Business
Union Assurance records double-digit growth in Q3 2023
Union Assurance, a leading player in Sri Lanka’s Life Insurance industry, is delighted to announce its outstanding performance in the third quarter of 2023, leaping ahead in the industry across key financial measures.
Demonstrating robust growth, the company recorded a 14% increase in gross written premium compared to the corresponding period in 2022, surpassing the industry growth rate of 11%. Notably, the company achieved a significant milestone by becoming the 4th largest market player in the life insurance industry, securing a total market share of 12% as of Q3 2023.
Excluding surplus transfers, the profit after tax soared by 74%, driven by higher investment income generated during the nine months of 2023, compared to the corresponding period in 2022. Union Assurance’s market capitalization witnessed an impressive 46% growth, reaching Rs. 23.9 billion as of Q3 2023.
With strategic asset allocation, and by leveraging the high-interest rate environment, the company was able to record a remarkable 54% growth in investment income, compared to the corresponding period in 2022. Union Assurance’s investment portfolio reached Rs. 80 billion by the end of September 2023, reflecting a substantial 24% increase compared to the corresponding period in 2022.
The company’s total assets and the life fund value stood at Rs. 91.3 billion and Rs. 63.9 billion, as of Q3 2023. Efficient asset liability management and a decreasing interest rate environment led to a remarkable improvement in the capital adequacy ratio, reaching 395% at the end of September 2023, compared to the 2022 year-end ratio of 194%.
Commenting on this remarkable performance, CEO of Union Assurance, Jude Gomes, stated, “We are elated to announce our exceptional performance. Amidst a challenging economic backdrop, we have consistently proven our mettle, recording double digital growth in the third quarter of 2023. This accomplishment is a testament to the dedication and hard work of our team, and we are well poised for continued success and innovation in the sector.”
Sharing his enthusiasm, the Deputy CEO of Union Assurance, Senath Jayatilake, stated, “At Union Assurance, we are not just focused on financial growth; we are progressively working towards creating sustainable value for all stakeholders. We take pride in reaching these significant milestones and express our gratitude to our valued stakeholders for their trust in Union Assurance. As we celebrate these achievements, we also reaffirm our commitment to continuous improvement, always seeking ways to enhance our services and provide better experiences for our customers.”
Union Assurance is a subsidiary of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. Set to protect the lives and enriching the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover health, investment, protection, retirement, and education needs of Sri Lankans. With an island-wide branch network and an over 4,000-strong workforce, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry. (Union Assurance)
Business
A sustained wave of Indian assistance to Sri Lanka showcases defining shift in developmental diplomacy
By Sanath Nanayakkare
An evolving approach to regional diplomacy was brought into sharp focus with the recent foundation-laying ceremony for the Moragahakanda Bridge in Matale.
Jointly launched by Indian High Commissioner Santosh Jha and Minister of Transport, Highways and Urban Development Bimal Rathnayake, this 175-metre span is far more than a routine civil engineering project. It serves as the physical manifestation of a broader USD 450 million reconstruction package deployed by India in the wake of Cyclone Ditwah, which severely fractured the island’s transport arteries.
Foreign aid is too often discussed in cold, macroeconomic abstractions. Yet, every so often, a consistent pattern of targeted assistance alters the landscape of bilateral relations, offering a clear window into how regional partnerships evolve out of necessity and goodwill.
Across the country today, a remarkable narrative of multi-layered cooperation is unfolding.
From critical post-disaster infrastructure and maritime routes to grassroots agricultural uplift and institutional capacity-building, India’s developmental footprint is shifting unmistakably toward an organic, people-centric model of shared resilience.
What distinguishes this latest wave of assistance is its deliberate pivot from emergency support to permanent, climate-resilient transformation. When Cyclone Ditwah initially paralysed regional connectivity, India’s immediate response was marked by the rapid deployment of temporary Bailey bridges.
Today, that swift humanitarian intervention has matured into a structural blueprint: the Moragahakanda project stands as the vanguard of 13 permanent bridges being built across Sri Lanka’s provinces by IRCON International Limited, complemented by upcoming railway upgrades and modern signaling systems backed by a USD 250 million Line of Credit.
The true signature of this diplomatic shift lies in its breadth, operating simultaneously across multiple tiers of society:
Institutional Governance: Delegations of Sri Lankan parliamentarians and senior administrative officers regularly travel to India to study public policy frameworks, legislative systems, and administrative practices.
Economic Lifelines: Financial mechanisms, such as viability gap funding for the Nagapattinam-to-Kankesanthurai passenger ferry service, continue to shrink geographical distances, reviving coastal commerce and tourism.
Grassroots Empowerment: Specialised capacity-building programmes tailored for local stakeholders – ranging from state officials to rural dairy farmers -ensure that development reaches deep into the island’s hinterlands.
By aligning immediate disaster relief with long-term infrastructure, institutional capacity, and human capital, India and Sri Lanka are demonstrating how neighbours can build safer, more connected futures together, grounded firmly in mutual respect and tangible progress.
Business
Bring your own bag to book fair, CEA urges
By Ifham Nizam
The Central Environmental Authority (CEA) yesterday urged visitors to the Colombo International Book Fair to bring reusable bags to carry their purchases, as part of a drive to reduce single-use plastic waste at the event.
CEA Director General R. S. P. Kapila Rajapaksha said large quantities of plastic, particularly “sili sili” bags, had been used to carry books at previous book fairs.
“We urge visitors to bring an environmentally friendly, reusable bag when they come to buy books. This simple step can help reduce the use of single-use plastic and protect the environment,” Rajapaksha said.
The book fair opens on September 25, with the CEA and the Sri Lanka Book Publishers’ Association launching an awareness programme targeting book sellers, food vendors and visitors.
The programme will be conducted under the theme “Read Smart, Carry Smart”, focusing on reducing polythene and plastic use throughout the exhibition.
The CEA said the use of plastic bags is also subject to regulations issued under the Consumer Affairs Authority Act. Gazette Extraordinary No. 2456/41, dated October 1, 2025, prohibits the free distribution of handled “sili sili” bags to consumers. Where such bags are sold, the charge must be included in the customer’s bill.
The CEA said food outlets at the book fair would also be required to comply with regulations prohibiting a range of single-use plastic products.
These include plastic straws and stirrers, disposable plastic plates, cups, spoons, forks and knives, as well as polythene-based food wrappers commonly known as lunch sheets.
The CEA said it had discussed the requirements with relevant stakeholders and reached agreement to ensure that prohibited products are not used at food outlets within the exhibition premises.
The authority urged both traders and visitors to cooperate with the initiative and help make this year’s book fair a more environmentally responsible event.
Business
Japanese investor Yoshimichi Watanabe backs Hunas Holdings
Partnership signals renewed foreign investor confidence in Sri Lanka as a destination and in the long-term growth of its hospitality sector
Japanese investor Yoshimichi Watanabe has entered into a partnership with Colombo Stock Exchange-listed Hunas Holdings PLC, in a move that comes as the diversified conglomerate prepares a significant expansion of its hospitality and real estate interests in Sri Lanka.
The partnership brings foreign capital and international market experience into one of Sri Lanka’s fastest-diversifying listed groups at a point when the Group is actively building out its pipeline across both sectors. Hunas Holdings is currently evaluating a series of hospitality and real estate developments in Sri Lanka, with further announcements expected in the coming months.
Hunas Holdings PLC operates across hospitality and leisure, real estate, renewable energy and agriculture, with a hotel portfolio that includes Hunas Falls in Elkaduwa
For Sri Lanka, the significance of the partnership extends beyond the two parties. Inbound investment of this nature, from an investor with direct and sustained experience of the market, is a measure of returning confidence in the country as a destination and in the underlying fundamentals of its hospitality sector, at a time when the industry is repositioning towards higher-value, experience-led travel.
Watanabe brings investment experience across e-commerce, hospitality and real estate in Japan and in international markets including Bali, Indonesia. He has also maintained a relationship with Sri Lanka over many years, having made multiple investments in the country, giving him first-hand insight into its business environment, regulatory landscape and long-term potential.
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