Business

Sri Lanka Insurance posts a record Rs. 43 billion 2021 GWP

Published

5 years ago

2022/01/30

Sri Lanka Insurance Corporation (SLIC), the leading player in Sri Lanka’s insurance industry closed 2021 on a high note posting a record GWP of Rs. 43 billion on all classes of business in the teeth of current challenges, a company news release said.

The year saw 14% growth in life insurance premia, up to Rs.21.9 billion, while general insurance reported 5.4% growth in premium value totaling to Rs. 21.2 billion despite stagnant market conditions, the release said.

“The company achieved a combined Gross Written Premium (GWP) growth rate of 9.7% during the year. Life insurance contributed 51% to total GWP and General Insurance 49%.

Marking 60 years of excellence as the insurer of the nation, SLIC recorded many remarkable achievements during year 2021 including (yet again) the highest Life Insurance bonus in the industry of Rs. 8.6 billion, the release said.

The insurer was able to produce 189 MDRT (Million Dollar Round Table) members with five COT (Court of Table) and one TOT (Top of Table) member at the MDRT conference 2021 marking a historic milestone as the highest ever representation from Sri Lanka Insurance.

“In 2021 Sri Lanka Insurance upheld leadership in the country’s general Insurance and motor Insurance sectors while introducing multiple innovative motor insurance products that cater to the unique needs of customer in the motor insurance market,” the release said.

“Further, SLIC was recognized with many awards and accolades in the year. topping many aspects in the Brand Finance report on Sri Lanka’s Most Valuable Brands 2021 edition” including The Most Loved Insurance Brand of the year and the Most Valuable General Insurance Brand of the year, the release said.

These prestigious titles were carried for the fourth consecutive year. Also, SLIC Life recorded the highest brand value growth among the Life Insurance brands in Sri Lanka and was also recognized as a ‘Great Place to Work” in Sri Lanka in 2021, reiterating the company’s commitment towards developing and empowering employee relationships at the workplace, the release said.

It added that it had explored avenues to broaden the protection to communities serving different market segments, age groups and affinity groups through product and market development initiatives.

These included SLIC Speed Investment and SLIC Early cash and SLIC Minimuthu life insurance products that were relaunched understanding and catering to a new generation of SLIC clientele.

“Nagaraja” an exclusive medical insurance cover was also launched as the first product designed in the country to provide protection for Buddhist clergy and their family members and “Motor Plus Commercial” was launched with unique features to complement the needs of commercial vehicle users, it added.

“SLIC has been making steady progress in transforming its operational architecture and front end customer interfaces to ensure digital integration with a Mobile App introducing many enhanced features to constantly evolve with the consumer needs. This proved to be a significant tool during the pandemic period, the release said.

“The motor claim settlement process has undergone a major re-engineering process to facilitate fast-track and contactless claim settlements to customers. SLIC also increased the digital integration with other service providers to expand the number of payment platforms available to customers enhancing the accessibility and switching to contactless mode to ensure health and safety guidelines. The ‘Work Flow Management System’ is transforming all internal manual and paper-based operations to digital-driven systemized operations.”

Commenting on the excellence achieved during the year SLIC Chairman Eng. Vijitha Herath noted “The past year has been a testing time which compelled us to embrace changes and respond to challenges. As a State-owned insurer and the pioneer of the insurance industry, we have been contributing to the country’s development since inception and we have aligned our corporate goals with the country’s development goals. We have pledged to safeguard the nation by delivering exceptional insurance service and today we have become an icon of excellence in the industry exploring avenues to expand protection across every corner of the island.

“We continue to bring a sense of protection to millions of Sri Lankans with our stable financial performance and service enhancement. We reiterate the trust gathered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving ourself to conquer greater heights.”

Chief Executive Officer Chandana L. Aluthgama noted, “Operating in a very competitive landscape we have demonstrated our resilience again with the excellent and sustainable achievements during 2021. We have evolved to be a beacon of light during the turbulent times safeguarding the nation. As we celebrate the 60 years of excellence we are gearing up to keep the positive momentum with our prudent and sustainable strategic initiatives.”

He added they were heading towards an era of transformation and will continue to grow through strategic investments and diversification, internal efficiencies and productivity improvements.

“We were able to raise the bar for the insurance industry with these achievements made possible by the unwavering support and commitment of the management and staff, specially the sales force, guided by the Chairman and the Board of Directors of SLIC.”

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Business

Financial literacy central to country’s development – CBSL Governor

Published

9 hours ago

2026/10/13

Sahan Weerasooriya

Dr. Nandalal Weerasinghe: ‘Financial literacy vital’.

By Hiran H. Senewiratne

Sri Lanka’s financial literacy rate is approximately 58 percent. Such literacy is absolutely necessary for the inclusion of people in the country’s financial system which in turn is central to overall economic development, Central Bank Governor Dr. Nandalal Weerasinghe said.

‘One needs to have knowledge and skills of a financial nature to figure in financial inclusiveness. While 86 percent of Sri Lanka’s population has access to the country’s financial system, 82 percent of the public has at least a savings account in the country’s banking system, Dr Weerasinghe said.

The Governor made these comments recently at the inauguration of Financial Literacy Month 2026 at the Central Bank’s Centre for Banking Studies, Rajagiriya.

Dr. Weerasinghe added: ‘Suitable, affordable and quality financial instruments are needed to enhance financial literacy in the country.

‘Financial information has to be accurate, risk-free and accountable, thus creating confidentiality in the financial system, which would enable the sector to reach greater heights’.

Meanwhile CBSL sources said: ‘The Literacy Month opened with the two-day ‘FinLit Expo Colombo’. The expo gives the public the opportunity to engage with institutions, better understand financial services, gain practical insights into managing their finances and learn how to protect themselves from financial fraud and scams.

‘The CBSL is leading the program in collaboration with stakeholder institutions. It forms part of the Financial Literacy Roadmap for Sri Lanka, which is implemented under the National Financial Inclusion Strategy (NFIS), the national framework for widening access to and use of formal financial services.

‘The Colombo event will be followed by six regional ‘FinLit Expos’ aimed at direct engagement with local communities. Partner institutions will also run awareness activities. Together, the events are intended to provide financial education to communities and encourage people to apply financial knowledge in everyday life.

‘A public awareness campaign on television, radio, newspapers and social media will extend the program’s reach. The program also includes digital financial literacy activities and the promotion of QR codes and other online payment methods.

‘The public and stakeholder institutions are encouraged to take part in the month’s activities under the theme, “Towards a Financially Literate Sri Lanka”.

Business

HUTCH strikes five awards as the only telco honoured at SLIM DIGIS 2.6

Published

9 hours ago

2026/10/13

Sahan Weerasooriya

HUTCH Sri Lanka strengthened its position as a leader in digital engagement by securing five accolades at SLIM Digis 2.6, emerging as one of the most recognized brands at this year’s digital excellence awards. The achievement was further highlighted by HUTCH being the only telecom operator to be recognized at the event.

Organized by the Sri Lanka Institute of Marketing (SLIM), SLIM Digis is Sri Lanka’s premier platform celebrating excellence, innovation, and outstanding achievements in the digital marketing industry. The recognition highlights HUTCH’s growing strength in digital-first, agile, and creative marketing, and its ability to respond to everyday moments, engage audiences, and deliver impactful digital campaigns.

The Gold Award for Best Use of Agile and Moment Marketing, a Silver for Best Use of Digital in a Marketing Campaign, and a Bronze for Best Performance Marketing were all awarded for “Keeping Sri Lanka Connected Through Ditwah,” HUTCH’s response to the cyclone that struck Sri Lanka in November 2025, recognised for the speed and relevance with which HUTCH kept customers better connected and informed.

HUTCH Roaming also earned two further Bronze awards for Best Use of Digital in a Marketing Campaign and Best Use of Creative Content. Bringing together AI-led storytelling, the campaign was designed around distinct customer clusters, each characterized by unique travel behaviours, needs, and perceptions, delivering relevant content for different audiences within a single overarching campaign.

“These wins are a strong reflection of how HUTCH approaches marketing today, staying close to the moments that matter to our customers and responding with speed, relevance, and creativity. Being the only telco recognised at SLIM DIGIS 2.6, and across five categories, is proof that agility and thoughtful storytelling can go hand in hand. This recognition reflects the collective efforts with our strategic partners, whose collaboration, expertise, and shared commitment brought great campaigns to life,” said Hamdhy Hassen, Chief Marketing Officer, HUTCH Sri Lanka.

Business

Fairway Colombo named Official Accommodation Partner of Manhunt International 2026

Published

9 hours ago

2026/10/13

Sahan Weerasooriya

(L-R): Gamunu Cooray, Ms. Tharushi Kulathunga, Avinga Wanigasekara, Arjuna Senanayake, and Jagath De Almeda at the signing ceremony held at Fairway Colombo.

Sri Lanka’s Smart Luxury Business Hotel to Host Delegates and Contestants from Over 40 Countries as the Island Nation Hosts Its First-Ever Global Pageant of This Scale

Fairway Colombo, a subsidiary of Fairway Holdings (Pvt) Ltd, has been appointed as the Official Accommodation Partner for Manhunt International 2026, one of the world’s most prestigious male pageants, scheduled to take place in Sri Lanka.

The event marks a historic milestone for Sri Lanka, as the country prepares to host a global pageant of this scale for the very first time. More than 40 contestants representing countries from across the world will arrive in Colombo, bringing together diverse cultures, international media attention, and a global audience — further strengthening Sri Lanka’s position as a premier destination for tourism, culture, and hospitality.

As the official accommodation partner, Fairway Colombo will welcome and host international delegates and contestants throughout their stay in Colombo, delivering the exceptional hospitality experience and personalized service that the hotel is recognized for.

A Landmark Partnership for Sri Lankan Tourism

“We are truly honored to be selected as the Official Accommodation Partner for Manhunt International 2026. This partnership is a proud moment not only for Fairway Colombo but also for Sri Lanka as a whole. Hosting an event of this global stature provides us with an opportunity to showcase our commitment to smart luxury, innovation, and authentic Sri Lankan hospitality to an international audience. We look forward to creating a memorable and seamless experience for all delegates and guests,” said Avinga Wanigasekara, General Manager of Fairway Colombo.

Strategically located in the heart of Colombo’s historic Fort district, Fairway Colombo is recognized as a Smart Luxury Business Hotel, combining modern comfort, advanced technology, and exceptional service. As part of Fairway Holdings (Pvt) Ltd, the property represents the group’s vision of delivering innovative, world-class experiences across the hospitality and leisure sectors.