Business

Sri Lanka Tourism to request debt and interest waivers from Central Bank

Published

5 years ago

2021/07/20

With the tourism sector being one of the most severely impacted industries in Sri Lanka, Sri Lanka Tourism has continued to support the industry stakeholders through a host of measures to help tide over the crisis. In its latest initiative, the tourism authorities have extended the validity period of licenses of all tourism establishments registered with the SLTDA until the 31st December 2021 with the hope that it will decrease the burden facing tourism establishments presently. The validity of Tourist Guides licenses has also been extended until later on this year.

When the borders initially opened in January 2021, in order to ensure both large and small tourism establishments and stakeholders are supported, Sri Lanka Tourism introduced the Safe and Secure certification in adherence to health protocols after an audit by KPMG and Ernst & Young. This certification which was offered as a complimentary service to the industry has helped even smaller establishments and travel guides benefit from tourism activities conducted under the bio bubble concept.

With the third wave of the pandemic severely effacting the Industry, tourism authorities have requested new relief from the Central Bank of Sri Lanka in addition to the extended debt moratorium from banks and finance companies, as well as concessionary working capital which was arranged for the industry in 2020/2021. In order to extend this support, Sri Lanka Tourism is further requesting the Central Bank to write-off of outstanding debts or interest waivers in order to sustain stakeholders who would otherwise have to shut down operations in the absence of tourists.

Further, the authorities secured VAT exemption for the tourism industry by lobbying for tourism to be classified as an export industry; 12 month instalment facility for utility payments and six month grace period for vehicle lease rentals was obtained; provisional registration to support informal sector was structured; loan and refinancing schemes to the value of Rs. 150 billion for affected industries which included tourism was provided and a Memorandum of Understanding with the Vocational Training Authority (VTA) to provide island-wide training for Tourist Drivers was facilitated. The authorities additionally provided the opportunity to convert existing accommodations to Safe and Secure Level 1 and Level 2 hotels and intermediary care centres while the liquor license fee was waived off for 2021.

With the outbreak of the pandemic in 2020, Sri Lanka Tourism took the initiative to expand the support provided to stakeholders previously overlooked, and reached out to Tour Guides, including National guides, Chauffer Guides, Area Guides and Site Guides, trained and registered with the SLTDA and provided relief totaling LKR 40.52 million. Additionally, as COVID-19 support; Sri Lanka Tourism recognized that there were many unregistered guides who were not able to garner the support extended during a time of crisis hence steps were taken to register Provincial Guides and grant them a one-off payment of Rs. 15,000.00. Further, Provincial licenses were issued to the accommodation providers for the first time.

Sri Lanka Tourism will continue to assist all stakeholders who have been gravely affected by the onset of the pandemic by liaising with relevant line agencies while continuing to explore new markets and promotional channels to attract the ‘new normal’ traveller to ensure the revival and sustainability of the industry. Concurrently the tourism authorities are taking measures to ensure that all tourism industry employees are vaccinated by October as part of the concentrated and systemic vaccination drive carried out by the government.

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Business

AIA delivers strong first half results in 2026; double-digit growth across key financial metrics

Published

23 hours ago

2026/09/5

Thilina Walpola

The Board of AIA Group Limited (the “Company”) is pleased to announce the Group’s financial results for the six months ended 30 June 2026. Growth rates are shown on a constant exchange rate basis unless otherwise stated:

New business performance and embedded value

Value of new business (VONB) of US$3,212 million, up 10 per cent overall and 14 per cent excluding Thailand(1)

Record high annualised operating ROEV of 18.0 per cent, up from 15.8 per cent in full year 2025

EV Equity of US$83.4 billion, up 6 per cent per share over the first half on an actual exchange rate basis

IFRS earnings

Operating profit after tax (OPAT) of US$4,163 million, up 13 per cent per share

AIA now expects to exceed OPAT per share CAGR target of 9 to 11 per cent from 2023 to 2026(2)

Record high annualised operating ROE of 17.5 per cent, up from 15.5 per cent in full year 2025

Cash generation and capital returns

Underlying free surplus generation (UFSG) of US$3,935 million, increased by 10 per cent per share

Net free surplus generation (net FSG) of US$2,758 million, up 12 per cent per share

US$3.6 billion returned to shareholders in the first half through dividend and share buy-back

Interim dividend increased by 10 per cent to 53.90 Hong Kong cents per share

Lee Yuan Siong, AIA’s Group Chief Executive and President, said:

“AIA has delivered another strong performance in the first half of 2026, with double-digit growth across our key financial metrics, while continuing to return substantial capital to shareholders. VONB reached a record high of US$3.2 billion with growth across all distribution channels, and all reportable segments excluding Thailand. The Group has achieved 17 per cent CAGR since the first half of 2023(3), demonstrating consistently strong demand for AIA’s professional advice and differentiated products.

“At the core of our unrivalled distribution platform is our market-leading Premier Agency. I am delighted that AIA has once again been ranked the number one Million Dollar Round Table (MDRT) multinational company globally. We have held this position for a record 12 consecutive years and we have more than double the number of MDRT members of our nearest competitor. In the first half of 2026, our Premier Agency achieved strong VONB growth of 11 per cent excluding Thailand(1). Our extensive network of strategic distribution partners further expands our market reach and generated an 18 per cent increase in VONB, supported by very strong performance in both the bancassurance and independent financial adviser (IFA) and broker channels.

“Strong new business, together with disciplined management of our in-force portfolio, has supported sustained growth in recurring earnings with OPAT per share up by 13 per cent in the first half. As a result, we expect to exceed our 9 to 11 per cent OPAT per share CAGR target for 2023 to 2026(2). UFSG, the Group’s core measure of operating cash generation, increased by 10 per cent per share. After allowing for new business investment, net FSG increased by 12 per cent per share. In accordance with our prudent, sustainable and progressive dividend policy, the Board has declared a 10 per cent increase in the interim dividend to 53.90 Hong Kong cents per share. These achievements demonstrate that our financial strategy is working as intended.

“Asia remains the most compelling growth opportunity for life and health insurance. Powerful structural tailwinds across the region continue to create substantial demand for our professional advice and differentiated products and underpin the exceptional long-term prospects for AIA’s business. I am confident that AIA’s disciplined execution of our strategic priorities will continue to deliver long-term sustainable value for all our stakeholders.”

Business

British Council Sri Lanka launches soft skills workshops to elevate learning and empower communication

Published

23 hours ago

2026/09/5

Thilina Walpola

The British Council team answering questions on Corporate English Solutions from leading corporates about professional development skills courses

The British Council Sri Lanka has launched Corporate English Solutions (CES), tailored to the Sri Lankan corporate and education ecosystem, aimed at helping organisations strengthen workplace communication and professional development.

The launch event took place recently at the NH Collection, Colombo 3, gathering corporate partners, clients and education stakeholders throughout the country.

CES extends the British Council’s long-standing work in English language education and teacher training into a dedicated offering for the corporate sector. The launch introduced two new components to the British Council’s presence in Sri Lanka such as public workshops and teacher training programmes, open to learners and educators beyond the organisation’s existing corporate and academic partners. Guests at the event were shown a short video introducing Corporate English Solutions before the formal proceedings began.

Talal Meer, British Council Regional Business Development Director, South Asia, welcomed guests and introduced the British Council’s team in Sri Lanka. In his remarks, Meer set out the scope of the CES launch, covering the introduction of public workshops in Sri Lanka, the rollout of teacher training programmes, and an overview of the CES product portfolio. Meer’s role covers educational partnerships in the South Asia region, and his address framed the Sri Lanka launch within the British Council’s broader regional strategy.

Business

Ogilvy Group tops award tally at ‘Dragons of Sri Lanka’ 2026

Published

23 hours ago

2026/09/5

Thilina Walpola

Ogilvy Group Sri Lanka delivered a standout performance at the recently concluded Dragons of Sri Lanka 2026 Awards, securing a total of nine awards comprising two Gold Dragons, one Silver Dragon and six Black Dragons, among the festival’s highest overall award tallies. Gold Dragon wins for Phoenix Ogilvy and Ogilvy Digital, together with the seven additional recognitions across multiple categories, highlighted Ogilvy’s ability to combine creativity, strategic thinking and commercial effectiveness to deliver business results.

Organised by the 4As Sri Lanka, the third edition of Dragons of Sri Lanka shortlisted more than 50 agencies and corporates, making it one of the country’s most competitive marketing communications awards. These local awards, along with the chapters in Malaysia and Pakistan are part of the Dragons of Asia platform, one of the region’s leading programmes for marketing communications effectiveness, with entries being judged on strategy, originality, execution and measurable results.

Ogilvy Digital accounted for eight awards in total, including a Gold Dragon in the Business & Trade Marketing category, and a Silver Dragon in the Innovative Idea or Concept category. The Agency additionally received six Black Dragons across the categories of Innovative Idea or Concept, Business & Trade Marketing, Content Creation, Small Budget, Event or Experiential, and Brand Trial or Sales Generation.

Commenting on the achievement, Sajith Weerasinghe, Chief Operating Officer of Ogilvy Digital, said, “These recognitions reflect the breadth of capabilities we’ve built across strategy, creative, content, experience design, technology and performance marketing. The fact that the work was recognised across so many different disciplines demonstrates our ability to apply creativity to a wide range of business challenges and objectives. We’re proud that this achievement spans multiple clients, categories and types of work, reflecting both the versatility of our people and our commitment to delivering results.”