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Harnessing social protection during pandemics

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Strengthening social protection systems is of critical importance to respond to shocks such as COVID-19. They play a vital role in addressing consumption shortfalls and supporting income and job security for affected communities. Many countries have been taking various measures to strengthen their social protection. These include social assistance measures like cash and in-kind transfers, social insurance measures like pensions, unemployment benefits, social security contribution waivers/subsidisation, and active labour market related measures such as wage subsidies and training measures.

The government of Sri Lanka too introduced a relief package that included both financial and non-financial assistance to help households that were affected by the pandemic. One of the key measures was a social protection measure, i.e. a monthly cash transfer of LKR 5,000 for two consecutive months (April and May 2020) to various vulnerable groups. This social protection measure was based on a number of existing social protection schemes like the Samurdhi cash transfer programme, disability assistance, farmers’ and fishermen’s pension schemes etc. In addition, committees were set up in each Grama Niladhari (GN) division/ward to identify and approve other deserving individuals and families for this cash grant.

Horizontal expansion

Sri Lanka’s social protection response to COVID-19 showed a horizontal expansion/scaled-up coverage compared to the pre-COVID-19 level; it covered not only the current beneficiaries of the programmes considered (e.g. Samurdhi, elder’s assistance and disability assistance programmes) but also those who were in the waitlists as well as individuals and families selected by the Committees.

This social protection measure also indicated some level of vertical expansion, i.e. higher level of benefits compared to their pre-COVID-19 levels. Yet, the level of generosity of the benefits (compared to the pre-COVID-19 levels) varied from 0% to over 100% depending on the beneficiary category (see Figure). For example, over 100% increase in benefits was seen among the current beneficiaries of the Samurdhi and elders assistance programme while beneficiaries of the disability assistance programme and kidney patients allowance merely received their regular monthly allowance of LKR 5,000.

 

Recommendations

Despite the expansion, the cash transfer scheme had a number of limitations. Immediate/short-term measures like distribution of cash assistance are inadequate to sustain the recovery and to mitigate future crises. Long-term measures are required to strengthen Sri Lanka’s social protection.

• Integrated Social Protection System: The COVID-19 pandemic highlights the need for an integrated social protection system and a unified and coordinated structure at the national level as well as at the divisional level in Sri Lanka. The existing system is a fragmented system with parallel structures.

• Scaled-up /Universal Coverage: The pandemic has also shown that not only the poor and vulnerable, but all segments of the population require protection. This calls for a universal social protection system, including social protection floors.

• Digitisation of Payments: Digital payment systems are key to improve efficiency of the delivery process without delays and higher transaction costs, while complying with health guidelines to combat a pandemic. They do not require both physical mobility of people and payments in cash. Thus, it is time for Sri Lanka too to move towards a digital payment system for delivery of cash transfers.

This Policy Insight is based on the comprehensive chapter on “Harnessing Social Protection During Pandemics” in ‘Sri Lanka: State of the Economy 2020’ report – the flagship publication of the Institute of Policy Studies of Sri Lanka (IPS). The complete report can be purchased from the Publications Unit of the IPS.



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AIA delivers strong first half results in 2026; double-digit growth across key financial metrics

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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.”

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British Council Sri Lanka launches soft skills workshops to elevate learning and empower communication

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The British Council team answering questions on Corporate English Solutions from leading corporates about professional development skills courses

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.

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Ogilvy Group tops award tally at ‘Dragons of Sri Lanka’ 2026

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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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