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Sri Lanka Insurance recreates history declaring a staggering Rs. 10.4 Billion Bonus for Life Policyholders

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(L-R) Namalee A. Silva- Deputy General Manager/Head of Marketing and Business Development, Chandana L. Aluthgama - Chief Executive Officer, S. M. Olegasegaram – Managing Director of Compreli Consulting (Pvt) Ltd, Malaka Bandara – Chief Financial Officer, Dayaratne Perera – Chief Officer – Life Insurance. Pic by Jude Denzil Pathiraja

The nation’s insurer, Sri Lanka Insurance (SLIC) yet again outshines its own record to declare the largest Life Insurance bonus in the industry amounting to a staggering Rs. 10.4 Billion for the year 2022 to its policyholders. Since 2006 SLIC has triumphed in declaring the highest Life Insurance bonuses year on year in the industry cumulating to a massive Rs. 92.8 Billion making the SLIC bonus declaration unmatchable.

By declaring the highest and largest ever Life Insurance Bonus in the country, Sri Lanka Insurance has upheld the trust placed by the policyholders as the strongest insurance provider in Sri Lanka. Despite the challenging market conditions, Sri Lanka Insurance was able to increase its asset base to Rs. 274 Billion and the life fund to Rs. 156.7 Billion, to further strengthen its position as the largest and strongest local insurer. This affirms the prudent investment management strategies of the company and further emphasis on Sri Lanka Insurance’s commitment towards its policyholders and their well-being. Also Sri Lanka Insurance is the only insurer in the country to be rated with an A(lka) Fitch rating for insurer financial strength in the country.

Customer centricity is one of the key strategic pillars of SLIC’s business drive and therefore the organsiation is determined to look at identifying new market segment and understanding the needs of its customers to develop affordable and suitable products. A unique insurance cover that was introduced by Sri Lanka Insurance last year was the School Fee Protector. This cover takes care of children’s education expenses in an unlikely event of loss or permanent disability of the breadwinner of the family. In addition to engaging in product and process innovations the orgaisation also looks at numerous ways of value additions to its customers. As a result, during 2022 Sri Lanka Insurance introduced a Life Loyalty Rewards scheme enabling SLIC Life customers to enjoy a range of offers and benefits to provide higher value for its loyal customers throughout the policy term. Also during last year SLIC has paid on average Rs. 960Mn per month as Life Insurance claim settlement demonstrating its commitment to delivering its promise to its policyholders.

Recently Sri Lanka Insurance was also awarded the ‘The Most Loved Insurance Brand’ by Brand Finance for the sixth consecutive year. The SLIC continues to remain in the limelight by being listed in the top 100 ‘Most Valuable Brands’ by Brand Finance 2023. Sri Lanka Insurance Life secured 1st Runner-up in the ‘Most Valuable Life Insurance Brand’ with a brand value of Rs. 2.7Bn.



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Fuel prices increased

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The Ceylon Petroleum Corporation (CEYPETCO) has announced a revision of fuel prices, effective from midnight on Saturday (May 30).

Accordingly,
the price of Auto Diesel has been increased by Rs. 15 to Rs.407 per liter,
the price of Super Diesel has been increased by Rs. 20 to Rs. 478 per liter.
the price of Petrol 92 Octane has been increased by Rs. 24 to Rs. 434 per liter
the price of Petrol 95 Octane up by Rs. 25 to Rs. 495 per liter
the price of kerosene by Rs. 20 to Rs. 285 per liter.

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Sangha reform drives stymied from within: CBK

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Chandrika

Former President Chandrika Bandaranaike Kumaratunga has called for a comprehensive reform programme within Sri Lanka’s Buddhist clergy, warning that repeated efforts to strengthen the Sasana have in the past been derailed by opposition from within sections of the Sangha itself.

In a statement addressed to the Mahanayake Theras of the three Buddhist chapters, Kumaratunga stressed that the long-term preservation of Buddhism depends on safeguarding both the Dhamma and Vinaya, or disciplinary code, and urged urgent internal reform to address what she described as deep-rooted structural weaknesses.

She noted that Buddhist history has consistently demonstrated that periods of institutional crisis were addressed through reform processes, citing precedents from the First Buddhist Council to reforms during the Kandyan era under Welivita Sri Saranankara Thera.

Referring to post-independence efforts, Kumaratunga said initiatives taken during the 1956 Bandaranaike administration to strengthen Buddhism were left incomplete following the assassination of former Prime Minister S.W.R.D. Bandaranaike.

She further stated that during her own presidency, plans to convene a Buddhist Council under the guidance of the late Madihe Pannasiha Mahanayake Thera had received government backing but were ultimately abandoned due to resistance from certain sections within the clergy.

The former President alleged that, on both occasions, vested interests benefiting from existing weaknesses within the Buddhist establishment had worked to obstruct meaningful reform efforts.

Warning that Buddhism in Sri Lanka is currently facing serious challenges, she called for a broad internal dialogue within the Sangha to identify root causes and implement both short- and long-term corrective measures.

Kumaratunga urged the Mahanayake Theras to take the lead in convening a Dharma Sanghayana, or Buddhist Council, and said she was prepared to work with senior lay Buddhist leaders to support such an initiative.

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Court orders arrest of Basil

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The Colombo Fort Magistrate’s Court on Friday ordered the arrest of former Minister Basil Rajapaksa, Tourism Promotion Bureau Chairman Bhashwara Gunaratne, Managing Director Rumi Jauffer and several others over the alleged misuse of Rs. 7.8 million belonging to the Tourism Promotion Authority during the 2014 Uva Provincial Council election campaign.

Magistrate Pasan Amarasena directed the Criminal Investigation Department (CID) to arrest and produce the suspects before court, after it was informed that they would be named under the Public Property Act on the advice of the Attorney General.

The CID told court that attempts to take the suspects into custody from their residences had been unsuccessful as they were not present.

The Magistrate also imposed an overseas travel ban on the suspects and ordered that the Controller of Immigration and Emigration be notified.

Investigations have reportedly revealed that the funds were used to print 12,000 T-shirts bearing an image of former President Mahinda Rajapaksa on one side and the name of a political party on the other.

According to the CID, the T-shirts were later distributed at a political event held in the Monaragala District.

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