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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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Ceylon Chamber Re-elects Chairperson Krishan Balendra at 187th AGM

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Seated Left to Right - Vinod Hirdaramani, British High Commissioner Andrew Patrick, Krishan Balendra, Bingumal Thewarathanthri, Shiran Fernando

The Ceylon Chamber of Commerce announced the re-election of Chairperson Krishan Balendra and the election of its Board for the Year 2026/27 at the Chamber’s 187 th  Annual General Meeting on June 25. High Commissioner of Britain to Sri Lanka, Andrew Patrick, attended as Chief Guest.

The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings PLC, Vice Chairperson Bingumal Thewarathanthri – CEO, Standard Chartered Bank Sri Lanka, and Deputy Vice-Chairperson Vinod Hirdaramani – Chairman, Hirdaramani Group.

Jayanthi Dharmasena – Managing Director, Hayleys Agriculture Holdings Ltd., Kasturi Chellaraja Wilson – Chief Operating Officer, Head of APAC – 5Hour International Corporation Singapore, Shibani Thambiayah – Managing Director, Renuka Hotels PLC,Supun Weerasinghe – Director/Group CEO – Dialog Axiata PLC, and Shiran Fernando – Secretary-General and CEO will serve as Board Members. Rohana Dissanayake – Group Chairman and Managing Director of David Pieris Motor Company Pvt. Ltd. will also join the Board, replacing Bernhard Stefan – Managing Director – Nestlé Lanka PLC, who relocated overseas.

In his remarks, Balendra noted that over the past year, the Chamber adopted a more solutions-oriented approach to advocacy, focusing not only on identifying challenges but also on developing constructive recommendations in collaboration with government, industry stakeholders, and development partners, with this approach yielding stronger results. “Through our engagement in the Budget 2026 process, eighteen recommendations proposed by the Chamber were incorporated into the national budget, covering areas such as trade facilitation, investment promotion, digitalisation, infrastructure, and improving the ease of doing business.

This builds upon the strong momentum established in previous years and demonstrates the value of evidence-based, constructive engagement.

The Chamber also contributed to addressing emerging global trade challenges, including tariff-related issues affecting Sri Lankan exports. By representing private sector perspectives in Presidential Committees, we supported efforts to safeguard export competitiveness and strengthen trade resilience.”

Beyond advocacy, it significantly expanded its engagement footprint, strengthening bilateral partnerships across more than twenty countries, and supporting more than 1,800 SMEs through training, advisory services, and market access initiatives.

He added that over the next year, the Ceylon Chamber is committed to deepening engagement with members, strengthening global partnerships, enhancing support for SMEs, and accelerating efforts to promote exports and attract investment, and is committed to working with the Government and stakeholders to ensure a resilient and prosperous Sri Lanka.

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Kandy’s singing couple striking a harmonious chord

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Vijitha Kingsley Bandara and Umesha Kalhari Navaratne

In the hill capital of Kandy, a husband-and-wife duo has won the admiration of music lovers with their shared passion for singing and their dedication to the art.

Vijitha Kingsley Bandara and Umesha Kalhari Navaratne have become familiar voices among audiences in Kandy, entertaining crowds with their musical talents while building a reputation as a versatile singing couple.

Kingsley began his musical journey at the age of 17, performing at outdoor musical shows before gaining opportunities to showcase his talent at several hotels in the Kandy area. His performances for local and foreign tourists further enhanced his reputation as a singer. He later took his musical talents overseas, entertaining audiences in several countries.

For the past 12 years, Kingsley has been engaged in singing at establishments operated by the Devon Group and The Grand Kandyan Hotel in Kandy, following an opportunity extended by Group Chairman Gamini Weeraratne.

Supporting him both in life and music, Umesha has also established herself as a singer, performing at Devon establishments. She also runs a home-based cake-making venture.

The couple, who continue to receive appreciation from music enthusiasts, said they are ready to accept invitations to perform at musical events across the country. They can be contacted on 071-1519130.

Text and Pic by SK Samaranayake

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ComBank unveils GIG+ for Lanka’s digital workforce

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Recognising the rapid emergence of the gig economy in Sri Lanka, the Commercial Bank of Ceylon has introduced ‘ComBank GIG+’ – a specialised banking solution designed for freelancers, digital entrepreneurs, social media influencers, and individuals and businesses earning in foreign currency through overseas engagements to receive their foreign earnings, including PayPal-linked withdrawals, through a structured banking account.

ComBank GIG+ reflects a decisive shift in the country’s employment landscape, where a growing number of professionals are leveraging global digital platforms and remote work opportunities to build independent income streams. From freelance service providers operating on platforms such as Fiverr, Upwork and Freelancer.com, to content creators monetising audiences across YouTube, TikTok, Meta and X, this segment represents a dynamic and increasingly influential contributor to foreign exchange inflows.

ComBank GIG+ is tailored to meet the specific needs of these digital earners, offering account options in Sri Lanka Rupees as well as major foreign currencies including USD, EUR, GBP and AUD. The account is available to Sri Lankan citizens aged 18 and above residing in the country, as well as duly registered business entities, subject to verification of foreign currency income derived through recognised digital and remote work channels.

Commenting on the introduction of ComBank GIG+, Hasrath Munasinghe, Chief Operating Officer of Commercial Bank said: “The rise of independent digital earners represents a structural shift in how value is created and exported from Sri Lanka. With ComBank GIG+, we are establishing a banking framework that not only recognises this segment, but also integrates it more meaningfully into the formal financial system. This enables individuals and businesses operating beyond traditional employment models to build a verifiable financial track record, access formal financial services, scale their operations, and contribute more visibly to the country’s economic growth.”

The launch of ComBank GIG+ is particularly timely following Sri Lanka’s recent enablement of PayPal linked withdrawals, which has simplified the process of bringing overseas digital earnings into the country.

In addition to facilitating PayPal-linked withdrawals and foreign currency inflows, the Bank said the ComBank GIG+ account offers a range of value-added benefits including first-year fee waivers on credit cards and digital banking services, preferential foreign exchange rates for qualifying conversions into Sri Lanka Rupees, and the opportunity to establish a structured banking relationship that may support future access to financing and other financial solutions. These features are designed to enhance financial efficiency while supporting the day-to-day banking needs of digitally active customers.

By aligning its product innovation with evolving global work patterns, Commercial Bank continues to strengthen its position as a forward-looking, technology-driven institution. The introduction of ComBank GIG+ underscores the Bank’s commitment to supporting new economic segments, enhancing financial inclusion, and enabling Sri Lankan talent to participate more effectively in the global digital economy.

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