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Sri Lanka Insurance Corporation General poised for strong growth following official segregation

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Chandana L. Aluthgama, Group Chief Executive Officer, SLIC (L) / Priyantha Perera, Chief Operating Officer, SLICGL (R)

Sri Lanka Insurance Corporation General Ltd. (SLICGL), the general insurance subsidiary of Sri Lanka Insurance Corporation Ltd. (SLIC), is entering a new phase of growth and innovation following its official segregation on February 1st, 2024.

Commenting on the outlook for SLICGL, Chandana L. Aluthgama, Group Chief Executive Officer, SLIC said, “After over 62 years of successful operations, the mandated separation of the life and general insurance businesses enables us to be more focused in our business strategies and ensures improved efficiency and effectiveness when serving our customers. Understanding this critical pivot, we have adapted to regulatory requirements as well as market dynamics and initiated operational separation across segments in 2018.”

He further added, “Hence, while 2024 signals the legal culmination of the segregation, we are already seeing results of our focused business approach. For example, despite industry and national challenges, SLICGL has demonstrated exceptional performance in 2023, a growth story that speaks volumes about our performance and potential in the general insurance industry.”

While the overall general insurance sector posted an average growth in Gross Written Premiums (GWP) of 5.7% in 2023, SLICGL surged ahead with a 14% increase in GWPs in the same year. Growth is attributed to the significant expansion in both motor and non-motor segments, with SLICGL maintaining its leadership position in the motor market and bridging the gap in the non-motor segment.

Defining the journey to date, Aluthgama said, “We did not just grow; our activity ratios surged. We prioritized training, strategic positioning, and new sales recruitments backed by incentives and performance monitoring, with the transformation extending across the entire company. In 2023, we embraced a performance-driven culture, underscored by a collective agreement among all staff members for variable pay based on performance.”

Priyantha Perera, Chief Operating Officer, SLICGL said, “In 2023, our performance significantly outpaced industry growth rates, securing top position in the motor market for the fifth consecutive year at 6% growth, which is over 10 times faster than the industry growth average of 0.5% for this motor segment. Moreover, despite initially being behind in the non-motor sector, we narrowed the gap significantly, reducing it to LKR 1.5 billion last year from LKR 3 billion, and expanding the segment at 27%, which is well above the industry growth average of 13%.”

With the segregation complete, SLICGL is poised to capitalize on emerging opportunities, particularly in medical and non-motor insurance products.

Perera explained, “With the introduction of customized medical insurance options, we aim to address market needs and contribute to building a robust healthcare insurance market in Sri Lanka. For instance, understanding requirements among individuals who may not have access to corporate insurance, we introduced two medical policies early last year to ensure they and their families have access to quality healthcare through affordable insurance products.”

SLICGL is also working to expand services and leverage technology to differentiate customer experience, with significant investments in digital infrastructure and artificial intelligence.



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Prime Minister of Sri Lanka holds a bilateral meeting with Minister for Education and Skills Development of Bhutan

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On the sidelines of the inaugural Global Conscious Food Systems Summit 2026, being held in Bhutan from 31 August to 4 September 2026, Prime Minister of Sri Lanka, Dr. Harini Amarasuriya, in her capacity as Minister of Education, Higher Education and Vocational Education, held a productive bilateral meeting with Yeezang De Thapa, Minister for Education and Skills Development of Bhutan, on 03 September 2026.

The discussions focused on further strengthening and expanding Sri Lanka-Bhutan cooperation in the education sector, with particular emphasis on developing mutually beneficial initiatives through enhanced Government-to-Government engagement.

Both sides underscored the importance of deepening institutional cooperation and exploring new avenues for collaboration in education, higher education and vocational training, with a view to creating greater opportunities for students, educators and academic institutions of both countries.

During the meeting, both sides agreed to initiate discussions towards the finalization and signing of a Memorandum of Understanding (MoU) on cooperation in the fields of education and vocational training. It was also agreed that the implementation of the MoU could be facilitated through the establishment of a Joint Working Group, headed at the Secretary level, with meetings to be convened annually to review progress, identify new areas of cooperation, and facilitate the effective implementation of agreed activities.

The major areas of cooperation discussed included enhancing collaboration among universities and academic institutions, promoting academic and faculty exchanges, joint research and university programmes, strengthening training and capacity-building opportunities for educators and teachers, and sharing expertise and best practices in the education and vocational training sectors.

The two sides also discussed strengthening child protection and safeguarding mechanisms, promoting ethical values among students, and addressing violence against children while ensuring their safety, protection, well-being and access to quality education.

Opportunities for Bhutanese students to pursue undergraduate studies at universities in Sri Lanka were also discussed, with particular emphasis on Dentistry, Medicine (MBBS), and allied health disciplines such as Physiotherapy. The discussions further covered opportunities for postgraduate studies in medical and health sciences at Sri Lankan universities, as well as enhanced collaboration among universities and other academic institutions of the two countries.

The meeting provided a valuable opportunity for Sri Lanka and Bhutan to advance cooperation in education and vocational training and explore new avenues for long-term collaboration for the mutual benefit of students, educators and academic institutions of both countries.

(Prime Minister’s Media Division)

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Prime Minister Meets His Majesty the King of Bhutan

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Prime Minister Dr. Harini Amarasuriya had an audience with His Majesty King Jigme Khesar Namgyel Wangchuck at the Tashichhodzong in Thimphu on September 02, during her official visit to the Kingdom of Bhutan.

The cordial discussion focused on Bhutan’s future development priorities and opportunities for cooperation between the two countries.

His Majesty expressed Bhutan’s interest in drawing on Sri Lanka’s experiences and expertise in areas relevant to its development plans. The discussion also focused on promoting investment between the two countries, including the possibility of establishing an investment zone in Bhutan.

The two sides also exchanged views on demographic challenges facing Bhutan, including the increasing migration of young people and its impact on the country’s population and future workforce.

The meeting highlighted the importance of strengthening bilateral cooperation and sharing experiences and best practices in support of the sustainable development of both countries.

(Prime Minister’s Media Division)

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SLPP MP Namal Rajapaksa arrested by CIABOC

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(File pic)

Sri Lanka Podujana Peramuna (SLPP)  Member of Parliament Namal Rajapaksa has been arrested by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC).

Namal Rajapaksa had been  summoned by CIABOC  to provide a statement in connection with investigations into the controversial Airbus deal. He was subsequently arrested by CIABOC after recording his statement for over 5 hours.

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