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Sri Lanka Insurance yet again records a staggering profit of Rs. 10.6 billion before taxation for 2023

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Left – Ronald C. Perera PC, Chairman of Sri Lanka Insurance Right – Chandana L. Aluthgama, Group Chief Executive Officer of Sri Lanka Insurance

Sri Lanka Insurance concludes the year 2023 with remarkable success, achieving an impressive profit before taxation of Rs. 10.6 billion, reflecting a robust improvement in combined Gross Written Premium (GWP) of Rs. 44.2 billion, marking a growth of 7.2%. As of December 31, 2023, Sri Lanka Insurance Life recorded a premium volume of Rs. 21 billion, while Sri Lanka Insurance General recorded a premium value of Rs. 23.1 billion.

Reaffirming its commitment to customers throughout 2023, Sri Lanka Insurance disbursed an impressive Rs. 27.6 billion to policyholders in the form of maturity settlements and combined claim payments in addition to the 10.4 billion bonus declaration, underscoring the company’s steadfast commitment to honoring its obligations and ensuring the trustworthiness of its investment services. Furthermore, solidifying its strong financial position, SLIC has been able to continuously increase its Asset base and Life Fund over the years.

This year the company was able to increase its asset base to enormous Rs. 313.3 billion and the Life fund to Rs. 180.8 billion. These achievements came amidst numerous changes that took place within the organization and during challenging economic and social conditions that prevailed in the country. Securing its number one position for the 5th consecutive year, at the end of 2023 Sri Lanka Insurance Motor Plus remains the market leader recording a claim payout of 10 billion and a total volume of Rs. 13.5 billion premium value strengthening its market position with a market share of 21%. Sri Lanka Insurance Motor Plus achieved a growth of 6%, which is over 10 times faster than the industry growth average of 0.5% for the motor segment.

Affirming the prudent investment management strategies of the company and further emphasis on SLIC’s commitment towards its policyholders and their well-being, Sri Lanka Insurance outshone its own record to declare the largest Life Insurance bonus in the industry amounting to 10.4 billion for the year 2022 for its policyholders. In the last two decades 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.

The Group Chief Executive Officer of Sri Lanka Insurance, Chandana L. Aluthgama, proudly affirmed, “Our remarkable financial and non-financial accomplishments reflect the unwavering dedication and efforts exhibited by our exceptional team at Sri Lanka Insurance, even in the face of numerous challenges. Despite internal changes and the economic and social impact felt by the company, our strategic focus and steadfast commitment have positioned us as one of the most profitable entities yet again. The hard work and determination of our people have been instrumental in navigating these challenges, and with a reinforced foundation and a clear vision for the future, we are now prepared to embark on a new journey as Sri Lanka Insurance Life and Sri Lanka Insurance General.”

Chairman of Sri Lanka Insurance, President Counsel Ronald C Perera stated, “As we reflect on 2023, Sri Lanka Insurance has demonstrated remarkable resilience and strength, as a robust and profitable business entity in the country despite the many challenges over recent years. In the midst of ongoing divestiture talks, it’s vital to emphasise that Sri Lanka Insurance, comprising both Life and General businesses, holds immense value for potential investors. The outstanding performance of both entities positions them as pivotal players in the market, offering significant benefits to interested parties.

Acquiring such a robust asset would not only bolster the buyer’s organization but also enhance its portfolio, fostering mutual growth and long-term prosperity. As we move forward, Sri Lanka Insurance remains steadfast in its commitment to providing stability and strength to both Sri Lanka Insurance Life and Sri Lanka Insurance General. Our foundation is solid, and our vision for the future is resolute. With confidence, we anticipate that the enduring strength and stability of our company will serve as the cornerstone for the continued success of both entities in the years ahead.”(SLI)



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Government ready to provide necessary support to protect and develop businesses – Prime Minister

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Prime Minister Dr. Harini Amarasuriya stated that the government is committed to safeguarding businesses and providing the necessary support for their development.

She made these remarks while addressing the “National Industrial Excellence Awards 2024,” organized by the Industrial Development Board, held on February 21 at the Eagle Lakeside Hotel, Colombo.

During the ceremony, Prime Minister Dr. Harini Amarasuriya presented awards to the three best national industry brands of 2024:

• JBRICKS PVT LTD – Small-scale category
• SINGHE Furniture Manufacturer PVT LTD – Medium-scale category
• EARTHFOAM PVT LTD – Large-scale category

In her address, Prime Minister Amarasuriya commended the resilience and dedication of Sri Lankan entrepreneurs, especially amid challenging economic times. “It is a pleasure to join you at this occasion. Witnessing your commitment to industry during these difficult times is a source of strength for us. The government is dedicated to protecting businesses and providing the necessary support for their development. Your involvement in these industries is crucial for our economic recovery,” she stated.

She further emphasized the importance of inclusive industrial growth, highlighting the significance of women’s entrepreneurship in building economic resilience. “Industries not only strengthen the economy but also generate vital employment opportunities. Despite challenges such as resource constraints, cultural barriers, and gender disparities, you continue to drive progress. We must amplify Sri Lanka’s brand globally. To the award-winning entrepreneurs: this is not the end of your journey but the beginning. Let us work together to rebuild our economy through industry,” the Prime Minister concluded.

Minister of Industries and Entrepreneurship Development, Mr. Sunil Handunnetti, also addressed the gathering, underscoring the importance of promoting Sri Lankan products globally. “Having a brand is vital, but it is even more valuable when it is recognized as Sri Lankan-made. Our goal should be to elevate the rupee to the strength of a dollar,”he remarked. The Minister highlighted initiatives in the recently presented 2025 budget that favor industrial growth, announcing plans for a national tax policy by the end of the year. “We aim to foster an industrial culture from the school level, enhance export revenue, and develop all sectors of industry. We call upon you to join us in this national endeavor,”he urged.

The event was attended by a distinguished gathering, including Deputy Minister of Industries and Entrepreneurship Development  Chathuranga Abeysinghe, Secretary of the Ministry Ms. Thilaka Jayasundara, and numerous entrepreneurs from diverse sectors, all united in their commitment to drive Sri Lanka’s industrial advancement.

[Prime Minister’s media Division]

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HNB Assurance Group achieves strong financial performance in 2024

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HNB Assurance Group (HNBA and HNBGI) has once again delivered impressive financial results for the year 2024, continuing its remarkable growth trajectory. The Group reported a 21% increase in Gross Written Premium (GWP), rising from Rs. 18.8 billion to Rs. 22.7 billion. Additionally, the Group recorded a consolidated Profit After Tax (PAT) exceeding Rs. 1.8 billion, marking a 7% growth compared to the previous year.

HNBA’s strong financial position was further highlighted by its upgraded Fitch rating, making it the only life insurer in Sri Lanka with an ‘A’ rating. HNBGI also earned an ‘A’ rating, positioning it among Sri Lanka’s leading general insurers.

Commenting on the achievements, Chairman Stuart Chapman expressed pride in the Group’s consistent growth, with a 22% average annual increase in GWP over the past four years. He also noted the 42% growth in share price by the end of 2024, reflecting market trust in HNBA’s stability.

CEO of HNBA, Lasitha Wimalaratne, highlighted significant milestones, including a 7.5% market share and a 27% growth in New Business Premiums. CEO of HNBGI, Sithumina Jayasundara, praised the company’s resilience, reporting a 59% increase in Profit After Tax and exceptional growth in non-motor insurance segments.

Overall, HNBA Group’s performance underscores its strong market presence and commitment to sustainable growth.

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Chinese Dragon Café marks first anniversary in Dubai

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Chinese Dragon Café (CDC), Sri Lanka’s iconic Chinese restaurant chain, celebrates the first anniversary of its Dubai outlet. Established in 1942, CDC has become known for blending Sri Lankan spices with Chinese culinary techniques, creating a unique dining experience. The Dubai outlet, which opened in October 2023, is the first international expansion for the brand, representing Sri Lankan Chinese cuisine on the global stage.

CDC’s Managing Director, Udeshi, expressed pride in the warm reception the restaurant has received in Dubai, highlighting the universal appeal of its fusion dishes. The Hot Butter Cuttlefish, Nasi Goreng, and Seafood Fried Rice are some customer favorites. CDC’s Dubai outlet is also available on major delivery platforms, allowing diners to enjoy authentic Sri Lankan Chinese cuisine at home.

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