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Sri Lanka Insurance launches 2022 marking 60 years of excellence



Anniversary celebrated with ‘Medi 60’ Senior Citizen Medical Insurance offer

The inauguration of Sri Lanka Insurance (SLIC) business operations for the year 2022 took place on January 3, 2022 at the SLIC head office with the participation of the Chairman, corporate management, and staff,

The event, with observances of all four religions of the country, adhered to the health and safety guidelines of the authorities in relation to the pandemic with minimum participation and was live-streamed to all branches and staff via zoom, an SLIC news release said.

Established in 1962 as a state insurer, Sri Lanka Insurance celebrated 60 years of service to the nation on January 1, 2022.

Through six decades, SLIC built and conducted its business in alignment with the country’s economic objectives and its own business goals striving to perform beyond its mandate and assist the country in times of need, an SLIC news release said. It continues to do so, upholding the highest standards and its corporate vision and mission.

The 60th anniversary celebration included the introduction of the “Medi 60” Senior Citizen Health Insurance Plan to cover an array of health insurance needs of senior citizen. The product was launched taking their health insurance needs and financial constraints as a tribute to the older generation for their valuable contribution towards the economic progress of the country, the release said.

It explained that ‘Medi 60’ health cover enables senior citizens to be reimbursed medical charges, including hospital & surgery costs and medication expenses.

“Senior citizens between the age of 60 and 70 years are now eligible to apply for this cover. The policy can be renewed until the policyholder reaches 80-years of age. Moreover, policyholders also receive attractive discounts for laboratory tests, medicine delivery and free wellness programmes in collaboration with ayubo,life,” it said..

SLIC Chairman Eng. Vijitha Herath, speaking at last week’s celebration, noted ‘ As we celebrate the 60 years of excellence, we remember the vision of leaders who established this institution to benefit this nation and its people. At this historic moment we are proud to say that we have served the nation to the utmost from generation to generation.

“We have been at the forefront of educating the masses on the importance of insurance to their well being and will further strengthen our internal capabilities to serve the people with innovative and affordable insurance solutions which meet their needs. SLIC will make necessary paradigm shifts within the insurance industry as we strive to continue providing the best protection for all Lankans.’

Chief Executive Officer, Mr.Chandana L. Aluthgama noted that “2022 has been by far one of the most challenging years we have gone through. But we have reaffirmed our true spirit with remarkable achievements made throughout the year.”

He said SLIC had posted the best ever GWP (gross written premium) in its history with over Rs. 43 billion earned on Life and General insurance, a growth of 14% over the previous year, had as many as 189 MDRT (Million Dollar Round Table) members on board, paid the highest ever life insurance bonus totaling Rs. 8.6 billion, was the market leader in the motor and general insurance segments of the industry, was recognized as a “Great Place to Work” and achieved ISO quality standards.

“All of us will work together as one team in 2022 aiming at achieving excellence in all aspects of what we do,” he said.

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Seven factors of concern at upcoming Monetary Policy Review



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



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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Janaka Abeysinghe appointed SLT CEO



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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