News & market updates

SLFRS 17 (IFRS 17) adoption will reshape Sri Lanka's life insurance sector, with reporting for the first two quarters deferred until 30 Sep 2026; insurers say the standard will shift focus from premium volumes to insurance service revenue, CSM visibility and protection products, and may encourage consolidation.

The IRCSL hosted the OECD–ADBI roundtable in Colombo and unveiled a new vision and roadmap aiming to double Sri Lanka's insurance penetration to 3% of GDP by 2030/2035. The two-day forum brings policymakers and industry together to discuss regulatory reform, climate risk and data-driven insurance solutions.

Amana Takaful PLC and Amana Takaful Life PLC were named Sri Lanka’s Most Awarded Insurance Company for 2026 by LMD Magazine, marking a third consecutive year of the recognition. The awards notably cited digital excellence and the group's investments in digital capabilities, process improvements and customer-focused solutions.

The Insurance Association of Sri Lanka launched a revamped official website (www.iasl.lk) to boost digitalisation, transparency and stakeholder access for member insurers. The mobile-responsive site features a searchable resource library, regulatory updates and refreshed content for member companies, policyholders and regulators.

Amana Takaful Life PLC's Gold Investment Fund returned 32.4% for the year to December 2025. Its Growth Multiple Fund and Volatile Multiple Fund returned 23.5% and 23.6% respectively, and the company highlighted flexible fund switching and plans to boost investment capabilities and digital platforms.

Softlogic Life reported FY25 GWP of Rs.40.1bn (27% YoY) and PAT of Rs.4.7bn with ROE at 39%, completed the acquisition of Allianz Life Lanka and secured a USD 15m capital investment from Norfund/OP Finnfund.

Amana Takaful PLC relaunched a unified mobile app combining Life and General insurance services, serving over 18,000 users. The app adds improved performance and features including instant claims intimation, real-time tracking, premium payments, digital e-cards, life fund management, telemedicine and wellness tools.

InsureMe, Sri Lanka’s largest end-to-end digital insurance aggregator, offers a platform and proprietary solutions (DigiEye, DigiMed, DigiEx) that let customers compare/purchase/manage policies and help insurers modernize operations.

The Insurance Association of Sri Lanka hosted the 16th NAFLIA Conference to promote adviser professionalism and industry growth, with over 700 attendees and awards presented (Union Assurance won a Gold). The event emphasised digital upskilling, innovation and regulatory collaboration to strengthen life insurance.

Janashakthi Insurance (JINS.N0000) reported Q2 YTD 2025 net profit of LKR 1,318m, up 70%, with first-year premiums up 61% and GWP of LKR 3,769m. As JXG's flagship, the insurer also grew regular long-term business 32% and new regular first-year premium 73%, citing digital and distribution expansion.

Softlogic Life Insurance PLC (AAIC.N0000) has completed the 100% acquisition of Allianz Life Insurance Lanka, which will become a fully owned subsidiary and be renamed SL Insurance Lanka Ltd. Softlogic Life reported GWP of Rs. 31,574 billion (17.2% market share) as at Dec 2024 and 25% growth in Q1 2025.

Amana Takaful (Amana Takaful PLC) held its Annual Awards 2024, honoring top-performing staff and naming Enterprise Team Assistant Sales Manager Charith Korala as Champion of Champions; winners received trophies, cash prizes and foreign tours.

FIU imposed a Rs. 1 million penalty on Amana Takaful Life PLC for failures in AML/CFT compliance; the FIU also collected Rs. 2 million from Indian Bank (total Rs. 3 million), with penalties credited to the Consolidated Fund.

Amana Takaful Life PLC reported strong 2024 fund returns for policyholders, with the Protected Multiple Fund annualised 18.1% and the Growth Multiple Fund 12-month 26.9% (24-month 21.7%). Returns were supported by fixed-deposit placements, post-election equity gains and rising gold prices.

Amana Takaful Life PLC was fined LKR 1,000,000 by the FIU for non-compliance with the Financial Transactions Reporting Act (penalty imposed Dec 18, 2024; paid Dec 30, 2024) for failing to maintain updated designated-person lists and comply with insurer CDD rules.

Amana Takaful Life PLC was fined LKR 1,000,000 by the FIU for failures to maintain updated UN-designated-person lists and to perform required customer due diligence; payment was made on Dec 30, 2024. The FIU collected LKR 3 million in total from Nov–Dec 2024, including LKR 2,000,000 from Indian Bank.

Amana Takaful PLC won 49 local and international awards in 2024, ranking among Sri Lanka's Top 3 Most Awarded Entities and entering the LMD Hall of Fame Top 50. The company received digital accolades (Mobile App of the Year; IFFSA Silver), upgraded its app for real-time claims tracking, and offers telemedicine and life-product innovations.

Commercial High Court (Colombo) ruled in favour of Rice Lanka Processing Ltd, finding that an Amana Takaful PLC cover note provided valid interim insurance for two flood claims totalling Rs. 66,006,338. The decision affirms cover notes are legally binding and raises insurer liability in similar cases.

Amana Takaful PLC and Amana Takaful Life PLC launched their inaugural 'Executive Edge' forum in Colombo to mark the group's 25-year legacy and convene financial-sector leaders to discuss shifting consumer behaviour and the future of finance.

Amana Takaful launched its inaugural 'Executive Edge' forum in Colombo to mark its 25-year legacy, convening financial services leaders to discuss shifting consumer behaviour and the impact of technology and evolving regulations on the sector.

Amana Takaful (Amana Takaful PLC and Amana Takaful Life PLC) celebrated its 25th anniversary on 25 September 2024, with management highlighting commitment to digital transformation and an expanded life and general insurance product portfolio.