Business
We have a responsibility to help address insurance protection gap in Sri Lanka : SLIC Chairman
‘Sri Lankans have a high dependency on their relations and friends when it comes to an emergency or calamity’
by Sanath Nanayakkare
Eng. Vijitha Herath, the Chairman of Sri Lanka Insurance Corporation (SLIC) says that the need for greater collaboration in the insurance sector to bridge the prevailing insurance protection gap in Sri Lanka is being felt stronger than ever before.
“We need to come out with standard products for micro enterprises, small industries and life insurance policy holders so that coverage across the board improves. It will help industries and individuals immensely in the event they suffer losses. If standard products work well, then in the aftermath of natural calamities like floods, cyclones, droughts etc., it will be much easier for the government to handle the situation because the insurance companies will be able to compensate for the losses. In fact, we were the first insurer to pay Tsunami related insurance claims,” Herath says.
“If we can design life insurance products to attract a large portion of earning members of each household to buy life insurance at an affordable premium, that will help ensure a secure future for their families,” he observes.
“We can’t prevent the unexpected from happening and we all know that insurance is meant to safeguard us, at least financially. But today it can be difficult to determine what insurance policy people really need,” he says.
“At the 60th Anniversary of SLIC, we will be revisiting our array of Life and General Insurance solutions for all walks of life. SLIC protects millions of lives and property of Sri Lankans being the largest and the strongest insurer in Sri Lanka. We take care of 0.5 million life insurance policies, 5.7 million General Insurance policies. Our Life Fund is Rs. 134 billion with an asset base of Rs. 235 billion. SLIC’s continuous declaration of bonuses for life insurance policyholders was 8.6 billion in 2021. Our monthly claim settlements is about Rs. 1.5 billion per month,” he notes.
Further speaking he says,”Sri Lanka is yet to achieve an environment fully-conducive for insurance. Taking out an Insurance policy is not on the top of the priority list because Sri Lankans have a high dependency on their relations and friends when it comes to an emergency or calamity, therefore the insurance penetration is low in the country. The insurance penetration was 1.39% to GDP as at 2020. However, post-pandemic we can see a positive growth in the insurance sector with more people getting conscious about their health and protection. The consumer habits are changing and purchasing patterns are also changing. People are moving to digital based solutions as never before.”
“During the height of the pandemic, our utmost priority was the safety of our customers and our staff members including our sales force. We had to adapt our business operations to overcome the challenges at a staggering speed. Pre-Covid-19, insurance used to be a more people oriented business built on relationships between the customer, insurance advisor and the insurance company. But in the pandemic scenario, we had to use alternative ways to reach our customers and provide more access points to customers. We had to make sure that our customers received uninterrupted insurance service. More importantly, we provided grace periods for our customers to settle their premiums, understanding the economic difficulties during the time.”
“SLIC was established in 1962 by late prime minister Sirimavo Bandaranaike and late minister of commerce T.B.Illangaratne. In the 1980’s SLIC shifted to the present head quarters and that was about the time the industry opened up to allow competition.”
“We have 190+ branches and customer service locations across Sri Lanka. SLIC was awarded as the Most Loved Insurance Brand and Most Valuable Insurance Brand by Brand Finance for the 4th consecutive time. We are the only insurer to have been awarded AAA(lka) and AA(lka) for the long term financial stability.”
“As a state institution, SLIC has played a critical role in economic development. The company has been part of many economic and social changes in Sri Lanka. SLIC has been the insurance partner for many national development projects in Sri Lanka. Those include; Southern Express Way, Katunayake Express Way, Hambanthota Port, Mahaweli Development Project, Sooriyawewa Sports Complex, Mattala International Airport, Colombo South Container Terminal and Colombo Port City Development Project. We contribute our profits to the Treasury.”
“We were recognised as the Most loved Insurance Brand and Most Valuable Insurance Brand by Brand Finance for the past 4 years and we have been recognised as a “Great Place to work in Sri Lanka”.
Talking about fierce competition in the field, he says,” We have local as well as international players in the market. They bring different insights on local and global scale. The competition is intense in the market as every player is attempting to capture a sizeable share in the huge untapped potential in the market. Our key to keeping pace with the competition is to identify the current insurance needs of the people. We will be catering to their specific insurance needs by bringing innovative insurance solutions to fit with their specific needs and wants. We continue to embrace technology to stay abreast with the competition.”
“We built a number of technology and digital features to enhance customer experience. They include; SLIC Mobile App for customers, SLIC Customer Portal for customers and Fastrack claim Settlement for Motor Insurance Claims. We also developed an array of digital payment channels for customers to pay insurance premiums. Motor E-Doc system settles an average of 600 million motor claims per month.”
“Our CSR initiatives include; Subapathum National Scholarship Scheme. The programme has rewarded young high-achievers who excelled in the Grade 5 Scholarship, GCE Ordinary Level and GCE Advanced Level examinations every year. We have awarded more than 1,200 students since 2014 granting scholarships worth of more than Rs. 50 million. SLIC’s Pasal Piriyath Surakimu annual CSR initiative helps develop and enhance the physical environment of underprivileged schools across Sri Lanka. We have supported these schools to develop their infrastructure and refurbish their premises and property. Since 2005, SLIC has refurbished more than 3300 such schools.”
“Our Call to Donate campaign aims to raise awareness about cancer among Sri Lankans. The campaign objective is to raise and donate urgently required funds, equipment and infrastructure for Apeksha Cancer Hospital in Maharagama. SLIC has donated a CPAP machine, essential medicine and prosthetic limbs to the Apeksha Cancer Hospital. The most recent donation was Rs. 5 million raised through over 480,000 missed calls, funding that will be used to build an isolation room for the hospital’s Paediatric Ward,”
“SLI’s Ira Handa Pavathina Thuru initiative is a national effort to preserve Sri Lanka’s rich and famous cultural heritage. It provides sponsorships and personal accident covers for major peraharas in Sri Lanka.”
“SLIC’s future plans include expanding the branch network, introducing new insurance solutions to cover all affinity groups in Sri Lanka, expedite the digital integration of services and processes, enhancing the user experience for customers, establishing sustainable business processes and above all, giving back to the community to serve them better,” SLIC chairman notes.
Business
The eternal pilgrimage of Hajj: A journey through faith, sacrifice and humanity
Every year, the spiritual compass of the Muslim world turns towards the holy city of Makkah, where millions of pilgrims gather for Hajj — one of humanity’s oldest and most profound journeys of faith.
This year, too, the sacred valleys of Saudi Arabia are filled with the echoes of “Labbaik Allahumma Labbaik” — “Here I am, O Allah, here I am” — as Muslims from every continent respond to a divine call that dates back thousands of years to Prophet Ibrahim (Abraham).
Among them are thousands of Sri Lankan pilgrims, dressed in simple white garments, leaving behind worldly status, wealth and identity in pursuit of spiritual purification and closeness to God.
According to Muslim Affairs authorities, the Kingdom of Saudi Arabia has allocated a Hajj quota of 3,500 pilgrims for Sri Lanka for Hajj 2026, enabling devotees from across the island to undertake the sacred pilgrimage. The annual allocation is determined through agreements between Saudi Arabia and Muslim-majority and minority nations worldwide.
Since early this month at the Bandaranaike International Airport in Katunayake, emotional scenes unfolded as families bade farewell to departing pilgrims with tears, embraces and prayers.
Elderly parents clutched prayer beads, children waved anxiously, while relatives sought blessings from loved ones embarking on the once-in-a-lifetime spiritual journey.
For many Sri Lankan Muslims, performing Hajj is not simply travel — it is the fulfilment of a lifelong dream nurtured through years of prayer, sacrifice and savings.
In villages, towns and cities across Sri Lanka, preparations for Hajj often begin months or even years in advance. Some families save gradually over decades, while elderly pilgrims regard the journey as the culmination of a lifetime of devotion.
Hajj is the fifth pillar of Islam and is obligatory for every financially and physically able Muslim at least once in a lifetime.
Yet the pilgrimage is far more than a religious obligation.
It is a journey deeply rooted in the story of Prophet Ibrahim, known as Abraham in Christianity and Judaism, and revered across the Abrahamic faiths as a towering symbol of faith, obedience and sacrifice.
Islamic tradition recounts how Prophet Ibrahim was commanded by Allah to leave his wife Hajjar and infant son Ismail in the barren desert valley of Makkah. With unwavering faith in God’s wisdom, Ibrahim obeyed.
Left in the scorching desert with little water or food, Hajjar desperately searched for water for her thirsty child, running seven times between the hills of Safa and Marwa.
Her determination, courage and trust in God are immortalised in the rituals of Hajj today.
Pilgrims reenact Hajjar’s desperate search by walking between Safa and Marwa, symbolising perseverance, faith and hope even in moments of despair.
According to Islamic belief, Allah answered Hajjar’s prayers by causing the miraculous Zamzam well to spring forth beneath baby Ismail’s feet — a well that continues to provide water to millions of pilgrims centuries later.
Another defining moment in Ibrahim’s story is commemorated during Hajj and Eid-ul-Adha — the willingness of the Prophet to sacrifice his beloved son in obedience to God’s command.
As Ibrahim prepared to carry out the sacrifice, Allah replaced Ismail with a ram, signifying that faith, sincerity and submission were greater than the act itself.
The symbolic stoning of the devil during Hajj recalls Ibrahim’s rejection of Satan’s temptations that sought to discourage him from obeying God.
Thus, every ritual of Hajj carries profound historical and spiritual meaning.
The pilgrimage is not simply movement through sacred spaces; it is a reenactment of timeless lessons in obedience, sacrifice, patience and devotion.
One of the most remarkable aspects of Hajj is the extraordinary equality it represents.
Pilgrims, regardless of nationality, race, language or social class, wear the same simple white attire, known as Ihram.
Presidents, businessmen, labourers and farmers stand side by side in prayer, under the blazing Arabian sun, erasing worldly distinctions and affirming the Islamic belief that all human beings are equal before God.
Religious scholars often describe Hajj as the world’s greatest annual demonstration of unity and humility.
The spiritual climax of the pilgrimage occurs at the plains of Arafat, where pilgrims spend hours in prayer and repentance seeking divine forgiveness.
Many Muslims believe that a sincerely accepted Hajj cleanses a believer of past sins and marks the beginning of a spiritually renewed life.
Upon returning home, pilgrims are honoured with the title “Hadji” or “Hajji,” a distinction that carries immense respect within Muslim communities, including in Sri Lanka.
Traditionally, a Hadji is viewed as someone who has fulfilled one of Islam’s most sacred obligations and returned with heightened spiritual responsibility.
However, Islamic scholars emphasise that the title is not merely ceremonial.
“The true significance of becoming a Hadji lies in personal transformation,” a Colombo-based Islamic scholar said.
“A pilgrim is expected to return with greater humility, compassion, honesty and social responsibility. Hajj is not about status; it is about becoming a better human being.”
Across Sri Lanka, mosques have been conducting special prayers for pilgrims, while families gather to seek blessings before departure.
The pilgrimage season also creates a unique emotional atmosphere within Muslim communities, where neighbours visit departing pilgrims and homes become centres of prayer and reflection.
Saudi Arabia has introduced extensive arrangements this year to facilitate the pilgrimage, including digital crowd management systems, improved transport networks, upgraded accommodation and enhanced healthcare services.
Sri Lankan diplomats and officials, stationed in Saudi Arabia, have been coordinating closely with Saudi authorities to ensure the welfare and smooth movement of Sri Lankan pilgrims throughout the pilgrimage period.
Sri Lanka’s Ambassador to Saudi Arabia, Ameer Ajwad, recently inspected facilities in Mina, prepared for Sri Lankan pilgrims, and reaffirmed efforts to provide a safe and spiritually fulfilling Hajj experience.
As millions circle the Holy Kaaba in prayer, Hajj continues to stand as one of the most extraordinary gatherings on Earth — a timeless spiritual movement connecting humanity across borders, cultures and generations.
For Sri Lanka’s pilgrims, the sacred journey is not merely a passage to Makkah.
It is a journey into the soul — a return to the eternal lessons of Prophet Ibrahim, Hajjar and Ismail — lessons of sacrifice, endurance, obedience and unwavering faith that continue to inspire humanity centuries later.
By Ifham Nizam
Business
‘Green Chilies’ returns after seven years to reignite Sri Lanka’s advertising industry spirit
After a seven-year hiatus, one of Sri Lanka’s most loved advertising industry gatherings is making a much-anticipated return. Green Chilies 2026, the iconic festival that once defined the fun, camaraderie and creative spirit of Sri Lanka’s advertising fraternity, returns on 4th June 2026 at Rise Up, Colombo 03, bringing together professionals from across agencies, media, digital, production and marketing for an evening of celebration, entertainment, and industry camaraderie.
Originally launched in 2011, Green Chilies was conceived as a platform to celebrate Sri Lanka’s Young Lions winners as they embarked on their journey to represent the country at the prestigious Cannes Lions International Festival of Creativity, while also creating a unique opportunity for the industry to come together outside boardrooms and deadlines.
This year’s revival comes at an especially meaningful time, as an entire new generation of industry professionals have entered the business without ever experiencing the culture and energy that made Green Chilies such a defining event. Some key highlights will be the recognition of the winners of the young Lions competition and the much-loved return of The Agency Idol, the wildly entertaining competition where agencies battle it out on stage in a spirited showcase of talent, humour, and creativity, bringing back one of the event’s most iconic traditions.
Speaking about the return of the festival, Ranil de Silva, Founder of Green Chilies and of Metal Factor, said: “When we first launched Green Chilies, the idea was simple. It was to celebrate our Young Lions and create something that brought the industry together as one community. Over the years it became far more than an event, it became part of our industry culture. Seeing it return after seven years is very special, particularly because so many young professionals will now get to experience the spirit that made this industry such a fun and inspiring place to be.”
Green Chilies 2026 is organized by Metal Factor and supported by the 4A’s Sri Lanka.
Event Details:
Venue: Rise Up, Alwis Place, Colombo 03
Date: Thursday, 4th June 2026
Time: From 6.30 PM onwards
Contact : Shelley +94 77 342 3123
Business
JKH posts 75% EBITDA growth to Rs.80.01 billion as recent investments begin to contribute
John Keells Holdings PLC (JKH) reported a strong financial performance for FY2025/26, with Group EBITDA increasing 75% to Rs.80.01 billion, reflecting the contribution of investments made over the past several years and the continued performance of the Group’s established businesses.
Group recurring EBITDA increased 71% to Rs.78.05 billion, compared to Rs.45.69 billion in the previous year, driven primarily by Retail, Transportation and Leisure. Recurring profit before tax rose 143% to Rs.35.72 billion, while recurring profit attributable to equity holders of the parent increased 155% to Rs.13.24 billion.
The year also marked the culmination of the largest investment phase in the Group’s history, with the operationalisation of key investments signalling a shift in the capital cycle from development to contribution. Overall funding requirements reduced materially in line with expectations, while net debt to EBITDA stood at approximately 2 times and net debt to equity at approximately 31%.
City of Dreams Sri Lanka recorded positive EBITDA for the full year, following the completion and launch of the remaining components of the integrated resort. Cinnamon Life’s conference and event spaces attracted interest from local and international organisers, while casino operations showed an encouraging pick-up from the fourth quarter onwards.
Colombo West International Terminal, the project company of WCT-1, recorded strong throughput growth during the year, supported by an improving volume mix. The business delivered a positive profit after tax ahead of expectations, despite recognising depreciation relating to phase 1, and has reached full utilisation of phase 1 capacity based on its latest monthly run-rate.
John Keells CG Auto recorded an exceptional year, supported in part by pent-up demand and the brand positioning and vehicle range of BYD.
The Supermarket business recorded approximately 14% growth in same store sales, driven primarily by a 14.3% increase in footfall. The Beverages and Confectionery businesses recorded strong volume growth, with Beverages benefiting from higher margins, while Confectionery margins were impacted by higher raw material costs and expenses linked to new product introductions.
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