Business
Sri Lanka Insurance holds Annual General Meeting via Zoom online platform
Sri Lanka Insurance holds its Annual General Meeting via Zoom online platform on 7th July 2021. The Chairman and Board of Directors were participated for the meeting from their respective locations adhering to the Covid 19 health and safety standards issued by Health authorities.
During the Annual General Meeting, it was declared that the company has closed year 2020 in a positive note recording phenomenal growth with exceptional service innovations.
Sri Lanka Insurance the premier insurer to the nation recorded stellar performance in 2020 to record a Profit before taxation of Rs. 7.9 billion for the year2020 , with a strong improvement in combined Gross Written Premium (GWP) of Rs. 39.4 billion denoting growth of 16.65%.
In the year of 2020 Sri Lanka Insurance reported 29.9 % growth in life insurance premium increasing to Rs.19.8 from 14.8 billion whilst Sri Lanka Insurance General reported 6.27% premium growth increasing to Rs.20.1 billion. General insurance contributed 51% towards the total GWP whilst Life Insurance contributed 49 %.
In continuing with its tradition of leadership, Sri Lanka insurance in 2020, surpassed its own record to declare a sum of Rs.8.6 billion as bonus to policyholders. The cumulative life insurance bonus paid out during the past 15 years tops a massive Rs.73.2 billion making the SLIC bonus payout unmatchable.
“Inclusive insurance or as I like to call it “Insurance for All” is something I have consistently reiterated, for it is without a doubt one of the best ways to safeguard the quality of life for every Sri Lankan. Insurance helps everyone, even those at the base of the economic pyramid . A majority of Sri Lankans are unaware that Insurance acts as a safety net in times of crisis and can provide people and businesses with lifeline to help them recover from unforeseen events to re-establish their livelihoods. What is more disconcerting is that the lack of awareness has given rise to the misconceptions that insurance is a product for a privileged few. The task of delivering “Insurance for All” is no easy feat. However, with over 59 years of expertise in serving the Sri Lankan market, I am convinced SLIC is best equipped to lead the movement to make insurance accessible to all.” noted Mr.Jagath Wellawatta, Chairman of SLIC.
Notwithstanding the challenging macroeconomic environment and large-scale disruptions due to the COVID-19 outbreak, SLIC delivered an excellent performance in 2020, even outperforming the industry on many fronts. With our perceptions and outlook coloured by the pandemic, we embarked on a new strategic planning exercise aimed at mapping out SLIC’s growth trajectory for the next 3 years. Eager to put our plan into action, we advanced the first phase of our agenda and undertook a broad based restructuring initiative to embed a greater degree of management oversight across the General business and the Life business, which we felt will pave the way for SLIC to systematically improve the scalability of each business, based on specific opportunities in the market.” noted Mr. Chandana L. Aluthgama, Chief Executive Officer of SLIC.
Established in 1962, Sri Lanka Insurance Corporation is the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.235 billion and a Life fund of Rs. 134 billion, the largest in the local insurance industry. Sri Lanka Insurance ranked as the ‘Most Loved Insurance Brand’ and the ‘Most Valuable General Insurance Brand’ in the country by Brand Finance for the fourth consecutive year. Further Sri Lanka Insurance recognized as a “Great Place to Work” in Sri Lanka by Great Place to Work. The company is on the mission of being a customer focused company which constantly innovates in providing insurance services to customers and is now serves customers through an extensive network of 158 branches.
Business
Shark and Ray Karawala
When we buy shark dry fish (Mora Karawala), do we really know what species we are consuming? What if endangered sharks are hiding in our meal? Most consumers are unaware.
In Sri Lanka, dried fish is more than food; it is a flavour, a tradition and a way of life. Affordable, long-lasting, and rich in taste, it has become a staple across the island, mainly in rural communities, the dry zone, and hill country. While most fish are eaten fresh, about 14% of the catch is preserved through age-old methods, such as salting, sun drying, smoking and fermentation. Whether served as a main dish (Karawala) or as a flavourful condiment (Umbalakada), dried fish has secured a special place on Sri Lankan plates.
Today, nearly two-thirds of the demand for dry fish is met locally, with dried sharks being the most common and popular in markets. And many people believe that milk sharks are particularly nutritious for lactating mothers.
Typically, part of the excess fish supply in peak seasons, fish arrive late from multiday fishing boats, fish from the bottom of nets, fish that are susceptible to quick spoilage or have low market appeal, are used to produce dry fish rather than letting this resource go to waste. In many coastal villages, drying fish is carried out at the fishing “waadi” (fishing villages/houses) level, often led by women as a means of earning supplementary income.
- Salting (not an elasmobranch
- Cutting rays into pieces prior to salting
But this comes with a cost. Sharks and Rays are slow-growing, late maturing and producing only a few young cannot keep up with rising demand. Sharks and Rays are captured by large-scale artisanal fisheries and often retained as bycatch. Mainly exploited for their meat and other derivatives, including gill plates, fins, and skins. Overfishing has pushed their populations into serious decline.
In Sri Lanka, over 60–70% of shark and ray species are threatened with extinction according to the IUCN Red List, with many others listed as Data Deficient — meaning their true status may be even worse. Only a handful of species might be considered less at risk, but even those assessments are uncertain.
Once dried, it becomes nearly impossible to identify which species are being sold. Drying removes distinguishing features, making it impossible to verify the species or ensure sustainability. Labelling is virtually non-existent, and consumers have no reliable way to tell which species they are purchasing.
This means endangered sharks are likely ending up on plates across the country — without anyone realising it. Given the high proportion of threatened species and the lack of transparency, the safest and most responsible choice is to avoid all shark-based dried fish entirely.
By choosing alternative dried fish products made from more sustainable species, we can protect Sri Lanka’s marine biodiversity and ensure that our cultural traditions remain part of a future where sharks still swim in our oceans.
About the Author:
Apsara Rupasinghe, a zoologist with a BSc (Hons) Degree in Zoology, is pursuing MPhil research on shark and ray genetics at BRT-FiPo, with a background in conservation genetics and population genetics. Her work involves combining genetics and conservation to improve species identification and protect endangered elasmobranch species. Apsara pays special attention to the dry fish industry in Sri Lanka as part of her research.
by Apsara Rupasinghe
(Researcher, Fisheries and Policy Programme, Blue Resources Trust)
Business
SPAR Sri Lanka opens first Kandy outlet, redefining modern retail in hill capital
SPAR Sri Lanka marked a significant milestone with the opening of its 12th outlet—its first in the historic city of Kandy and only the second outside the Western Province. Established in 2018 as a joint venture between SPAR South Africa Group and Ceylon Biscuits Limited, SPAR Sri Lanka combines global expertise with strong local roots.
Speaking at the launch, CEO of SPAR Sri Lanka highlighted the cultural and commercial significance of Kandy, noting that the brand’s aim is “not just to open a store, but to serve the community in a meaningful and relevant way.”
The Kandy outlet offers over 6,200 products, with nearly 3,900 locally sourced, supporting farmers, producers, and SMEs, while the remaining range includes imported SPAR international brands. Innovative features such as a dedicated pet care section, TOPs liquor store, pharmacy, and banking facilities create a one-stop lifestyle destination.
SPAR Sri Lanka is also fostering youth employment and professional development, providing structured training programs to equip staff with globally recognised retail skills. The store has created over 50 jobs in the region and supports local suppliers in meeting international standards, opening doors for broader market access.
With its SPAR2U online platform and SPAR Rewards app, customers can enjoy convenience and value, while the company’s ecosystem approach supports retailers, suppliers, and communities alike. The brand’s next expansion is scheduled in Kurunegala, underscoring SPAR Sri Lanka’s vision of reshaping retail while uplifting local economies.
Text and Pic By S.K Samaranayake
Business
Sri Lanka Insurance Life Honoured at Great Managers Awards, Becoming First SOE to Achieve this Recognition
Sri Lanka Insurance Life (SLIC Life) was recognised at the prestigious ‘Great Managers Awards 2025’, held on 26th March 2026 at Cinnamon Grand, Colombo, marking a significant milestone as the first State-Owned Enterprise (SOE) to receive this recognition.
Organised by CLA Coaching in collaboration with the Colombo Leadership Academy, the awards recognise organisations and individuals who demonstrate excellence in leadership and managerial effectiveness, benchmarked against global best practices through a rigorous evaluation process.
Sri Lanka Insurance Life was recognised under the category of ‘Companies with Great Managers’, reflecting its commitment to nurturing leadership talent and building a culture that supports sustainable performance and people development.
Several SLIC Life team members were also honoured across multiple categories, highlighting the depth of leadership within the organisation. Duminda Pieris, Assistant General Manager/Zonal Head, was recognised for Driving Results and Execution Excellence, while Chaminda Athauda, Deputy General Manager – Life, received recognition for Aligning Organisational Vision. Jagath Welgama, Deputy General Manager – National Sales, and Manjula Darmaprema Branch Manager – Pilimathalawa were acknowledged for Building Team Effectiveness and Collaboration. Amali Gomez, Manager – Corporate & Marketing Communications, was recognised for Integrality and Holistic Approach. Ruchira Edirisinghe, Brand Manager, and Uththara Kapugamage, Manager – Employee Engagement, were both recognised as Great Millennial Managers.
Commenting on the achievement, Nalin Subasinghe Chief Executive Officer of Sri Lanka Insurance Life stated: “We are truly humbled and honoured to be recognised at the Great Managers Awards 2025, especially as the first State-Owned Enterprise to receive this accolade. This achievement is a testament to the strength, dedication, and professionalism of our team, who continue to demonstrate exceptional leadership across all levels of the organisation. We take great pride in this collective success.” He further added, “We also commend this initiative for its role in encouraging organisations to nurture and develop future leaders. Platforms such as these are vital in shaping strong leadership cultures that drive sustainable business success and industry-wide progress.”
This recognition underscores Sri Lanka Insurance Life’s ongoing commitment to developing its people, strengthening leadership capabilities, and fostering a high-performance culture that contributes to long-term organisational success.
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