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Sri Lanka Insurance Life Maintains Growth Trajectory with 32% Increase in GWP by Q3 2025

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Nusith Kumaratunga, Chairman of Sri Lanka Insurance addressing the gathering. Also in the picture are Dayatrathna Perera - Chief Officer (SLIC Life), Shriyani Kulasinghe - Chief Financial Officer (SLIC Life), Dr. Sameera Dharmasena - Chief Executive Officer (SLIC General) and Asiri Wickramaarachchi - Chief Officer (SLIC General).

Sri Lanka Insurance Life (SLIC Life) has recorded an impressive performance for the nine months ending 30th September 2025, reflecting the company’s exceptional business strength and resilience. The company posted a profit before taxation of Rs. 23.9 billion, marking an 11% growth, while achieving a Gross Written Premium (GWP) of Rs. 23.6 billion, a robust 32% year-on-year increase. SLIC Life also recorded a significant rise in New Business premiums, reaching Rs. 5.4 billion, a remarkable 61% growth, reinforcing its position among the top-performing life insurers in the country. Profit After Tax (PAT) for the period stood at 22 billion, reflecting the company’s strong financial governance and operational excellence.

Further demonstrating its commitment to policyholders, the company disbursed Rs. 13.2 billion in claims and maturity settlements during the nine-month period, averaging Rs. 1.5 billion per month, a 49% increase compared to the same period last year. This performance underscores SLIC Life’s financial strength and unwavering focus on delivering on its promises to customers. With an asset base of Rs. 264 billion and the largest Life Fund in the industry at Rs. 239 billion, SLIC Life continues to display unmatched financial stability and prudent management.

As a state-owned insurer, SLIC Life continues to play a pivotal role in national economic development. During the period, the company paid Rs. 0.9 billion in taxes and maintained significant investments of Rs. 115 billion in government securities, reflecting its contribution to fiscal stability and economic growth. Sri Lanka Insurance Corporation (SLIC) further strengthened the Treasury through dividend payments of Rs. 1.5 billion in 2025, a 17% increase from the previous year reinforcing the group’s role as a key contributor to national revenue and supporting economic progress.

In line with its continued success, the company recently declared a record Rs. 12.5 billion in annual bonuses for 2024, the highest in the Sri Lankan life insurance industry. This brings the cumulative bonus declarations since 2006 to Rs. 116.6 billion, reflecting the company’s strong investment performance and long-term commitment to delivering value to its policyholders.

Sri Lanka Insurance Life holds the highest assigned rating among Sri Lankan life insurers, with Fitch Ratings affirming an ‘A+(lka)’ National Insurer Financial Strength (IFS) Rating and a Stable Outlook, underscoring the company’s sound financial governance and resilience. SLIC Life continues to strengthen its brand leadership, being recognized as Sri Lanka’s “Most Loved Life Insurance Brand” by LMD for the 8th consecutive year and listed among the Top 3 of the Most Valuable Life Insurance Brands in Sri Lanka. Demonstrating its commitment to global best practices, the company has also achieved ISO/IEC 27001:2013 for Information Security Management, ISO 9001:2015 for Quality Management, and ISO 14064-1:2018 for Greenhouse Gas Verification.

Acknowledging its long-standing commitment to community upliftment, SLIC Life was honored with the “Excellence in CSR Award” at the Sri Lanka Leadership Awards. The company continues to empower future generations through initiatives such as ‘Suba Pathum’, awarding over 2,200 scholarships, and ‘Pasal Piriyatha Surakimu’, enhancing facilities in more than 3,300 underprivileged schools. Continuing its unique initiative, SLIC Life marked World Children’s Day 2025 for the fourth consecutive year, offering a Rs. 1 million free life insurance cover to parents of children born on October 1st across all hospitals in Sri Lanka.

With an exceptional nine-month performance in 2025, Sri Lanka Insurance Life has further strengthened its leadership in the life insurance sector while upholding its core values of protection, trust, and care. As the company continues its journey of growth and transformation, it remains focused on innovation, customer confidence, and delivering lasting value to policyholders and the nation at large.



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Engineers draw red line as CEBEU warns of union action over appointed date

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Engineers at the Ceylon Electricity Board have drawn a clear red line over the government’s plan to gazette the appointed date for restructuring the utility, warning that trade union action will follow if the move is pushed through without addressing their core demands, the Sunday Island learns.

The powerful Ceylon Electricity Board Engineers’ Union (CEBEU) says preparations are already under way for industrial action, most likely after the appointed date gazette is published, should the Minister proceed without resolving outstanding issues raised repeatedly by engineers.

“If the appointed date is gazetted without addressing our demands, we will have no option but to take trade union action,” a senior electrical engineer told The Island, stressing that the warning should be taken seriously.

CEBEU sources say the engineers’ demands are aimed at preventing a structural and financial crisis in the electricity sector, rather than blocking reform. They insist that unbundling the CEB without first putting in place firm safeguards would expose the sector to instability and consumers to higher costs.

The engineers’ key demands include: legally binding financial safeguards to ensure the proposed Electricity Generation Company is viable from inception; protection against the transfer of legacy liabilities, extraordinary costs, or inefficiencies to new entities or electricity consumers; enforceable accountability for management and policy decisions that inflate system costs; genuine, structured consultation with technical professionals before irreversible decisions are taken; and a halt to gazetting the appointed date until these safeguards are formally incorporated.

Engineers warn that rushing the appointed date would lock existing weaknesses into the new structure, making them harder—and more expensive—to fix later. “Once the appointed date is gazetted, there is no rewind button,” a senior engineer said. “If the foundation is flawed, the entire structure will suffer.”

Meanwhile, according to energy analyst, Dr. Vidhura Ralapanwe, electricity sector reforms must be grounded in technical and financial reality, not driven by administrative timelines.

He has cautioned that implementing structural changes without correcting underlying governance and cost issues risks destabilising the sector and undermining public confidence.

CEBEU officials reject claims that the union is resisting reform. They say engineers are being sidelined in decision-making while being held responsible for system performance. “We are accountable for keeping the system running, but our professional warnings are being ignored,” one engineer said. “That is not reform; it is reckless governance.”

With the Minister yet to gazette the appointed date, tensions within the power sector are rising sharply.

Engineers say the government now faces a stark choice: engage with professionals and fix the problems first—or brace for confrontation in a sector where disruption will have coutrywide consequences.

By Ifham Nizam ✍️

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Navam Perahera and sacred relics exhibition at Gangaramaya

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The annual Colombo Navam Maha Perahera, along with an exhibition of sacred relics brought from India, will be held at Gangaramaya Vihara in Hunupitiya, featuring a series of religious observances, according to Most Venerable Dr. Kirinde Assaji Thera.

Addressing a media briefing on Friday, the Venerable Thera said the Perahera will take place on January 31 and February 1, commencing at 7.30 p.m. and concluding before 10.00 p.m., after parading through the streets of Colombo.

He said specially decorated floats have been prepared to depict key historical events, enabling foreign visitors to better understand Sri Lanka’s cultural and religious heritage. The floats will portray significant moments such as the arrival of Arahat Mahinda, the bringing of the Sri Maha Bodhi, and the arrival of the Sacred Tooth Relic, and will be performed by leading local artistes.

The procession is expected to feature around 8,000 dancers and elephants, representing a wide range of traditional dance forms.

The exhibition of sacred relics from the Devnimodara Shrine in India will be held at Gangaramaya Vihara from February 4 to 11. The Venerable Thera urged devotees to visit the temple dressed in white and to refrain from bringing valuables or large items of luggage. He added that necessary facilities have been arranged to accommodate the large number of devotees expected.

Meanwhile, Minister of Buddhasasana, Religious and Cultural Affairs Dr. Hiniduma Sunil Senevi said a mobile application will be introduced to inform devotees of the approximate date and time allocated for venerating the Sarvagna Dhathu, in a bid to manage crowds more efficiently.

Senior DIG in charge of Colombo G. Nishantha de Zoysa said a special security plan has been implemented with the assistance of the tri-forces, in accordance with instructions from the Ministry of Public Security and the Inspector General of Police. He added that a comprehensive traffic management plan, including alternative routes, has been prepared, and that detailed police announcements will be issued shortly. The Senior DIG also advised the public not to carry large luggage, jewellery, mobile phones, or other valuables when visiting the exhibition.

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CID sleuths still plodding on with their probe into controversial Grade 6 English module

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The CID has so far recorded statements from 15 individuals in connection with the Grade 6 English module, police headquarters sources said yesterday.

The CID stated that several officials of the National Institute of Education (NIE), Maharagama, are among those from whom statements have been obtained.

On Thursday, the CID also recorded a statement from Venerable Ulapane Sumangala Thera.

Several parties, including the Secretary to the Ministry of Education, had previously lodged complaints with the CID regarding the inclusion of the name of an inappropriate website in the Grade 6 English module.

by Norman Palihawadane ✍️

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