Business
Ceylinco Life remains No 1 for 18th successive year with premium income of Rs 25.5 billion
*Reports consolidated income of Rs 40.7 billion for 2021
*Life Fund grows 12% to Rs 119.6 billon
*Total assets up 15.2% to Rs 173.7 billion
*Value of investment portfolio increases by 15.5% to Rs 154.4 billion
Ceylinco Life has retained its market leadership in Sri Lanka’s life insurance sector for the 18th consecutive year with gross written premium income growing by 15.8 per cent to Rs 25.565 billion for the 12 months ending 31st December 2021, a company news release said.
“With investment and other income of Rs 15.129 billion for the year, the Company ended 2021 with consolidated income of Rs 40.694 billion, an improvement of 10 per cent over 2020. Ceylinco Life’s investment portfolio grew by Rs 20.748 billion or 15.52 per cent over the 12 months to Rs 154.455 billion at the end of the year,” it said.
The Company’s Life Fund grew by 12 per cent to Rs 119.634 as at 31st December 2021, consequent to a transfer of Rs 11.803 billion, which was 25 per cent higher than the transfer made in respect of 2020.
Total assets grew by Rs 22.9 billion or 15.23 per cent over the year at a monthly average of more than Rs 1.9 billion to reach Rs 173.762 billion at the end of the year reviewed.
Commenting on the company’s performance in what he described as a year of snowballing challenges, Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe said: “Our figures for 2021 demonstrate the importance of not allowing external factors to distract us from our fundamental purpose, which is to de-risk the future for more and more Sri Lankans through life insurance. The pressures of economic uncertainty and mercurial policies did pose a challenge to most businesses in 2021, but Ceylinco Life maintained its growth momentum by focusing on the evolving needs and concerns of its customer base.”
The Company paid Rs 12.736 billion in net claims and benefits to policyholders for the year under review, an increase of 3.8 per cent over the preceding year, and transferred Rs 4.5 billion to the shareholders fund, which stood at Rs 44.194 billion at the end of 2021.
Ceylinco Life’s basic earnings per share for the year amounted to Rs 137, while net assets value per share stood at Rs 883.88 as at 31st December 2021, an increase of 15.8 per cent.
Among the highlights of the year reviewed was the launch of two ground-breaking market responsive new products – ‘Future Saver’ and ‘Education Protector.’ Future Saver is a new paradigm life insurance product that offers protection as well as wealth accumulation, with an emphasis on the latter. It is designed to enable policyholders to plan for long-term goals by passionately saving for a short period during which their financial stability is at its peak. Education Protector is an insurance plan designed exclusively for the purpose of ensuring the continued education of children. It enables a parent to, with just a single one-time premium payment, secure the future education prospects of a child in the event of his or her inability to do so due to death or total and permanent disability.
Adjudged Sri Lanka’s Service Brand of the Year by the Sri Lanka Institute of Marketing (SLIM) and voted the ‘Most Popular Service Provider’ in Sri Lanka’s Life Insurance industry in 2021, Ceylinco Life has been the country’s leading life insurer for more than half of the 33 years it has been in existence. The company was ranked the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance also in 2021, during which it was also named one of the 10 Most Admired Companies in Sri Lanka by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), was voted the ‘Peoples Life Insurance Service Provider of the Year’ for a record 15th consecutive year, was certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work® and was named the ‘Best Life Insurer in Sri Lanka’ for the eighth consecutive year by World Finance.
Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance sector for innovation, product research and development, customer service, professional development, sustainability, and corporate social responsibility.
Business
Low-floor buses launched to boost accessible public transport for differently-abled
A new low-floor bus service that gives priority to persons with disabilities and special needs was launched last Tuesday (21) from the Makumbura Multimodal Center (MMC).
The service was inaugurated under the patronage of Minister of Transport, Highways and Urban Development, Bimal Rathnayake.
Accordingly, ten specially designed low-floor buses have been introduced into the transport service today. These buses are specially designed so that wheelchair users, visually impaired passengers and also expectant women can board the bus with ease, the Transport Ministry said.
Each bus has 30 passenger seats and separate seating areas have been allocated for passengers using wheelchairs.
The pilot project operates on routes from Makumbura to Colombo Fort and from Makumbura to Kadawatha. These routes also cover major hospitals including the Colombo National Hospital and the Maharagama Apeksha Hospital.
Speaking at the event, Subject Minister Bimal Rathnayake stated that while these buses prioritize the differently-abled community, they will also provide a comfortable and reliable transport service for all passengers.
He also noted that 122 low-floor buses are planned to be introduced into service before the end of this year, and that in the future the service will be expanded to areas such as Kandy, Batticaloa, Matara and Jaffna.
Business
Nestlé Lanka Announces Change in Leadership
Nestlé Lanka Limited has announced the appointment of Manav Sahni as its Chairman and Managing Director effective 01 May 2026. He will be succeeding Bernie Stefan, who will be transitioning to a new global role within the Nestlé Group. Bernie Stefan led Nestlé’s Sri Lankan operations through a particularly challenging time since 2023 – and has successfully guided the company through a strategic turnaround, positioning it on a axis for sustainable growth.
Speaking on his tenure at Nestlé Lanka, Bernie commented “Leading Nestlé Lanka has been a deeply meaningful chapter in my Nestlé journey. I am grateful to have worked alongside an amazing and resilient team that continues to make a difference for Sri Lankans across the country. On a personal note, it was an amazing opportunity to live on this beautiful island and experience firsthand the openness, warmth and kindness of its people, which has been the highlight of my Nestlé career to date. As Nestlé Lanka marks 120 years of enriching Sri Lankan lives, it is especially humbling to reflect on the role we have played in building on this legacy – positively touching individuals and families, strengthening community partnerships, and advancing our sustainability commitments. I am thankful to my colleagues, partners and stakeholders for their collaboration and trust, and to the wider business community, including through my role as a Board Member of the Ceylon Chamber of Commerce, for the opportunity to reinforce Nestlé’s commitment to responsible corporate citizenship. I leave very confident in the strength of the team and the journey that lies ahead.”
Manav Sahni brings with him over 18 years of experience in the FMCG & Telecom sector. Prior to taking on the role as Chairman and Managing Director of Nestlé Lanka Limited, he has been heading Nestlé’s Dairy business for the South Asia Region, where he expertly managed a highly diverse portfolio, driving sustainable business transformation.
“I am thrilled to take on the role of Chairman and Managing Director of Nestlé Lanka at such a pivotal moment in its journey. Nestlé has been part of Sri Lankan households for generations, and I am excited to work with the team to continue delighting consumers with tasty and nutritious products, while strengthening the positive impact we create through our brands and initiatives.”
Business
Majestic Cineplex Returns Bigger Better and More Immersive
Ceylon Theatres will unveil the newly revamped Majestic Cineplex on the 29th of April 2026, beginning a new chapter for one of Sri Lanka’s best known cinema destinations. Located at Majestic City Colombo, Majestic Cineplex returns with major technology upgrades, enhanced comfort, and a range of premium viewing options, reinforcing Ceylon Theatres’ long standing reputation for raising the bar in cinema entertainment experiences in Sri Lanka. Accordingly, the upgraded Cineplex will be completely open to the public from 29th April 2026 onwards.
For generations of moviegoers, Majestic Cineplex has been a landmark venue in Colombo, and its latest transformation brings together the nostalgia of a familiar name with the excitement of a modern cinema experience. Leading the new screen line up is Majestic Platinum, which introduces Sri Lanka’s first and only digital LED cinema screen. Designed to deliver sharper visuals, deeper contrast, richer colour, and outstanding clarity, the auditorium features a 3D 4K Tricorne LED Cinema Screen together with Dolby Atmos surround sound. Majestic Platinum offers 226 seats, including 18 VIP recliner seats for those chasing a premium cinema experience.
The cineplex also features three additional theatres, each designed to offer a high quality movie experience. Majestic Superior includes Barco 2K projection, 3D capability, and 7.1 surround sound, with seating for 150 patrons. Majestic Ultra features the same advanced projection and audio systems with 149 seats. Majestic Gold offers a more private luxury setting with Barco 2K projection, 3D capability, DTSX surround sound, and 30 leather recliner seats, ideal for those looking for the most premium and exclusive experience.
Patrons can also enjoy an upgraded café experience with freshly prepared and ready to eat food available for purchase at the counter, along with convenience of being served to your seat. The new café experience, together with the upgraded theatres make for a more relaxed, enjoyable, and fulfilling experience for everyone.
Discussing the relaunch, Ganga Rathuvithana, General Manager Operations at Ceylon Theatres said, “Majestic Cineplex has always been a special part of Colombo’s cinema culture, and we are proud to welcome audiences back with an experience that reflects the future of movie entertainment. We have always believed in investing in the best available technology, from introducing Sri Lanka’s first 3D cinema to now launching the country’s first digital LED cinema screen. Our revamped Majestic Cineplex is designed to give movie lovers something truly special.”
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