deposits reflected a significant growth, reaching Rs. 15.46 billion, a testament to sustained customer confidence and trust in the Company’s financial strength.

Furthermore, total equity increased by 12%, reaching Rs. 3.63 billion, and the Net Asset Value (NAV) per share stood at Rs. 32.07, reflecting consistent value creation for shareholders. These financial achievements underscore the Company’s strong foundation, prudent risk management, and commitment to delivering long-term value to stakeholders. AMF maintained strong liquidity well above industry standards, with Liquid Assets accounting for 31.54% of Total Assets and a Short-Term Liquidity Ratio of 198%, demonstrating its ability to meet immediate obligations with ease.