Business
Ceylon Tea conquers Libya: Exports leap 416%
In a world where every strong cuppa tells a unique story, Sri Lanka’s famed Ceylon Tea continues to carve its legacy – one cup at a time. The latest tea export figures for March 2025 reveal a tale of resilience, with total shipments rising to 23.43 million kilograms, up from 21.25 million kgs the previous year.
But the real headline is; Libya’s staggering 416% surge in Ceylon Tea imports – marking a bold new chapter in Sri Lanka’s tea trade. While traditional markets like Iraq and Russia held steady, Libya emerged as the ‘breakout star’, importing 5.31 million kgs in the first quarter of 2025 – a jaw-dropping leap from just 1.03 million kgs in 2024.
This explosive growth signals a burgeoning demand for Sri Lanka’s premium leaves in North Africa, where the rich, aromatic flavors of Ceylon Tea are winning hearts and palates.
Quadrupling Libya’s appetite for Ceylon Tea even in challenging global markets, is reflecting the fact that Sri Lanka’s tea can find loyal fans in evolving markets.
However, while the export values shine in USD terms, the rupee value of tea exports dipped slightly – a stark reminder of currency fluctuations impacting export earnings. Yet, the broader trend remains positive for Ceylon Tea, with cumulative exports for Q1 2025 reaching 63.21 million kgs, up from 62.33 million kgs last year.
Key markets like Iraq (+7%) and Chile (+41%) showed strong growth, while Russia and the UAE saw mild declines. Meanwhile, Tea Bags and Instant Tea have posted gains even in rupee terms – marking a bright spot in an otherwise mixed landscape, where Tea in Bulk and Green Tea segments have witnessed a decline against the same period of the previous year.
On the production front, tea production for the month of March 2025 totalled 24.43 M/Kgs, showing an increase of 4.86 M/Kgs vis-à-vis 19.57 M/Kgs of March 2024. All elevations showed an increase in comparison with the corresponding month of 2024.
“As Sri Lanka’s tea industry navigates global headwinds, the increase in production and Libya’s soaring demand could offer a breather,” analysts said.
(Source: Forbes & Walker Pvt Ltd, Sri Lanka Customs, Central Bank of Sri Lanka)
By Sanath Nanayakkare
Photo Credit: Sri Lanka Executive Aviation Services
Business
AIA delivers strong first half results in 2026; double-digit growth across key financial metrics
The Board of AIA Group Limited (the “Company”) is pleased to announce the Group’s financial results for the six months ended 30 June 2026. Growth rates are shown on a constant exchange rate basis unless otherwise stated:
New business performance and embedded value
Value of new business (VONB) of US$3,212 million, up 10 per cent overall and 14 per cent excluding Thailand(1)
Record high annualised operating ROEV of 18.0 per cent, up from 15.8 per cent in full year 2025
EV Equity of US$83.4 billion, up 6 per cent per share over the first half on an actual exchange rate basis
IFRS earnings
Operating profit after tax (OPAT) of US$4,163 million, up 13 per cent per share
AIA now expects to exceed OPAT per share CAGR target of 9 to 11 per cent from 2023 to 2026(2)
Record high annualised operating ROE of 17.5 per cent, up from 15.5 per cent in full year 2025
Cash generation and capital returns
Underlying free surplus generation (UFSG) of US$3,935 million, increased by 10 per cent per share
Net free surplus generation (net FSG) of US$2,758 million, up 12 per cent per share
US$3.6 billion returned to shareholders in the first half through dividend and share buy-back
Interim dividend increased by 10 per cent to 53.90 Hong Kong cents per share
Lee Yuan Siong, AIA’s Group Chief Executive and President, said:
“AIA has delivered another strong performance in the first half of 2026, with double-digit growth across our key financial metrics, while continuing to return substantial capital to shareholders. VONB reached a record high of US$3.2 billion with growth across all distribution channels, and all reportable segments excluding Thailand. The Group has achieved 17 per cent CAGR since the first half of 2023(3), demonstrating consistently strong demand for AIA’s professional advice and differentiated products.
“At the core of our unrivalled distribution platform is our market-leading Premier Agency. I am delighted that AIA has once again been ranked the number one Million Dollar Round Table (MDRT) multinational company globally. We have held this position for a record 12 consecutive years and we have more than double the number of MDRT members of our nearest competitor. In the first half of 2026, our Premier Agency achieved strong VONB growth of 11 per cent excluding Thailand(1). Our extensive network of strategic distribution partners further expands our market reach and generated an 18 per cent increase in VONB, supported by very strong performance in both the bancassurance and independent financial adviser (IFA) and broker channels.
“Strong new business, together with disciplined management of our in-force portfolio, has supported sustained growth in recurring earnings with OPAT per share up by 13 per cent in the first half. As a result, we expect to exceed our 9 to 11 per cent OPAT per share CAGR target for 2023 to 2026(2). UFSG, the Group’s core measure of operating cash generation, increased by 10 per cent per share. After allowing for new business investment, net FSG increased by 12 per cent per share. In accordance with our prudent, sustainable and progressive dividend policy, the Board has declared a 10 per cent increase in the interim dividend to 53.90 Hong Kong cents per share. These achievements demonstrate that our financial strategy is working as intended.
“Asia remains the most compelling growth opportunity for life and health insurance. Powerful structural tailwinds across the region continue to create substantial demand for our professional advice and differentiated products and underpin the exceptional long-term prospects for AIA’s business. I am confident that AIA’s disciplined execution of our strategic priorities will continue to deliver long-term sustainable value for all our stakeholders.”
Business
British Council Sri Lanka launches soft skills workshops to elevate learning and empower communication
The British Council Sri Lanka has launched Corporate English Solutions (CES), tailored to the Sri Lankan corporate and education ecosystem, aimed at helping organisations strengthen workplace communication and professional development.
The launch event took place recently at the NH Collection, Colombo 3, gathering corporate partners, clients and education stakeholders throughout the country.
CES extends the British Council’s long-standing work in English language education and teacher training into a dedicated offering for the corporate sector. The launch introduced two new components to the British Council’s presence in Sri Lanka such as public workshops and teacher training programmes, open to learners and educators beyond the organisation’s existing corporate and academic partners. Guests at the event were shown a short video introducing Corporate English Solutions before the formal proceedings began.
Talal Meer, British Council Regional Business Development Director, South Asia, welcomed guests and introduced the British Council’s team in Sri Lanka. In his remarks, Meer set out the scope of the CES launch, covering the introduction of public workshops in Sri Lanka, the rollout of teacher training programmes, and an overview of the CES product portfolio. Meer’s role covers educational partnerships in the South Asia region, and his address framed the Sri Lanka launch within the British Council’s broader regional strategy.
Business
Ogilvy Group tops award tally at ‘Dragons of Sri Lanka’ 2026
Ogilvy Group Sri Lanka delivered a standout performance at the recently concluded Dragons of Sri Lanka 2026 Awards, securing a total of nine awards comprising two Gold Dragons, one Silver Dragon and six Black Dragons, among the festival’s highest overall award tallies. Gold Dragon wins for Phoenix Ogilvy and Ogilvy Digital, together with the seven additional recognitions across multiple categories, highlighted Ogilvy’s ability to combine creativity, strategic thinking and commercial effectiveness to deliver business results.
Organised by the 4As Sri Lanka, the third edition of Dragons of Sri Lanka shortlisted more than 50 agencies and corporates, making it one of the country’s most competitive marketing communications awards. These local awards, along with the chapters in Malaysia and Pakistan are part of the Dragons of Asia platform, one of the region’s leading programmes for marketing communications effectiveness, with entries being judged on strategy, originality, execution and measurable results.
Ogilvy Digital accounted for eight awards in total, including a Gold Dragon in the Business & Trade Marketing category, and a Silver Dragon in the Innovative Idea or Concept category. The Agency additionally received six Black Dragons across the categories of Innovative Idea or Concept, Business & Trade Marketing, Content Creation, Small Budget, Event or Experiential, and Brand Trial or Sales Generation.
Commenting on the achievement, Sajith Weerasinghe, Chief Operating Officer of Ogilvy Digital, said, “These recognitions reflect the breadth of capabilities we’ve built across strategy, creative, content, experience design, technology and performance marketing. The fact that the work was recognised across so many different disciplines demonstrates our ability to apply creativity to a wide range of business challenges and objectives. We’re proud that this achievement spans multiple clients, categories and types of work, reflecting both the versatility of our people and our commitment to delivering results.”
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