Business
Sri Lanka Insurance posts a record profit of Rs. 11.7 billion before taxation for the year 2021
Secures the title of Most Loved Brand in both business categories Life & General insurance by Brand Finance for the fifth consecutive year
Secures the Most Valuable General Insurance Brand in the country by Brand Finance for the fifth consecutive year
Secures the Number 1 position in the General Insurance Category on the country
The national insurer Sri Lanka Insurance (SLIC) yet again recorded stellar performance in the year 2021 to record a profit before taxation of Rs. 11.7 billion for the year 2021, with a strong improvement in combined Gross Written Premium (GWP) of Rs. 43.2 billion denoting a growth of 9.7%.
Notwithstanding the stringent economic and social conditions that prevailed in the country, SLIC’s asset base increased to Rs.268 billion and the Life fund to Rs. 152 billion to uphold the position as the largest and strongest insurer in the country.
Further although placed on a negative watch as all other local insurers, due to the current economic situation of the country Sri Lanka Insurance managed to retain AA (lka) Fitch rating for long term financial stability. SLIC is the only insurer to be certified with an AA (lka) rating.
In another achievement, SLIC secured the ‘Most Valuable General Insurance Brand’ and the ‘Most Loved Insurance Brand’ of the year for the fifth consecutive year by Brand Finance, reaffirming the insurer’s people-centric approaches taken over the past years.
In 2021 SLIC reported a 14.1 % growth in life insurance premiums rising to Rs. 21.9 billion from 19.3 billion the previous year. In 2021, SLIC surpassed its own record to declare a sum of Rs.8.6 billion as a bonus to policyholders. The cumulative life insurance bonus paid out during the past 15 years tops a massive Rs.73.2 billion making the SLIC bonus payout unmatchable.
Sri Lanka Insurance General, The top General Insurance provider in the country leads the local General Insurance market by reporting a 5.4% premium growth increasing to Rs.21.2 billion.
SLIC continues to explore avenues to provide protection to communities, segments and age groups and different affinity groups through product and market development initiatives, through practical and affordable insurance solutions. The strength of its extensive branch network of 190 branches and customer service locations together with 8000 Advisor network serves beyond the mandate of insurance to provide protection to the people of this nation, it said in a news release.
Commenting on the excellence achieved during the year SLIC Chairman Vijitha Herath noted “The past year brought us countless challenges as well as opportunities to extend our service further and fulfil our duty and responsibility to the country as the protector of the nation. As we celebrate the 60 years of excellence and step into an era of transformation we continue to uphold the legacy we built as the trusted insurer. We continue to contribute to shaping the economic and social landscape of Sri Lanka and safeguard the people of this nation as the pioneer of the insurance industry of Sri Lanka. We reiterate the trust garnered through generations as the largest and strongest insurer and we continue adding value to all our stakeholders evolving ourselves to conquer greater heights.”
Chief Executive Officer Chandana L. Aluthgama noted, “Amidst the highly competitive market conditions and dynamic consumer patterns we have yet again demonstrated our resilience and prudent strategic practices to record a phenomenal financial result for the year 2021. We were able to accelerate our strategic initiatives to enhance digital integration and deliver exceptional service levels to our stakeholders. Looking at the future ahead we are constant in our efforts to increase internal efficiencies and productivity improvements through more curated strategies to be a future-ready insurer.” (SLIC news release)
Business
Needs of populace hit by Cyclone Ditwah seen as waiting to be addressed
By Hiran H. Senewiratne
The government is yet to address fully the needs of the Cyclone Ditwah affected populace though one year has elapsed. The devastation cost the country more than US $ 4.1 billion, an Australia-based Chartered Engineer of Sri Lankan origin said.
‘Cyclone Ditwah affected more than 2.2 million people in 25 districts, which is considered to be one tenth of the population. However, only 39 percent of the allocated funds have been spent to date, the speaker, a one-time General Secretary of the JVP, now living in Australia Lionel Bopage said.
He made these comments at a Rotary Club Colombo South monthly meeting held at the Kingsbury Hotel, Colombo recently.
Bopage quoted from a Loughborough University research report published in February to the effect that Sri Lanka has under invested in prevention but over invested in recovery.
Bopage added: ‘The largest single economic category affected were not buildings but the agriculture sector which provides livelihoods for the majority of affected persons. Therefore agricultural livelihoods have been hit most.
‘More than 58,000 hectares of paddy lands were flooded in the Eastern districts alone, while 46 reservoirs reached critical spill level or failed outright following the disaster.
‘A rapid education sector assessment found that 1,682 schools were affected and more than 555,000 children were unable to attend schools. Further, 622 water supply schemes had been left non-functional and apart from that 11300 homes were damaged or destroyed. But reconstruction is happening at a very slow pace.
‘Tens of thousands of households in the hill country and in the East are still living in damaged properties and on unstable slopes drawing water from schemes that have not been restored.
‘ A Post Disaster Needs Assessment put the cost of resilience at US$ 3.4 billion but restoration work is happening at a slow pace even with foreign donor assistance.’
Business
WB forecast buoys bourse but weak investor participation slows momentum
By Hiran H. Senewiratne
The CSE yesterday kicked off on a positive note due to a World Bank forecast that Sri Lanka could achieve 4.4 percent economic growth this year but later lost momentum due to weak investor participation.
Amid those developments both indices moved upwards. The All Share Price Index went up by 132 points while S and P SL20 rose by 21.02 points.
Turnover stood at Rs 1.97 billion with three crossings. Those crossings were; Lanka IOC 2.7 million shares crossed to the tune of Rs 470 million; its shares traded at Rs 127, CCS 2.7 million shares crossed to the tune of Rs 315 million; its shares sold at Rs 118 and JKH five million shares crossed for Rs 91.5 million; its shares traded at Rs 18.30.
In the retail market companies that mainly contributed to the turnover were; Commercial Credit and Finance Rs 126 million (1.3 million shares traded), Lanka IOC Rs 98 million (775,000 shares traded), Asiri Surgical Hospitals Rs 77 million (7.6 million shares traded), Commercial Bank Rs 51.3 million (307,000 shares traded), Sampath Bank Rs 46 million (325,000 shares traded), HNB Rs 37 million (98000 shares traded) and Tokyo Cement Rs 31 million (393,000 shares traded). During the day 50 million share volumes changed hands in 14547 transactions.
It is said that the petroleum sector performed well, especially Lanka IOC, while in the banking sector counters, especially Commercial Bank and Sampath Bank performed well. In the manufacturing sector, JKH impressed.
TAL Lanka Hotels announced that it has scheduled an Extraordinary General Meeting on October 29 to obtain shareholder approval for a proposed Rs 1.87 billion rights issue. The proceeds will be utilized for the repayment of bank borrowings, part refurbishment of the Taj Samudra Hotel in Colombo, settlement of vendor liabilities, and general corporate requirements.
Yesterday the rupee was quoted at Rs 330.95/331.05 to the US dollar in the spot market, weaker from Rs 330.85/95 the previous day, while bond yields were quoted broadly steady, dealers said.
Business
Huawei continues to showcase practical AI applications at Sri Lanka AI Week 2026
Sri Lanka AI Week 2026 continued into its second day bringing together government, industry, academia and technology partners to explore practical applications of artificial intelligence. As the AI Technology Partner for the second consecutive year, Huawei showcased 18 use cases spanning government, education, finance, industry, green energy and everyday life, demonstrating how AI can be applied to real-world needs.
Prime Minister Dr. Harini Amarasuriya visited the Huawei exhibition together with officials from the Ministry of Education, Higher Education and Vocational Education, experiencing the Smart Classroom, AI in Education and MindGraph by Beijing Normal University demonstrations. The Smart Classroom demostration highlighted how connected technologies can bring teachers and students in different locations into a shared learning environment, while the AI in Education showcase demonstrated how AI can support teachers, enhance learning and enable more personalised education. The Prime Minister praised the efforts of the Ministry of Education, Higher Education and Vocational Education, Huawei and their partners to demonstrate practical applications of AI in education, noting the role of technology in supporting teachers, expanding learning opportunities, and advancing a more inclusive, equitable and future-ready education system.
Later in the day, Deputy Minister of Digital Economy Eng. Eranga Weeraratne, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Secretary to the Ministry of Digital Economy Waruna Sri Dhanapala, and Chinese Ambassador Wei Huaxiang visited the Huawei exhibition and explored the AI Hands-On Classroom AI Empowering Industry, AI in Education and Smart Classroom demonstrations. Deputy Minister Weeraratne praised Huawei’s practical approach to showcasing AI applications, noting their relevance to Sri Lanka’s digital transformation across education, industry and skills development. The engagement also extended across the wider AI ecosystem, with industry professionals, technology partners, academics and other visitors engaging with the demonstrations and expressing appreciation for Huawei’s practical approach to applying AI across different areas of society and the economy.
Daniel Wu, CEO of Huawei Sri Lanka, said that Huawei will continue bringing global experience, technology and ecosystem resources to Sri Lanka, while working side by side with local partners to build local capabilities, develop local talent and create real value for the country. “I believe that by working together, we can make AI not only more intelligent, but also more local, more inclusive, and more meaningful for everyone,” he said.
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