Company filings and market news from across Sri Lanka's stock market.
The Insurance Association of Sri Lanka urged the public to prioritise safety during the festive season, warning of increased road‑traffic and firework risks and advising adherence to traffic rules and review/use of health, motor and travel insurance.
Sri Lanka sold Rs100 billion of government bonds—Rs75bn of 15 Dec 2029 at an average yield of 10.64% and Rs25bn of 15 Sept 2034 at 11.21%—settling on April 16; both issues are available on tap.
Sri Lanka Insurance Corporation Life reported profit before tax of Rs. 30.7 billion for 2024 and Gross Written Premiums of Rs. 26.3 billion (25% growth). New business rose to Rs. 5.3 billion (48% growth), claims/maturities paid Rs. 13.7 billion, assets reached Rs. 237 billion and the company plans its highest-ever life bonus for 2024.
Union Assurance PLC reported profit before tax of Rs. 5.2 billion for the year ended 31 Dec 2024. Gross written premium rose 15% to Rs. 21.6 billion, profit after tax was Rs. 3.7 billion, final dividend Rs. 5.00/share and total assets reached Rs. 109.5 billion.
A high-level Asia Pacific Group delegation visited Sri Lanka to assess readiness for the March 2026 AML/CFT Mutual Evaluation, meeting the Central Bank governor, cabinet ministers and other stakeholders to review progress, challenges and strategic priorities.
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.
LinearSix has expanded its partnership with InsureMO to deploy InsureMO’s API-first, cloud-native insurance platform across Sri Lanka and APAC, with LinearSix providing consulting, implementation and post-live support to help insurers modernise core systems and accelerate digital product distribution.
Ceylinco Life ended 2024 with gross written premiums of Rs. 37.14 billion and consolidated income of Rs. 65.54 billion. The company held a two-day awards gala at Cinnamon Life honoring 250+ top sales officers and presenting 350 awards, including an automobile for top performers.
Sri Lanka issued new International Sovereign Bonds (MLBs, a GLB and a PDI) in Dec 2024, helping restore its country rating to 'CCC', cut treasury yields below 9%, stabilise the rupee and rebuild foreign reserves to $6bn.
The Colombo market opened April higher, with the ASPI up 119 points (0.76%) on turnover of Rs. 1.9 billion. Banking stocks saw early selling around XD dates while blue-chips and capital goods (e.g. Hayleys, John Keells, Melstacorp) were key contributors.
Arpico Insurance PLC appointed Rohan Muttiah to its Board of Directors; he brings over 45 years' experience across banking, IT and cyber security with expertise in digital transformation.
Sri Lanka sold 78 billion rupees of Treasury bills of 140 billion offered, with yields rising across maturities: 3M 7.59% (+9bp), 6M 7.91% (+7bp) and 12M 8.31% (+6bp). The three- and six-month issues were undersubscribed versus offers.
The Agricultural and Agrarian Insurance Board will introduce an insurance scheme for kithul, coconut and palm tappers providing coverage of Rs 500,000, Rs 1,000,000 and Rs 2,000,000 for death and total/permanent disability (and benefits for temporary disability/hospitalisation), with annual premiums of Rs 2,000, Rs 4,000 and Rs 8,000.
The Insurance Regulatory Commission of Sri Lanka appointed R.C. Kotte Hewa, G.A.S. Jayaratna and D.W.S. Waidyarathne as Commission Members. The appointments were made by President Anura Kumara Disanayake in his capacity as Finance, Planning and Economic Development Minister under Section 4(1)(d) of the Regulation of Insurance Industry Act No. 43 of 2000.
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.
Sri Lanka Insurance General launched the Suraksha Insurance Scheme with the Ministry of Education to provide insurance cover for over 4 million students, offering hospitalization cover of Rs.300,000, critical illness cover of Rs.1,500,000 and personal accident cover of Rs.200,000.
Sri Lanka Insurance Life opened an Agency Business Development Centre in Thelijjawila (Matara) on 17 March. The ABDC is intended to expand the company's reach in the southern region and provide faster, more convenient service to life insurance customers.
Union Assurance (UAL.N0000) hosted the 'Blog It Symposium 2025', the first-ever life insurance sector event to promote financial literacy, concluding with an awards ceremony; the Blog It initiative grew from 500 entries in 2022 to 1,100+ in 2024.
Union Assurance (UAL.N0000) hosted 'Blog It Symposium 2025', the life insurer's first sector-wide symposium and part of its Blog It initiative, which saw 1,100+ entries in 2024. Union Assurance is a subsidiary of John Keells Holdings PLC (JKH.N0000).
Janashakthi Insurance (JINS.N0000) posted Rs. 5.7 billion Profit Before Tax in 2024, its second consecutive year above Rs. 5 billion. The company reported Rs. 6.6 billion in premium income, Rs. 38 billion in assets, Rs. 4.2 billion in claims/maturities and a capital adequacy ratio above 277%.
The Colombo market closed marginally up with the ASPI +0.2% and S&P SL20 +0.4% as turnover rose to Rs.2.14bn, led by Lankem Ceylon (LCEY) which accounted for about Rs.1.1bn. Capital goods and banking drove activity, with notable movers including HNB, SAMP, COMB, JKH and LIOC.
LinearSix has expanded its partnership with InsureMO to roll out InsureMO's cloud-native, API-first insurance PaaS across Sri Lanka and APAC; InsureMO will provide the Insurance API infrastructure while LinearSix offers consulting, implementation and post-live support.
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.
Janashakthi Life (Janashakthi Insurance PLC) reported LKR 5.7 billion profit before tax for the period, its second consecutive year above LKR 5 billion. Revenue grew 44% with premiums over LKR 6.6 billion; total assets were LKR 38 billion and capital adequacy exceeded 277%.
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.
Softlogic Life agreed to acquire 100% of Allianz Life Insurance Lanka, subject to Insurance Regulatory Commission approval, expanding Softlogic's life-insurance market share and digital capabilities.
Softlogic Life has agreed to acquire 100% of Allianz Life Insurance Lanka, subject to Insurance Regulatory Commission approval. Softlogic Life reported GWP of Rs.31.6 billion for the 12 months to Dec 31, 2024 and says the deal will expand its market share and distribution reach.
Union Assurance announced a 12% Universal Life dividend rate for the financial year 2024, above the 10% minimum guaranteed. The company said the higher rate reflects strong financial performance and disciplined financial management.
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.