Business
Sri Lanka Insurance yet again records a staggering profit of Rs. 10.6 billion before taxation for 2023
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)
By Ifham Nizam
A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.
The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.
The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.
The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.
One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.
A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.
A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.
The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.
That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.
Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.
The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.
The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.
When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.
The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.
The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.
At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.
President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.
1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.
2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.
Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.
Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.
Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.
Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:
Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited
Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.
Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.
Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.
Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.
Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC
The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.
The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.
New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel
Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.
The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.
Gold winner Tharanga gets brand-new Honda Vezel from SLAAJ
Showers above 50 mm are likely at some places inthe Uva, Eastern and Central provinces and in Polonnaruwa and Mullaittivu districts after 1.00 p.m.
Civil society activist accuses govt. of favouring Ven. Gnanasara
More cops than cones
Sajith accuses govt. of using data selectively in crucial report
75 new inmates sent to Bogambara re-establishing it as a correctional facility
‘Dates have the highest sugar content to fight Coronavirus’
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