Business
lolc Insurance arm surges ahead with record-breaking performance in Q3 2024
LOLC Insurance arm continues to strengthen their position in Sri Lanka’s insurance industry, achieving impressive cumulative growth up to Q3 2024.
LOLC Life Assurance recorded an impressive 56% cumulative growth in Gross Written Premiums (GWP) compared to the same period last year, marking the highest growth rate in the industry. This achievement is driven by customer-focused strategies and innovative offerings, including the E-Proposal Platform, One-Click Platform, and Cashless In-Patient Claims Process which have enhanced efficiency, and customer convenience.
The launch of Health Maxx, Sri Lanka’s first Rs. 100 million health insurance cover with in-house claim settlements, has set a new benchmark for comprehensive health protection. Additionally, the introduction of LOLC Takaful Life has expanded the company’s offering with Sharia-compliant insurance solutions across diverse customer segments.
Commenting on this milestone, Ms. Nadika Opatha, Director/CEO of LOLC Life Assurance, stated, “This remarkable growth reflects the trust our policyholders place in us and the unwavering dedication of our sales and operation teams, supported by our extensive branch network. We remain focused on setting new industry benchmarks to better serve our customers, and we sincerely thank all our valued stakeholders for their continuous support.”
LOLC General Insurance also delivered an impressive 12% cumulative growth in GWP by Q3 2024, surpassing the industry average. This growth was driven by strong performance in both motor and non-motor insurance segments, supported by the flagship loyalty program, ‘Honours’. Recognised as the largest of its kind in Sri Lanka, Honours enhances policyholders’ lifestyles with unmatched benefits through an extensive merchant network, redefining the insurance experience and enabling the company to stand out in the competitive insurance market.
Kithsiri Gunawardena, Chairman of LOLC General Insurance, highlighted the factors behind this growth, stating, “Our consistent growth reflects our ability to deliver innovative and customer-focused solutions that meet diverse client needs. Through strategic market segmentation and focussed engagement, we continue to unlock untapped opportunities while strengthening customer relationships.” He further added, “Our extensive branch and distribution channel network allow us to effectively caters to a wide demographic, addressing evolving needs with service excellence.”
As two of the fastest growing companies in Sri Lanka, LOLC Insurance companies continue to introduce transformative solutions, that address emerging challenges. By providing financial security and peace of mind, the companies serve as trusted partners during uncertain times.
LOLC Life Assurance Ltd and LOLC General Insurance PLC, subsidiaries of LOLC Holdings, were established in 2012. With a focus on delivering customised and flexible solutions, the companies continue to provide a wide range of award-winning solutions designed to help individuals navigate unforeseen challenges in life while offering protection for health, property and life events.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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