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Sri Lanka Insurance Corporation geared for growth and stability in 2023

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Company’s asset base increased to Rs.276 billion and life fund to Rs. 158 billion at the end of 3Q 2022

Pioneering insurance provider Sri Lanka Insurance Corporation (SLIC) is set to spearhead yet another year of steady growth building on the momentum of a resilient 2022.

The Company illustrated its strength recording a Gross Written Premium (GWP) of Rs 20.7 billion in the Life Insurance sector and Rs 20.5 billion in the General Insurance sector.

In 2022, SLIC declared the highest ever life insurance bonus in the insurance industry, offering Rs 9.8 billion for the year 2021 to its Life Insurance policyholders. Despite the challenging economic and social backdrop, the company’s asset base increased to Rs.276 billion and the life fund to Rs. 158 billion at the end of the third quarter of the year 2022, the largest in the country.

“Our 60 year legacy is a journey of sustainable growth, success and resilience fueled by integrity and our determination to create value and safeguard the interest of our policyholders and other stakeholders. Over the years, we have rightfully claimed the reputation of a stable insurer with exceptional principles, robust work ethics and a sense of direction and vision. We continued to lead the industry through our efforts by viably thriving our economic, social, and environmental impact. Hence, we remain confident in our ability to steer forth through turbulent waters and grow,” said Chairman of SLIC, Ronald C. Perera, PC.

SLIC offers its extensive policyholder base a diversified and innovative product portfolio. Moreover, the company provides several value-added services, hassle-free customer services and facilitates convenience and ease of access to policyholders with a branch network of 190 spread across the country – deciding factor in its ability retain customers in the long-term.

“The year 2022 was one of the most challenging years in our recent history. We relied on our six decades of expertise, process excellence and reputation as an insurer with transparency and integrity to navigate the challenging times, with ease. Our timely strategic impetus allowed us to overcome obstacles and perform well in all fronts in 2022. We will continue to build on that momentum and create sustainable value for all our stakeholders,” said Chief Executive Officer of SLIC, Chandana L. Aluthgama.

Along with the strong financial strength, SLIC secured a number of awards and accolades during the year including the ‘Most Loved Insurance Brand’ and ‘Most Valuable General Insurance Brand’ for the 5th consecutive year by Brand Finance.



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CEB calls for proposals to develop two 50MW wind farm facilities in Mullikulam

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The Ceylon Electricity Board (CEB) has announced an international call for proposals to develop two 50 MW wind farm facilities in Mullikulam on a Build, Own & Operate (BOO) basis. The initiative aims to bolster Sri Lanka’s renewable energy capacity, aligning with the government’s strategy to increase the share of clean energy in the national grid.

The bidding process, launched on behalf of the Cabinet Appointed Negotiating Committee, invites local and international project proponents to finance, design construct and maintain the wind farms under a 20-year agreement. The deadline for proposal submissions is June 12, 2025.

A senior electrical engineer at the CEB, speaking on the significance of the project, told The Island Financial Review: “This initiative is a crucial step towards achieving Sri Lanka’s renewable energy goals. Wind power is a key component of our strategy to reduce reliance on fossil fuels and enhance energy security.”

According to the CEB, interested parties can obtain the Request for Proposal (RFP) document by paying a non-refundable fee of Rs. 300,000 (or USD 1,035 for foreign applicants). The RFP provides comprehensive details on project requirements and evaluation criteria.

“Given the global shift towards clean energy, we expect strong interest from both local and international developers. This project not only supports our sustainability targets but also creates investment opportunities in Sri Lanka’s energy sector, the engineer added.

The wind farm project is part of a broader initiative to achieve 70% renewable energy generation by 2030, a key target set by the Ministry of Energy. Experts believe that projects like these will play a vital role in stabilizing electricity supply and reducing carbon emissions.

by Ifham Nizam

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The people crown Lolc for ninth consecutive year

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The Marketing Communication Team of LOLC Holdings, led by Susaan Bandara, Group Chief Officer- Marketing Communications, receiving the award.

LOLC once again emerges as the “People’s Financial Services Brand of the Year”, securing the prestigious title bestowed at the SLIM Kantar People’s Choice Awards 2025 for an unparalleled ninth consecutive year. This recognition, conferred through a comprehensive consumer research, reflects the brand’s firm connection with the Sri Lankan people and its consistent leadership in financial services.

Unlike many industry awards, the SLIM Kantar People’s Choice Awards is determined by independent consumer research conducted by Kantar, a global leader in brand insights. Instead of relying on a judging panel, this recognition is purely based on public perception, brand recall, and customer loyalty, making it one of the most authentic measures of a brand’s standing. Securing this title for ninth consecutive years highlights LOLC’s deep-rooted connection with its customers and its ability to evolve with their changing needs while maintaining a firm commitment to excellence.

Kapila Jayawardena-
Group Managing
Director/CEO of LOLC
Holdings PLC

LOLC’s continued success is driven by its assurance to financial empowerment, innovation, and inclusiveness. It has redefined accessibility to financial services by reaching underserved communities and pioneering digital transformation. Beyond its core financial solutions, LOLC is a brand that stands with the people, for the people, embodying resilience and hope through the years. In times of crisis, be it economic hardships or global disruptions, LOLC has remained a pillar of strength, stepping in when the nation needed it most. This deep-rooted connection with the people is what truly sets LOLC apart. The company has also been recognized for initiatives that create real social impact, such as the Divi Saviya Humanitarian Project, which uplifts vulnerable communities through sustainable support.

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Orient Finance reports robust financial growth for 9-month period ended December 31, 2024

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K.M.M Jabir Director/CEO of Orient Finance PLC (L) / Rajendra Theagarajah Chairman of Orient Finance PLC (R)

Orient Finance PLC has reported an outstanding financial performance for the nine-month period ended December 31, 2024, showcasing significant growth in key financial indicators compared to the corresponding period in 2023.

The Company recorded a remarkable 161% increase in profit after tax, reaching Rs. 254.6 million compared to Rs. 97.6 million in the same period of the previous year. Net interest income surged by 37%, amounting to Rs. 1.66 billion from Rs. 1.21 billion, demonstrating strong portfolio growth and enhanced operational efficiencies.

Total assets expanded by 28%, rising to Rs. 25.3 billion, while loans and receivables increased by 36% to Rs. 19.76 billion. The Company’s deposit base grew to Rs. 15.12 billion, marking a 19% increase, reflecting continued customer confidence. Meanwhile, total equity improved by 12%, standing at Rs. 3.86 billion.

Earnings per share (EPS) grew 163% to Rs. 1.21, up from Rs. 0.46, while net assets per share (NAPS) rose by 12% to Rs. 18.27.

For the month of December 2024, Orient Finance reported a Cost-to-Income Ratio of 68%, reflecting continued efforts towards cost management amidst challenging market conditions. The Gross Non-Performing Loan (NPL) Ratio stood at 9.62%, while the Provision Cover was maintained at a healthy 65.37%, demonstrating company’s prudent approach to credit risk management. As the quarter ended 31st December 2024, Orient Finance’s Tier 1 Capital Ratio stood at 13.14%, with the Total Capital Ratio recorded at 13.16%, both remaining comfortably above the minimum regulatory requirements.

Commenting on the results, Rajendra Theagarajah, Chairman of Orient Finance PLC, stated, “These exceptional results underscore our commitment to sustainable growth and operational excellence. Our focus on innovation and customer-centric financial solutions has strengthened our position in the market. As we continue to evolve, we remain dedicated to offering innovative financial products that meet the diverse needs of our customers while driving long-term shareholder value.”

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