News & market updates

Colombo market ended marginally higher as the ASPI rose 0.06% to 22,639.81 despite net foreign selling of Rs.2.52 billion. Softlogic Life (AAIC) and Ceylon Tobacco (CTC) topped foreign selling and AAIC led turnover with a ~Rs.1.3bn crossing; insurance, food & banking dominated activity.

IRCSL and the Insurance Association launched a national Insurance Industry Development Roadmap to double penetration by 2030 and triple it by 2035, proposing mandatory home insurance and government-backed schemes. The plan also includes a digital motor insurance card, e-KYC, bancassurance and capital/reinsurance initiatives.

Motor insurance firms will tighten credit practices, cutting the current 30–90 day credit period to 30 days from 1 May and phasing in a cash-before-cover model to improve discipline. The move is part of broader efforts to strengthen operations and push digitalisation.

Sri Lanka Insurance Life reported 2025 Profit Before Tax of Rs. 4.3 billion and Gross Written Premium of Rs. 32.6 billion, a 24% increase. New business rose 42% to Rs. 7.56 billion, the company paid Rs. 16.2 billion in claims/maturities and declared Rs. 12.5 billion in bonuses.

EPF payouts leave most private-sector professionals with only a few thousand rupees a month at retirement, and Ceylinco Life urges use of structured retirement/insurance products to bridge the gap amid rising living and healthcare costs.

Janashakthi Insurance PLC appointed Hasitha Leanage and Hugh Terry as Independent Non-Executive Directors effective 20 April 2026. Leanage brings actuarial and corporate finance experience and Terry brings digital transformation and international insurance expertise; appointments notified to the regulator for approval.

Janashakthi Insurance PLC appointed Hasitha Leanage and Hugh Terry as Independent Non‑Executive Directors effective 20 April 2026. Leanage brings actuarial and corporate finance experience while Terry brings digital and international insurance expertise; appointments notified to the Insurance Regulatory Commission.

Softlogic Life reported Rs.40 billion Gross Written Premium by end-2025 (27% YoY growth) and a record January 2026 new business of over Rs.1.5 billion, while integrating the Allianz Life business and positioning for further growth in 2026.

The ASPI fell 0.89% (203.26 pts) to 22,570.03 as Middle East tensions and higher global oil prices weighed on the Colombo bourse. RIL Property, C T Holdings, Commercial Bank and Browns Investments were among top negative contributors while Hikkaduwa Beach Resort and other tourism counters saw notable retail turnover.

HNB Life (HASU.N0000) has launched the "Wing for Life" brand campaign as it rebrands from HNB Assurance to mark 25 years of operations. The integrated campaign will run across multiple platforms to promote the company's renewed identity and customer proposition.

CBSL's PMI showed Manufacturing PMI rose to 66.7 in March (from 56.8 in February) and Services PMI rose to 59.4 (from 54.4). Expansion was led by seasonal demand, financial services and retail, though firms reported raw-material and fuel shortages, shipping delays and Middle East conflict risks.

Allianz Insurance Lanka ran Avurudu Negam 2026, offering ticket refunds to eligible passengers on the Galu Kumari service (Maradana/Fort to beyond Galle up to Belliatta), extended the refund window to April 30, provided free personal accident cover, distributed oil cakes and held an LKR 1M raffle.

HNB Assurance PLC has rebranded to HNB Life PLC, unveiling a new corporate identity as part of a strategic transformation marking its 25th anniversary. Management highlighted strong recent performance, plans to build a digitally enabled, customer-centric insurer, and thanked parent Hatton National Bank PLC for support.

Sri Lanka's services PMI rose to 59.4 in March 2026 from 54.4 in February, driven primarily by financial services and growth in insurance and pension funding. Employment and activity also increased, with wholesale/retail and accommodation and food & beverage sectors expanding ahead of the festive season.

PMI Manufacturing rose to 66.7 and PMI Services to 59.4 in March 2026, indicating expansions driven by seasonal demand and strong financial services activity. Firms reported tight production from raw-material and fuel shortages, longer supplier delivery times and precautionary stocking amid the Middle East conflict.

Sri Lanka’s debt restructuring is nearly complete, the GSDR reported, with seven of 17 bilateral official creditor deals signed and remaining commercial creditors representing about 1.7% of the restructuring perimeter. The IMF provided Rapid Financing Instrument support in Dec 2025 and the World Bank repurposed up to US$120m for cyclone relief.

Sri Lanka Treasury bill yields rose at the Apr 15 auction: 3‑month up 20bps to 8.15%, 6‑month up 8bps to 8.22% and 12‑month up 7bps to 8.52%; 58.52 billion rupees were sold of 90 billion offered.

Sri Lanka Insurance Life Ltd and Sri Lanka Insurance General Ltd appointed 112 Trainee Insurance Assistants—87 to SLICGL and 25 to SLICLL—through a transparent, merit-based selection process. About 30% are graduates and recruits will have structured career development and local postings where possible.

HNB Assurance PLC has rebranded to HNB Life PLC as a strategic transformation marking 25 years, citing strong recent growth and a move to a digitally enabled, customer-focused life insurer.

Colombo Stock Exchange closed down as the All Share Index fell 0.33% to 21,844.54. National Development Bank (+3.41%), Nations Trust Bank (+1.65%) and Janashakthi Insurance (+8.74%) led gains, while Dialog Axiata (-2.47%), John Keells (-1.02%) and Melstacorp (-1.14%) were top decliners; Cargills Bank listed 294,200,000 rights shares raising Rs.2,500,700,000.

Allianz Lanka has partnered with WEBXPAY to roll out a comprehensive digital payment ecosystem for insurance premiums, including Google Pay, QR codes, Tap & Pay, split payments, instalments and agent-assisted bank/card payments.

Ceylinco Life held its 2026 Annual Awards and reported FY2025 results: gross written premiums of Rs.44.2 billion and total consolidated income of Rs.72.43 billion. The company paid Rs.31 billion in net claims, with a Life Fund of Rs.201.8 billion, total assets of Rs.287 billion and an investment portfolio of Rs.253.4 billion.

Sri Lanka's rupee closed flat at 315.40/50 to the US dollar and government bond yields were broadly steady—short and long maturities around 8.35%–11.08%—and a 30,000 million rupee Treasury bill auction is scheduled on Wednesday.

Bond yields rose across the curve as Middle East tensions and oil-price swings pushed yields higher; the 91-day T-bill yield increased 16 bp to 7.80%. Foreign holdings of rupee government securities fell by Rs.4.98 billion (fifth consecutive weekly outflow) and USD/LKR closed near Rs.315.35/315.40.

President Anura Kumara Dissanayake chaired a meeting with bank and financial institution heads to launch the National QR Payment Promotion Initiative and seek banking sector support for rapid adoption. The Central Bank said the shift will reduce ATM cash transaction costs and offer a more efficient, secure payment method.

ASPI fell 1.2% (258.31 pts) for the week and the S&P SL20 dropped 2% (124.30 pts); market turnover was about Rs.1.77bn with net foreign outflows of Rs.68.2m, while breadth was positive and activity was led by capital goods, banks, materials and food & beverage names.

Ceylinco Life Executive Chairman R. Renganathan was conferred the 'Distinguished Recognition in the Profession of Management Accounting' award by the Institute of Certified Management Accountants of Sri Lanka. The honour highlights the company's emphasis on integrated reporting, ESG and governance; Ceylinco Life reports a Life Fund over Rs. 200 billion and 22 years as market leader.

The Ceylon Chamber submitted detailed recommendations to the Finance Ministry seeking amendments or deferral of provisions in the Inland Revenue (Amendment) Bill 2026, urging exclusion of negative reserves from gearing, flexibility on evidence timelines, proportionate penalties and deferral/clarity on insurance taxation (including IFRS 17 implications).

Ceylinco Life Executive Chairman R. Renganathan received the 'Distinguished Recognition in the Profession of Management Accounting' award from the Institute of Certified Management Accountants of Sri Lanka. Under his leadership Ceylinco Life's Life Fund has grown to over Rs. 200 billion and the company has been market leader for 22 years.

The Ceylon Chamber's Tax Steering Committee submitted detailed recommendations to the Finance Ministry on the Inland Revenue (Amendment) Bill 2026 after briefing stakeholders at a 12 March seminar. It urged keeping negative reserves out of gearing, allowing finance-cost deductions, flexible evidence timelines, proportionate penalties, clearer CG powers, and deferring Section 67 insurance changes pending consultation (including IFRS 17 clarity).