Business

SL’s Livestock Insurance Scheme – a historic first

Published

1 year ago

2025/08/21

Key dignitaries at the launch of the insurance scheme.

In a bold step to address one of Sri Lanka’s most pressing conservation and rural development challenges, the United Nations Development Programme (UNDP), the Wildlife and Nature Protection Society (WNPS) and LOLC Insurance, under the guidance of the Department of Wildlife Conservation (DWC), on Tuesday unveiled the country’s first Livestock Insurance Scheme.

The pioneering initiative provides rapid monetary compensation within 72 hours to farmers who lose livestock to leopard attacks, marking a first in Sri Lanka — and in the wider South Asian region. By cushioning the financial shock for rural communities, the scheme aims to eliminate retaliatory killings of the endangered Sri Lankan leopard (Panthera pardus kotiya), while also securing the economic stability of farming families.

“This programme offers a practical and timely solution to a long-standing challenge in leopard conservation, said Ranjan Marasinghe, Director General of the Department of Wildlife Conservation, speaking at the United Nations compound in Colombo.

He added: “By ensuring affected farmers are compensated swiftly and fairly, we reduce the risk of retaliatory actions and build trust between communities and conservation authorities.”

The Sri Lankan leopard, the island’s only apex predator, plays a crucial role in regulating ecosystems. Yet habitat loss, fragmentation and declining prey populations increasingly force leopards to target livestock, creating tension in rural areas bordering parks such as Yala, Wilpattu, and Horton Plains. For farmers, a single attack can wipe out months of income, often triggering fatal revenge killings of leopards.

Baseline surveys conducted under the Multi-Regional Leopard Research and Conservation Project by WNPS and LOLC revealed frequent livestock predation in buffer zone villages, with many incidents going unreported due to mistrust of authorities. The insurance model was designed directly in response to these findings.

UNDP’s Biodiversity Finance Initiative (BIOFIN) will fund the premium, while LOLC Insurance acts as the provider. When a predation event occurs, affected farmers report it to a designated WNPS officer. DWC officials, together with veterinary and Grama Niladhari officers, verify the claim, after which compensation is released directly to the farmer’s account — typically within 72 hours.

Kithsiri Gunawardena, chairman of LOLC Insurance, described the initiative as a milestone for the private sector: “We are proud to introduce Sri Lanka’s first livestock compensation policy for leopard-related predation. This pioneering initiative reflects our long-term commitment to safeguarding biodiversity while supporting rural livelihoods. By working together, we can create sustainable solutions where both communities and wildlife can thrive.”

The programme also goes beyond financial relief. It promotes preventative measures such as predator-proof night enclosures, communal livestock pens and an innovative ‘Cattle Bank’ system, which allows farmers to receive replacement animals rather than cash. These approaches aim to reduce losses while encouraging coexistence.

Azusa Kubota, UNDP Resident Representative in Sri Lanka, emphasised the wider significance: “Protecting the leopard is not an isolated act of conservation. It is a collective commitment to preserving biodiversity and economic opportunities. If this model succeeds, Sri Lanka can set a global precedent for balancing community needs with wildlife protection.”

Kubota added that UNDP will support a grassroots communication campaign to ensure effective participation of farmers, veterinary officers, and conservation staff.

For BIOFIN, which operates in over 130 countries, Sri Lanka’s scheme is a regional first. Annabelle Trinidad, BIOFIN’s Regional Technical Lead, said: “Insurance is part of a wider nature risk management approach. Today, Sri Lanka sets a benchmark for Asia in addressing human–wildlife conflict through finance solutions.”

The project also builds on WNPS’s 131-year legacy of leading conservation initiatives — from the establishment of Yala and Wilpattu National Parks to current work on species and ecosystem protection.

Spencer Manuelpillai, Project Lead at WNPS, explained: “The need for such a programme emerged through research. Rather than endlessly debating the issue, we chose to act — developing a practical mechanism that addresses a long-standing challenge in leopard conservation while supporting communities who share their landscapes.”

Graham Marshall, President of WNPS, echoed this: “Lasting conservation depends on long-term solutions that benefit both people and wildlife. This compensation programme is rooted in science, partnerships, and trust-building. Experiencing it come to life is a rewarding moment in our society’s history.”

The Sri Lankan Leopard is more than just a conservation priority — it is also a key tourism asset. Thousands of international visitors flock annually to Sri Lanka’s national parks hoping to catch a glimpse of the elusive big cat, generating significant foreign exchange revenue. By reducing leopard killings and promoting coexistence, the insurance scheme indirectly strengthens eco-tourism potential while stabilising rural economies.

As Marshall pointed out, addressing livestock predation is not just about saving a species. “It’s about building lasting harmony between the wild and humans — a model Sri Lanka can lead the world in.”

By Ifham Nizam

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Business

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

Published

13 hours ago

2026/09/5

Thilina Walpola

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

Published

13 hours ago

2026/09/5

Thilina Walpola

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.

Business

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

Published

13 hours ago

2026/09/5

Thilina Walpola

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.”