Business
Sri Lanka Insurance makes record profit of Rs. 7.7 billion before taxation for 2022 first half
* Secures the title of Most Loved Brand in both business categories Life & General insurance by Brand Finance for the 5th consecutive year
* Secures the Most Valuable General Insurance Brand in the country by Brand Finance for the 5th consecutive year
* Secures the Number 1 position in the General Insurance Category
The national insurer Sri Lanka Insurance is among the most profitable state entities with a stellar performance in the first half of the year 2022 to record a profit before taxation of Rs. 7.7 billion, with a strong improvement in combined Gross Written Premium (GWP) of Rs. 21 billion denoting a growth of 13.1%.
Notwithstanding the stringent economic and social conditions that prevailed in the country, Sri Lanka Insurance’s asset base increased to Rs.269 billion and the Life fund to Rs. 152.4 billion to uphold the position as the largest and strongest insurer in the country.
Further, Sri Lanka Insurance managed to retain AA (lka) Fitch rating for long term financial stability and SLIC is the only insurer to be certified with an AA (lka) rating.
In another victorious achievement, SLIC secured the ‘Most Valuable General Insurance Brand’ and the ‘Most Loved Insurance Brand’ of the year for the 5th consecutive year by Brand Finance, reaffirming the insurers people-centric approaches taken over the past years.
In the first half of the year 2022 Sri Lanka Insurance reported a 7.5 % growth in life insurance premiums increasing to Rs. 10.5 billion. Sri Lanka insurance in 2022 surpassed its own record to declare a sum of Rs.9.8 billion as a bonus to policyholders for the year 2021. The cumulative life insurance bonus paid out during the past 15 years tops a massive Rs.83 billion making the SLIC bonus payout unmatchable.
Sri Lanka Insurance General, The number 1 General Insurance provider in the country leads the local General Insurance market by reporting a 19.4% premium growth increasing to Rs.10.5 billion.
Sri Lanka Insurance continues to explore avenues to provide protection to communities, segments and age groups and different affinity groups through product and market development initiatives, through practical and affordable insurance solutions. The strength of its extensive branch network of 190 branches and customer service locations together with 8000 Advisor network serves beyond the mandate of insurance to provide protection to the people of this nation.
SLIC has been taking the lead and making steady progress in transforming its operational architecture and front end customer interfaces to ensure increased digital integration and the Motor claim settlement process being re-engineered to facilitate fast-track and contactless claim settlements to customers. SLIC also accelerated the digital strategy to systematically automate the systems and processes with the ultimate aim of migrating to a paperless environment at all levels of the business. The “Work Flow Management System” is transforming all internal manual and paper-based operations into digital-driven systemized operations. Payments processes are also transforming towards more digital and paperless procedures to enhance efficiency as well as to reduce cost components.
Established in 1962, Sri Lanka Insurance Corporation celebrates 60 years of excellence as the largest government-owned insurance company in Sri Lanka, with a managed asset base of over Rs.268 billion and a Life fund of Rs. 152 billion, the largest in the local insurance industry. The insurer is also the first and only local insurer to secure Fitch Ratings AA (lka) rating for its long-term financial stability and sustainability and also Sri Lanka Insurance ranked as the ‘Most Valuable General Insurance Brand’, ‘Most Loved Insurance Brand’ for the 5th consecutive year in the country by Brand Finance. The national insurer is on a mission of being a customer-focused company that constantly innovates in providing insurance services to customers and is now serving customers through an extensive network of over 190 branches and customer service locations. (SLIC)
Business
Indra Traders launches Athwela Programme in partnership with Bank of Ceylon
Indra Traders recently introduced a special programme titled “Athwela” in collaboration with the Bank of Ceylon (BOC).
The programme was designed with a primary focus on customer convenience, aiming to provide essential support by simplifying the financial challenges often associated with vehicle purchasing and servicing. This initiative is regarded as a further strengthening of the trust and relationships Indra Traders has built over its decades of service excellence.
The partner for this program, the Bank of Ceylon (BOC), is Sri Lanka’s largest state bank and a premier financial institution. It offers an extensive island-wide branch network, exceptional customer service, and some of the most competitive interest rates in the market.
Speaking at the event, Rushanka Silva, Managing Director of Indra Traders, said: “Today is a very special day for us. As Indra Traders, a company engaged in business for over five decades, it is a great honor to enter into the ‘Athwela’ agreement with Sri Lanka’s largest bank. Through this program, we are working to provide various financial and service facilities, including leasing. As a company that imports everything from the smallest to the largest vehicles, we provide customers the opportunity to purchase any vehicle they need through our six yards located across the island. Even if a specific vehicle is not in our current stock, we are prepared to import it according to the customer’s requirement. I invite all customers to join hands with ‘Athwela’.”
Y. A. Jayathilaka, General Manager of Bank of Ceylon, added “At a time when restrictions on vehicle imports have been relaxed, it is a great pleasure for Bank of Ceylon, the strongest bank in the country, to partner with Indra Traders – a company with over 50 years of trusted history. Our goal is to provide a comprehensive and convenient service to leasing customers across the island by combining BOC’s extensive branch network with Indra Traders’ expertise.”
Business
Launch of new Beijing-Colombo air link announced in China
The Sri Lankan Embassy in Beijing together with Beijing Capital Airlines last week organized a destination promotion event and announced the launch the Capital Airlines direct flights from Beijing to Colombo.
While congratulating Beijing Capital Airlines for expanding the connectivity between Beijing and Colombo, the Sri Lanka Ambassador Majintha Jayesinghe highlighted the longstanding bilateral relations between the two countries and the significance of strengthening connectivity in line with the Joint Statement issued following the meeting in January 2025 between President Xi Jinping and President Anura Kumara Disanayaka, a news release from the embassy said.
The President of the Beijing Capital Airlines Liu Jun expressed appreciation and stated that the new route is an important milestone in expanding the airline’s South Asian network while strengthening the Air Silk Route. He also highlighted that this is the only direct flight connecting Northern China with Sri Lanka and a key Capital-to-Capital air link, it added.
There was no word about the flight frequency and when the service will begin.
Ambassador Jayesinghe reiterated that Sri Lanka is more than a holiday destination and is positioned as an exotic, experienced-rich, year-round travel destination offering warm and pleasant weather. He emphasized that Sri Lanka, as a stand-alone destination, provides a blend of rich history, eight UNESCO heritage sites, diverse landscapes, pristine beaches, dense forests, and scenic mountains, inviting Chinese travellers to explore and enjoy Sri Lanka.
The commencement of the Beijing – Colombo route will contribute to the social and economic development of both countries. The Beijing- Colombo service has filled a longstanding gap in the aviation market and will further promote the economic, trade, cultural and tourism development, while offering more convenient travel options, the news release said.
Business
SLT-MOBITEL and Fintelex empower farmers with the launch of Yaya Agro App
SLT-MOBITEL Mobile, in collaboration with Fintelex (Pvt) Ltd, has launched ‘Yaya Agro’, an exclusive all-in-one smart agriculture app designed to empower Sri Lankan farmers with the tools they need to grow smarter, safer, and more sustainably.
Yaya Agro represents a new era of digital farming in Sri Lanka combining technology, expert knowledge, and community empowerment to provide farmers the confidence to make smarter decisions, improve productivity, and build a sustainable future.
Developed with support from GIZ and Hatch and validated by leading academic and professional institutions including the University of Colombo, Institute for Agrotechnology and Rural Sciences, and the Sri Lanka Red Cross Society, Yaya Agro combines agricultural expertise, real-time weather updates, first aid support, and AI-powered assistance into a single, easy-to-use platform.
The launch of Yaya Agro positions SLT-MOBITEL as an innovative, inclusive, and collaborative technology leader. Partnering technology and academic institutions, the company extends its role outside the sector into agriculture, empowering farmers with AI-driven tools, multilingual access, and market connectivity. The initiative also strengthens SLT-MOBITEL’s image as a champion of digital empowerment and sustainable development in Sri Lanka.
Functioning as a comprehensive digital companion, Yaya Agro is positioned as a digital farming companion, bringing precision agriculture, real-time support, and market access to the fingertips of every Sri Lankan farmer.
Whether managing a small home garden or a large commercial farm, the app equips farmers with vital insights to improve crop yield, reduce risks, and connect directly with buyers through the integrated online marketplace.
Yaya Agro offers farmers daily crop information with expert tips on management, pest control, and best practices, all validated by the University of Colombo. It provides accurate, location-based weather forecasts to help plan farming activities more effectively. The app also delivers life-saving first aid tutorials and safety information verified by the Sri Lanka Red Cross Society, ensuring farmers are prepared for emergencies. With the AI chatbot assistant, farmers can access instant, personalized advice around the clock, with smart notifications delivering timely alerts and reminders tailored to crop cycles.
To make learning inclusive and accessible, Yaya Agro is available in Sinhala, Tamil, and English, offering interactive educational content such as videos, voice guides, and infographics. The app also integrates an online marketplace, developed in partnership with GIZ and Hatch, enabling farmers to connect directly with buyers and expand their reach.
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