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Sithumina Jayasundara appointed CEO of HNB General Insurance

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Sithumina Jayasundara - Chief Executive Officer of HNB General Insurance Limited

HNB General Insurance Limited (HNBGI) announced the appointment of Sithumina Jayasundara as its Chief Executive Officer effective January, 1st 2022.

An old boy of St. Anthony’s College, Kandy, Jayasundara counts over 24 years of experience in the Insurance Industry. Prior to joining HNB General Insurance Limited, he has led many teams and held several key positions related to Non-Life at Asian Alliance Insurance PLC, MBSL Insurance Company Limited, Janashakthi Insurance Co. Limited and Eagle Insurance PLC. Jayasundara has obtained foreign exposure through different training programmes and conferences related to General Insurance and specializes in the field of Re-insurance. Having joined HNBGI in 2014, Jayasundara was appointed to the Group Executive Committee in 2015 and subsequently promoted as the Chief Technical Officer of HNBGI and as Chief Operating Officer and Principal Officer of HNBGI in 2019.

Jayasundara is the current President of the Sri Lanka Insurance Institute (SLII) and a founding Council Member of The Association of Chartered Insurance Professionals (ACIP) in Sri Lanka. He holds a Master’s Degree in Business Administration from the Cardiff Metropolitan University, UK, an Advanced Diploma in Insurance (ACII – UK) and holds the status of a Chartered Insurer and the Senior Associateship of the Australian and New Zealand Institute of Insurance and Finance.

HNB General Insurance Limited (HNBGI) was incorporated in January 2015 and specializes in Motor and Non-Motor Insurance Solutions and is presently one of the fastest growing General Insurance Companies in Sri Lanka, with a network of 56 branches. The Company is ranked within the Top 100 Brands and has been awarded a ‘National Insurer Financial Strength Rating’ of ‘’A+’’ (lka) by Fitch Ratings Lanka Limited and has obtained the Great Place to Work® Certification. The Company was awarded the Motor Insurance Initiative of the Year – Sri Lanka award at the Insurance Asia Awards 2021, and is a fully owned subsidiary of HNB Assurance PLC.



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Business

Seven factors of concern at upcoming Monetary Policy Review

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by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets

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Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Business

Janaka Abeysinghe appointed SLT CEO

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Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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