Business
Ceylinco Life appoints new COO and Deputy COO to strengthen leadership pipeline

Ceylinco Life has announced the appointments of Ranga Abeynayake and Samitha Hemachandra as Chief Operating Officer and Deputy Chief Operating Officer respectively, following the creation of the two positions as part of the Company’s leadership pipeline for the next decade and beyond.
Abeynayake has been with Ceylinco Life for 25 years and is an Executive Director and the Company’s Deputy Chief Financial Officer, while Hemachandra has been with the Company for 23 years and is the General Manager – Marketing.
“These appointments add further strength and depth to the management structure and look at our leadership requirements for the next 10 to 15 years,” Ceylinco Life Chairman R. Renganathan said. “Transparent and long-term succession planning is extremely important in the financial services sector, ensuring seamless continuity and consistency for all stakeholders.”
Ceylinco Life Managing Director and CEO Thushara Ranasinghe added: “Ranga Abeynayake and Samitha Hemachandra have been part of the management team that achieved market leadership for Ceylinco Life in 2004 and maintained that leadership to this date, unbroken for 19 years. They represent the core values and the vision and mission of the Company, and will be fully supported by the Board of Directors and the management team as they are groomed for key leadership positions.”
A Fellow Member of the Institute of Chartered Accountants of Sri Lanka and of the Institute of Certified Management Accountants of Sri Lanka, Ranga Abeynayake counts over 25 years of experience in handling key management positions in the areas of Finance, Risk Management, Strategic Planning, Treasury Management and Project Planning. He holds a Master of Business Administration (MBA) from the Postgraduate Institute of Management (PIM) of the University of Sri Jayewardenepura. Abeynayake previously served as Chairman/Non-Executive Director of Citizens Development Business Finance PLC., and currently serves as a Non-executive Director of Ceylinco Insurance PLC and as a Director of Serene Resorts Limited.
A Fellow (FCIM) and Chartered Marketer of the Chartered Institute of Marketing (CIM) – UK, and of the Certified Management Accountants (CMA) – Australia, Mr Samitha Hemachandra counts over 20 years of work experience in Brand Management, Customer Relationship Management, Marketing Management and Strategic Planning. He has been directly involved in designing, developing and implementing many integrated marketing campaigns for Ceylinco Life. Mr Hemachandra holds a Master of Business Administration (MBA) from the University of Western Sydney – Australia. He is a past Chairman of the Marketing and Sales Forum of the Insurance Association of Sri Lanka (IASL) and has been a member of the judging panel of the SLIM Brand Excellence awards for many years.
He is currently a Director of Ceylinco Healthcare Services Ltd., and a Non-executive Director of Citizens Development Business Finance PLC (CDB), which are subsidiary and associate companies of Ceylinco Life.
Adjudged Sri Lanka’s ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life was conferred the ‘Peoples Life Insurance Service Provider of the Year’ title at 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence. The Company was also ranked the ‘Most Valuable Life Insurance Brand in Sri Lanka’ by Brand Finance and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022. Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
Business
LOLC Technologies joins hands with Microsoft to enhance core-banking with Azure

LOLC Technologies Limited, a subsidiary of the LOLC Group, has entered into a collaborative agreement with Microsoft to integrate Azure cloud services into “FusionX”, its core banking platform designed to meet evolving customer needs. This strategic move aims to upscale their operational architecture, enabling LOLC Technologies to harness the power of data and AI to expedite growth and success.
Through Azure, LOLC Technologies can harness cloud-native services to enhance FusionX by enabling scalability, agility, and AI-driven efficiency. Azure serves as the foundation, empowering LOLC Technologies to achieve its evolving digital goals by delivering tailored experiences that meet today’s unique banking demands. Azure’s secure and easily deployable nature, along with its AI capabilities, enables existing functions to be updated without needing a complete rebuild, simplifying the process of rolling back updates. Azure provides FusionX with an additional layer of cybersecurity to counter potential threats and implement best security practices. Consequently, as the organization designs new banking solutions, they do so with a proactive stance against threats.
Speaking on the adoption, Prasanna Siriwardena, Deputy CEO, LOLC Technologies Ltd and CIO, LOLC Holdings PLC, said, “This is not just a technological advancement, but a strategic transformation aimed at positioning LOLC Technologies at the forefront of digital banking solutions. By leveraging the unparallelled agility and resilience of Microsoft Azure, we are focused on redefining financial services. With this shift, we have empowered BFSIs to evolve rapidly while unlocking AI’s full potential through a real-time analytics platform.”
Strategizing for international growth, the company aims to enhance its products’ capabilities by leveraging the cloud service architecture of Microsoft Azure to boost value addition. The Cloud Adoption Framework within Azure will assist LOLC Technologies and their teams in improving operational efficiencies and promptly closing feedback loops, allowing them to cleverly align their business goals, operations, and vision.
Harsha Randeny, Country Manager for Microsoft Sri Lanka and Maldives, added, “We are enthusiastic about supporting LOLC Technologies break ground on their undertaking to elevate operations through AI automation. Not only are we looking forward to guiding LOLC Technologies through this transition, but we’re also keen on optimizing the organization’s leveraging of Microsoft AI Solutions at every level. We trust that with these tools at their disposal, LOLC Technologies will forge ahead with inventive opportunities.”
Microsoft is committed to empowering LOLC Technologies to drive innovation and transform their business with AI, leveraging cloud agility to support their evolution and advance their core banking capabilities.
Business
Low investor participation in share market but trading takes positive direction

By Hiran H.Senewiratne
Stock trading was positive yesterday but investor participation remained at a lower range. The turnover level was 60 percent down compared to previous days after suffering its worst dip in over two years and losing Rs. 188 billion in value on Wednesday, market analysts said.
Amid those developments both indices moved upwards. The All- Share Price Index went up by 227.95 points while S and P SL20 rose by 72.87 points. Turnover stood at Rs 2 billion with four crossings.
Those crossings were reported in JKH, which crossed six million shares to the tune of Rs 136.3 million, its shares traded at Rs 22.70, Melstacope 450,000 shares crossed for Rs 58.3 million; its shares traded at Rs 130, ACL Cables 250,000 shares crossed for Rs 33.7 million; its shares traded at Rs 135 and Dialog 2 million shares crossed to the tune of Rs 26.2 million; its shares traded at Rs 13.10.
In the retail market top six companies that mainly contributed to the turnover were; Browns Investments Rs 115 million (13.2 million shares traded), Access Engineering Rs 88.7 million (2.1 million shares traded), CIC Holdings Rs 88.5 million (792,000 shares traded), Melstacope Rs 85.9 million (678,000 shares traded), Dipped Products Rs 67.8 million (1.1 million shares traded) and Sampath Bank Rs 66.9 million (557,000 shares traded). During the day 78 million share volumes changed hands in 17970 transactions.
During the day the main contributors to the All Share Price Index were, Ceylinco Insurance, 34 points, Melstacope 25 points and JKH 21 points.
It is said that high net worth and institutional investor participation was noted in Amana Bank, Access Engineering and Teejay Lanka. Mixed interest was observed in Browns Investments, HNB and LOLC Holdings, while retail interest was noted in LOLC Finance, Waskaduwa Beach Resort and Dialog Axiata.
The banking sector was the top contributor to the market turnover (due to HNB and Amana Bank), while the sector index gained 0.76 percent. The share price of HNB edged up by 25 cents to Rs. 334.25. The share price of Amana Bank moved down by 10 cents to Rs. 25.
The Capital Goods sector was the second highest contributor to the market turnover (due to Access Engineering), while the sector index increased by 0.79 percent. The share price of Access Engineering recorded a gain of Rs. 1.10 to reach Rs. 40.
Yesterday the rupee was quoted at Rs 298.40/80 to the US dollar in the spot market, stable from Rs 298.40/70 to the US dollar the previous day, dealers said, while bond yields were broadly steady.
A bond maturing on 15.12.2026 was quoted at 9.05/15 percent, up from 9.05/10 percent. A bond maturing on 15.10.2027 was quoted at 9.75/85 percent, up from 9.70/80 percent. A bond maturing on 15.02.2028 was quoted at 10.13/17 percent, down from 10.15/17 percent. A bond maturing on 01.07.2028 was quoted at 10.35/38 percent. A bond maturing on 15.09.2029 was quoted at 10.80/85 percent, down from 10.82/90 percent. A bond maturing on 15.10.2030 was quoted at 11.23/28 percent, down from 11.23/33 percent.
Business
Timeless elegance and masterful craftsmanship on display

Chatham Luxury -the exclusive representative of Chopard in Sri Lanka- held a private preview of the Swiss luxury brand’s newest watch and jewellery collections on Thursday the 23rd of January at the Chatham Flagship Boutique at Galle Face Court; making it the first time a global jewellery label showcased in Sri Lanka.
Representing Chopard at the intimate event was Xavier Lasserre, International Sales Manager of the brand; and as the evening unfolded, models gracefully exhibited exquisite timepieces and jewellery while Lasserre introduced every coveted creation on display with fascinating insight into the design and craftsmanship behind each, while also speaking to the ethos, heritage, and vision of the brand.
Under the spotlight were some of the luxury label’s newest creations that reflected both the masterful artistry and calibre of Chopard, namely the latest additions to the iconic Happy Diamonds and Ice Cube collections.
Chopard’s Happy Diamonds luxury jewellery capsule with its quintessential ‘dancing diamonds’ is recognised for its authentic elegant charm. On the other hand, the brand’s Ice Cube collection of luxury rings, diamond pendants, bracelets, and earrings, perfectly marry classical glamour and sleek modernity.
-
News7 days ago
New Bangalore-Jaffna flights in the works
-
News5 days ago
CID questions top official over releasing of 323 containers
-
News2 days ago
Musk reveals ‘crazy waste’ of USAID funds in Sri Lanka
-
News7 days ago
Cardinal says ‘dark forces’ behind Easter bombs will soon be exposed
-
Features6 days ago
A singular modern Lankan mentor – Part II
-
News7 days ago
HRCL reports on Rohingya asylum seekers
-
Features6 days ago
Bharath Rang Mahothsav Parallel Festival in Colombo
-
News7 days ago
Ishadi Amanda makes history as First Runner-Up at 40th Mrs. World Pageant