Inventive Polymers Lanka celebrates seven years of innovation, safety, and sustainability

Inventive Polymers Lanka Ltd., (IPL) celebrates its 7th anniversary, marking seven years of innovation, growth, and purpose-driven progress.

Founded in 2018 as a subsidiary of Stafford Motor Company Ltd., IPL has rapidly established itself as a leading name in Sri Lanka’s polymer manufacturing industry. With a clear mission to develop smart, sustainable solutions for a safer future, the company continues to push boundaries in both product innovation and local manufacturing.

As part of its ongoing growth, IPL has recently expanded its product portfolio to include a range of in-house manufactured items under its own flagship brand. These additions feature overalls, corporate T-shirts, and branded corporate gifts such as glass water bottles, key tags, caps, and more-all designed to meet evolving customer needs while maintaining IPL’s standards of quality and innovation.

Over the past seven years, IPL has pioneered advanced plastic injection moulding and testing capabilities, enabling the production of high-performance, recyclable polymer products for both domestic and international markets. The crown jewel of this journey is undoubtedly the company’s flagship innovation: SHAKO Helmets.

Born from IPL’s in-house R and D and a deep commitment to public safety, SHAKO is a premium, polymer-based helmet designed to meet the evolving needs of modern riders. Engineered with precision and tested under rigorous conditions, SHAKO helmets combine safety, style, and sustainability in one compelling product.

IPL Director Chavinka Sumanatilleke said: ‘SHAKO represents everything we stand for-innovation, integrity, and impact. It’s not just a helmet; it’s our promise to protect lives on the road while protecting the planet.’

HNB joins as Principal Sponsor of Northern Investment Summit 2026 to boost growth in North

HNB PLC has joined hands with The Management Club (TMC) as the Principal Sponsor and Official Banking Partner of the Northern Investment Summit 2026 (NIS26). The initiative, set to take place in Jaffna in January, is aimed at accelerating investment, entrepreneurship, and inclusive economic growth in the Northern Province.

HNB Managing Director and Chief Executive Officer Damith Pallewatte highlighted the bank’s proud presence in Jaffna for over 53 years and its legacy of more than 135 years in Sri Lanka. He emphasised that HNB upholds its leadership in empowering enterprise and nurturing sustainability. Pallewatte further noted that savings entrusted to HNB in the Northern Province have reached approximately Rs. 130 billion, while the bank’s lending portfolio now stands at around Rs. 60 billion. He added that repayment performance in the region remains strong, reflecting the discipline and resilience of local entrepreneurs.

‘The Northern Province is emerging as one of the most promising frontiers of growth in Sri Lanka. Encouraging regional development and prosperity is central to securing the country’s long-term recovery. In recent years, the North has evolved into a hub for enterprise, renewable energy, and value-added agriculture, supported by strong public-private partnerships,’ Pallewatte said.

He added that HNB views financial inclusion as the bridge between national policy and real economic opportunity. ‘By expanding access to capital and empowering entrepreneurs, we aim to ensure that the North’s growth story contributes to a more balanced and resilient national economy,’ he stated.

Through its involvement at NIS26, HNB will collaborate with Government agencies, investors, and development partners to promote entrepreneurship, investment readiness, and sustainable regional development. The summit will bring together senior policymakers, diplomats, and business leaders for policy dialogues, project showcases, and partnership discussions. It will also see the launch of the Northern Investment Opportunities Report, a comprehensive guide to projects aimed at attracting both domestic and foreign investment.

The partnership highlights HNB’s ongoing commitment to expanding financial access and promoting equitable growth across Sri Lanka. Through inclusive and transformative financial solutions, HNB remains dedicated to driving sustainable national development and uplifting communities island-wide.

AIA delivers record 3Q

AIA Group Ltd., has announced 25% growth in value of new business (VONB) on constant exchange rates (CER) for the third quarter ended 30 September 2025.

VONB was up 25% to $1,476 million, a record for the third quarter. VONB margin of 58.2%, was up by 5.7 pps. AIA said there was broad-based double-digit VONB growth in Hong Kong, Mainland China, ASEAN and India. The Agency VONB growth of 19% with very strong recruitment up 18%.

AIA’s Group Chief Executive and President Lee Yuan Siong said: ‘AIA’s continued strong execution of our growth strategy has delivered another excellent quarter as we capture the unparalleled opportunities in life and health insurance markets across Asia. In the third quarter of 2025, we grew VONB by 25% compared with the same period last year and we achieved double-digit growth in 11 markets.’

‘Our unrivalled distribution platform is a key competitive advantage and both our Premier Agency and partnership distribution channels generated very strong growth during the quarter. I am confident that the continued compounding of high-quality new business will grow our in-force portfolio and drive higher earnings and cash generation for many years to come.’

AIA also said VONB saw double-digit increases from 11 of 18 markets.

AIA’s key distribution channel, industry-leading Premier Agency, achieved 19% growth and generated over 70% of the Group’s VONB. Strong recruitment momentum continued, with 18% growth in new recruits, supporting a further increase in the number of active agents. The fast-growing and complementary partnership distribution channel saw a 46% increase in VONB, driven by an excellent performance from the independent financial adviser (IFA) and broker channel in Hong Kong and our bancassurance businesses.

In aggregate, the ASEAN markets delivered 15% higher VONB, supported by double-digit growth from both agency and partnership channels.

Other Markets segment’s VONB was the same level as last year, with double-digit growth from South Korea, Vietnam and India offset by a decline in Australia and Taiwan (China). Tata AIA Life, continued to deliver excellent VONB growth across all distribution channels and maintained its number one industry ranking in retail protection in the third quarter of 2025(13).

Overall, VONB for the Group was up by 25% to US$1,476 million. Annualised new premiums (ANP) grew by 14% to US$2,550 million, while VONB margin increased by 5.7 pps to 58.2%, due to a favourable shift in product mix. Margin reported on a present value of new business premium (PVNBP) basis increased from 10% to 11%, while total weighted premium income (TWPI) increased by 14% to US$11,910 million.

New business contractual service margin (NB CSM) for the third quarter of 2025 increased by over 25%. ‘Successive layers of profitable new business add to our substantial, recurring earnings from in-force business, reinforcing our confidence in delivering our operating profit after tax (OPAT) per share CAGR target of 9 to 11% from 2023 to 2026,’ Lee said.

AOD and Cinnamon Life unite for ‘What’s Your Colombo?’

What’s Your Colombo?, a two-year, design-led initiative by the Sri Lanka Design Festival (SLDF), conceptualised by the Academy of Design (AOD), has set out to celebrate Colombo as a creative, cultural, and experiential capital through the eyes of its people.

Launched in partnership with Cinnamon Life at City of Dreams, one of Colombo’s most dynamic destinations for culture, business, and leisure, the campaign invites citizens, communities, and brands to rediscover the city through design, storytelling, and collaboration.

As part of AOD’s mission to extend design thinking beyond industries into the public realm, What’s Your Colombo? demonstrates how design can influence the spaces we inhabit, the stories we tell, and the futures we imagine. Through SLDF, Sri Lanka’s leading platform for creative dialogue and innovation, AOD brings together education, industry, Government, and the public to reveal how cities can be redefined through creativity and design-led thinking.

AOD Founder and Chairperson Linda Speldewinde said: ‘What’s Your Colombo? began as an idea. For too long, people have passed through Colombo without really seeing it, perhaps because we haven’t yet found the words to describe what our city truly is. So, what is Colombo? It’s many Colombos-yours, mine, ours-each with its own soul.

Through the SLDF, we want to reimagine how both we and our visitors see our city. We’re doing this through the lens of design, but we’re also inviting everyone to share their Colombo: their words, stories, moments, memories, and expressions in any form that feels right. Our city is too precious to be left without its own narration. We wanted to use this opportunity to do something for Sri Lanka, and had the perfect partner in Cinnamon Life, who also believes in narrating Colombo through the eyes of its people.

It’s about seeing the city through the eyes of its people, to understand Colombo not through architecture or infrastructure alone, but through lived experiences. It’s about how design helps us connect with our surroundings and with each other. This movement celebrates Colombo’s icons, its everyday citizens, and the creative spirit that defines who we are. Design gives us the language to articulate that identity and to imagine what comes next.’

Phase One of What’s Your Colombo? focuses on building awareness and emotional connection with the city through storytelling and creative experiences. The campaign brings together some of Colombo’s most recognisable icons, designers, entrepreneurs, artists, and community leaders, who share their personal interpretations of the city in a series of short films, photographs, and social stories.

These reflections, from the quiet corners of old neighbourhoods to the vibrant pulse of new cultural spaces, collectively weave a portrait of Colombo as a city of many layers and perspectives.

The movement extends to the streets through Experience Colombo Trails, curated by SLDF, that guide residents and visitors along design-led routes exploring intersections of fashion, food, art, and architecture. The Experience Colombo Passport complements these routes, inviting people to participate in creative activities, culinary stops, and retail experiences. Participants who complete a series of experiences gain exclusive access to events such as Mercedes-Benz Fashion Week Sri Lanka, reinforcing the link between design, lifestyle, and community.

Cinnamon Life, City of Dreams Sri Lanka Chief Executive Officer/General Manager Sanjiv Hullugalle said: ‘Colombo is more than a capital-it’s a living story. At Cinnamon Life, we see ourselves as the city’s living room; a place where creativity, culture, and community come together. What’s Your Colombo? is our way of opening those doors even wider-to celebrate the city’s vibrant energy and the people who define its spirit.’

‘Cinnamon Life at City of Dreams was envisioned as a space where creativity, connection, and community come together-and we’re proud to be part of a movement that gives voice to Colombo’s evolving identity. Our collaboration with AOD through the Sri Lanka Design Festival reflects a shared belief that design, culture, and hospitality have the power to shape not only how we experience a city, but how a city defines itself. We look forward to continuing this journey and inspiring more people to discover their own Colombo.’

The first phase of the movement will culminate at Sri Lanka Design Festival 2025, where AOD and Cinnamon Life will present the outcomes of Phase One and unveil Phase Two of the initiative. The event aims to bring together key partners including Sri Lanka Tourism, the Colombo Municipal Council, Cinnamon Life, and leading creative and academic institutions. It will feature a public exhibition of What’s Your Colombo? films and photographs, alongside a design dialogue exploring how storytelling evolves into city-making.

Set for rollout in 2026, Phase Two will take the movement from storytelling to co-creation. It will engage schools, institutions, and civic bodies to embed design as a strategic driver of Colombo’s identity and sustainability. Monthly themed programs will unite citizens, policymakers, and creators around shared goals that celebrate Colombo by design.

By the close of 2026, What’s Your Colombo? aims to position Colombo as South Asia’s emerging creative capital-a city that expresses itself through design and storytelling. The initiative will culminate in SLDF 2026, capturing how design has helped shape the city’s evolving identity.

Ultimately, What’s Your Colombo? seeks to make every citizen a storyteller and every story a building block in Colombo’s living narrative.

As Linda Speldewinde adds: ‘Design gives us the ability to see what’s special about our city and to share it with the world. Colombo is a city of a million stories and through design, we’re learning to tell them together.’

Join the movement. Experience the city through new eyes. Explore the trails, share ‘your Colombo,’ and be part of a design movement redefining how we see and live our city.

NDB delivers exceptional 65% growth in post-tax profit during nine months

National Development Bank PLC (NDB) said it has delivered impressive profitability growth backed by sound core banking operational growth in the first nine months of 2025.

NDB’s operating income and pre-tax profit expanded by 32.3% and 62.1% to reach Rs. 28.4 billion and Rs. 11.0 billion, respectively.

Director/Chief Executive Officer Kelum Edirisinghe said: ‘Our performance over the nine months’ period ended provides ample testimony to the consistent positive progress made across almost all aspects of our business operations. It reflects the strategic clarity, agility, and commitment of our staff at all levels in navigating this fast-paced market landscape whilst creating excellence in every aspect of our operations. These results also speak for our internal resilience and operational excellence, and also to the encouraging progress of the Sri Lankan economy, which we are proud to be a part of.’

NDB…

‘Amongst others, one of our key performance highlights is growth of Small and Medium Scale Enterprise (SME) loan book which expanded by over 24.0% on a year-to-date basis underscoring the Bank’s commitment to support the sector,’ he added.

Looking ahead, Edirisinghe said NDB remain focused on further sharpening strategic focus with significant groundwork underway. ‘A broad strategic realignment is taking shape across the Bank, positioning us for sustainable growth and value creation for the benefit of our shareholders and other stakeholders in the years ahead,’ he said.

‘As we look to the future, our commitment to Environmental, Social, and Governance (ESG) principles remains steadfast. From very early on, we have embedded sustainability into our business model, ensuring that our growth is inclusive, responsible, and aligned with the long-term well-being of our communities and stakeholders. We appreciate that this is an imperative. I take the opportunity to extend my sincere appreciation and gratitude to all our customers for their trust and loyalty, our shareholders for their continued confidence and the staff at all levels for their relentless pursuit of excellence, and to all our other stakeholders and service providers who support us in multiple ways. Together, we remain focused on creating a future of enduring impact and shared prosperity for the benefit of all our shareholders,’ he added.

Following are key highlights of NDB’s performance.

Net interest income improved by 6.4% to Rs. 25.9 billion over 2024. This is noteworthy considering the tapering interest rate environment which prevailed during the period under review. Reflecting the bank’s efforts to diligently maintain its margins, Net Interest Margins broadly stabilised at 4.1% (2024: 4.3%) which, excluding items of a one-off nature, was 4.3% on a like for like basis (2024: 4.5%). At end-September 2025, the bank had close to Rs. 46.8 billion in Loans and Deposits under a special arrangement with its customer(s) with a netting-off feature (end 2024: Rs. 19.6 billion).

Net fee and commission income grew by 13.8% to reach Rs. 5.8 billion YoY, whilst for the third quarter alone it reported an impressive 24.2% over the third quarter of 2024. This evidenced targeted efforts made to strengthen non-fund sources of income, thereby enhancing the resilience of the bank’s overall income composition. This growth was enabled by improved performance across almost all aspects of the bank’s core business operations.

Impairment charges continued to decline, driven by concerted efforts to enhance the quality of the loan book, resulting in a charge of Rs. 5.9 billion for the period under review, representing a 46.7% reduction YoY. The resultant total impairment coverage ratio, excluding such one-off items of a special nature stood at 8.8% (end 2024:10.1%); which compared well with industry averages at the said period end. Operating expenses netted Rs. 13.9 billion, marking a 14.8% YoY increase – predominantly driven by staff related routine increments and realignments to the industry, and higher investments in IT infrastructure and those of a direct business development nature.

Return on average equity was 12.4% during the nine months period whilst for the third quarter alone it was 16.0%. Annualised Earnings per share was Rs. 23.41 for the said period which was Rs. 21.25 for 2024. Respective ratios at a Group level were 12.6% (2024: 12.5%) and Rs. 25.28 (2024: Rs. 23.05), respectively.

The bank’s pre-tax return on average assets was 2.3% whilst, for the third quarter alone, it was 2.6% (2024: 3.1%, 1.5%, respectively). Net asset value per share was Rs. 194.01 (2024: Rs. 186.91) and compared with a closing share price of Rs. 142, which posted a 25.4% appreciation since end 2024. Group Net asset value per share was Rs. 207.34 (2024: Rs. 199.13).

The bank’s total deposits amounted to Rs. 702.9 billion at September 30, 2025 (end 2024: Rs. 631.7 billion, 11.3% growth) whilst net loans expanded to LKR 585.4 billion (end 2024: Rs. 460.7 billion, 27.1% growth). Excluding transactions of a one off and special nature, this represented a normalised absolute net growth of 7.2% and 22.1% over end 2024, respectively. The bank’s CASA ratio on a normalised basis was 23.8% having improved from 22.5% at end 2024. This continued to reflect the Bank’s efforts to consistently improve its low cost funding from current levels.

The bank’s Impaired loans (Stage 3) to total loans ratio was 4.5% (end 2024: 5.2%) which compared well with the industry average. Its Stage 3 provision coverage was 55.6% (end 2024: 54.5%) which also was close to the industry norm.

Liquidity and solvency Liquidity levels also remained strong with the bank’s Liquidity coverage ratios, across both Rupee and All currency, being 343.3% and 226.6%, respectively at September 30, 2025 (end 2024: 358.1% and 308.3%) and its Net stable funding ratio was 136.1% (end 2024: 152.4%) – all of which were well above the minimum regulatory requirements of 100.0%. The bank’s solvency levels as measured by CET1/ Tier I and Total CAR were 11.5% and 15.4%, respectively representing adequate buffers over its regulatory minimums (end 2024: 13.7% and 19.1%).

JKH posts strong Q2; points to better 2H

Top blue chip John Keells Holdings PLC (JKH) has reported a strong second quarter and signalled a far better second half, defying critics and pessimists.

JKH has doubled Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) to Rs. 18.3 billion, which includes interest income and the share of results of equity-accounted investees based on the share of Profit After Tax (PAT), but excludes all impacts from foreign currency exchange gains and losses (other than for equity-accounted associates), to demonstrate the underlying cash operational performance of businesses.

JKH Chairperson Krishan Balendra said: ‘Overall, the Group’s business momentum remains robust, with our large-scale investments beginning to yield results. Based on current performance trends, and the typical high seasonality witnessed in some of our key industry groups in the 2H of the financial year, Group EBITDA is expected to improve over 1H performance, which would result in a strong growth over the previous financial year.’

JKH said it delivered a strong quarterly performance at Group level, marked by the contribution from its new investments and businesses, as well as a robust contribution across the portfolio. The operationalising of key investments in 1H of the year provides a strong platform to translate to an enhanced profit contribution over 2H and the ensuing financial year.

Group EBITDA at Rs. 18.36 billion in Q2 of financial year 2025/26 is a significant increase of 127% against Group EBITDA of Rs. 8.09 billion recorded in the corresponding period of the previous financial year.

Cumulative Group EBITDA for 1H of financial year 2025/26 at Rs. 31.33 billion is an increase of 98% against the previous year. ‘Given the high seasonality in many of our businesses, 2H performance is expected to improve further over 1H,’ Balendra said.

The Group recurring EBITDA for the full financial year 2024/25 was Rs. 45.69 billion.

Group Profit Before Tax (PBT) at Rs. 7.80 billion in the quarter under review is a significant increase of 243% against the Rs. 2.27 billion recorded in Q2 of 2024/25.

Group PAT at Rs. 4.20 billion in Q2 of financial year 2025/26 is an increase of 176% against the Rs. 1.52 billion recorded in the previous financial year, while the profit attributable to equity holders of the parent is Rs. 1.65 billion compared to Rs. 1.37 billion in the corresponding period of the previous financial year.

The profit attributable to equity holders of the parent, excluding City of Dreams Sri Lanka and John Keells CG Auto (JKCG), is Rs. 2.61 billion in the quarter under review, compared to Rs. 692 million in the corresponding period of the previous financial year.

JKH said considering the momentum of the performance of the business, the Group doubled its dividend from Rs. 0.05 to Rs. 0.10 per share. This reflects the expectation that the current momentum of performance will sustain or further improve over 2H of the financial year. The outlay for the first interim dividend is Rs. 1.77 billion, which is an increase compared to Rs. 826 million in the previous year.

JKH said City of Dreams Sri Lanka opened its luxury-standard casino, the ultra-high end Nuwa hotel, and the first phase of a premium lifestyle-focused shopping mall. With the integrated resort now fully operational, the project has transitioned out of its capital-investment phase with no further project related cash outflows.

City of Dreams Sri Lanka achieved close to an EBITDA break-even position for the quarter driven by higher monthly occupancy and conference and banquet revenue contributing to profits, despite the significant one-off costs related to the official launch of City of Dreams Sri Lanka in August 2025.

‘With the operationalisation of all elements of the integrated resort and based on the booking momentum, we expect to achieve a strong EBITDA uplift, from this base, in 2H of the financial year,’ Balendra pointed out.

He said this positive momentum is expected to accelerate, supported by strong bookings for accommodation and international conferences and events. Cinnamon Life’s unique conference and event venues are attracting significant interest for both local and foreign events. Some international events are now being attracted to Colombo, specifically due to Cinnamon Life’s unparalleled capacity and world-class facilities that set it apart in the country and region. Since its commencement in August 2025, casino operations at City of Dreams Sri Lanka have been steadily ramping up with growing footfall.

Balendra also said the performance of the West Container Terminal (WCT-1) has significantly exceeded expectations, with higher throughput than planned. For the full financial year, it expects to be close to breakeven, in PAT terms, ahead of financial projections, despite being the first year of operations. Considering this momentum, Colombo West International Terminal, the project company of WCT-1, is expected to be a meaningful contributor to Group profits in the ensuing year and beyond.

It was revealed that JKCG recorded a strong performance during the quarter driven by the number of vehicles handed over to customers. While bookings have been impacted by the ongoing Sri Lanka Customs dispute, JKCG has a very healthy order pipeline with over 3,800 vehicles to be delivered in the ensuing months.

‘All the other businesses, with the exception of Transportation, showed growth during the quarter under review. These businesses are expected to show growth through the rest of the year,’ Balendra emphasised.

The substantially increased EBITDA contributions across the Group will further strengthen net cash flows. The Group’s net debt to equity at 32% underscores a strong financial position, while the net debt to EBITDA ratio is expected to further improve compared to 31 March 2025 given the higher EBITDA performance.

Balendra also announced the Board declared a first interim dividend of Rs. 0.10 (10 cents) per share to be paid on or before 3 December 2025. The outlay for the first interim dividend is Rs. 1.77 billion, which is an increase compared to Rs. 826 million in the previous year.

‘The increase in dividend declared from Rs. 0.05 to Rs. 0.10 reflects the expectation that the current momentum of performance will sustain or further improve over 2H of the financial year,’ he added.

Mixed bag in Oct. for national sales average of tea

National Sales Average (NSA) of tea for October has declined Month-on-Month (MoM) though reflecting an increase Year-on-Year (YoY), according to Forbes and Walker Ltd.

It said NSA in October declined by Rs. 14.48 to Rs. 1,177.14 per kilo (by $ 0.07 to $ 3.87) as against September average of Rs. 1,191.62 ($ 3.94).

In comparison to the October 2024 average of Rs. 1,172.15 ($ 3.99), was an increase of Rs. 4.99 and $ 0.12.

Total NSA year to date was Rs. 1,161.99 ($ 3.87), a decline of Rs. 74.93 ($ 0.21) against the corresponding year’s average of Rs. 1,236.92 ($ 4.08).

High Grown average for the month recorded a decline of Rs. 8.57 and $ 0.05 month on month, whilst an increase of Rs. 19.48 and a decrease of $ 0.07 was witnessed against the corresponding month in 2024.

Medium Grown average for the month recorded a positive variance of Rs. 3.43 and decrease of $ 0.01 month on month. In comparison to the corresponding monthly average last year, shows an increase of Rs. 13.06 and decrease of $ 0.08.

Low Grown average for the month recorded a decrease of Rs. 19.66 and $ 0.09 month on month, whilst against the corresponding average of October 2024 shows a decrease of Rs. 1.11 and $ 0.15.

Forbes and Walker said all regions recorded negative variances during the period January-October 2025 in comparison to the cumulative corresponding period of 2024 in both LKR and USD terms.

Export earnings from tea in September rose by 17% to $ 137 million and by 9.8% to $ 1.16 billion in the first nine months according to the Sri Lanka Export Development Board data.

Dr. Saman Weerasinghe receives Russia’s prestigious ‘Order of Friendship’

Dr. Saman Weerasinghe has been awarded the ‘Order of Friendship’ (Orden Druzhby) by Russian President Vladimir Putin at Kremlin, Moscow.

The honour, one of Russia’s highest civilian distinctions, recognises his decades of dedication to strengthening diplomatic, cultural, and economic ties between Sri Lanka and Russia.

Dr. Weerasinghe is the only Asian recipient of the award in 2025, marking a proud milestone for Sri Lanka’s global diplomatic presence.

A graduate of the Moscow Medical Academy with Honours, Dr. Weerasinghe served as Sri Lanka’s Ambassador to the Russian Federation (2015 – 2018) and currently holds the roles of General Secretary of the Sri Lanka-Russia Friendship Society and Chairman of the Centre of the Russian Geographical Society in Colombo. His leadership has fostered cultural exchange, scientific collaboration, and enduring goodwill between the two nations.

Sri Lanka Insurance Life Appoints Nalin Subasinghe as Chief Executive Officer

Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Nalin Subasinghe as its new Chief Executive Officer, effective 3rd November 2025.

Mr. Subasinghe brings over 21 years of extensive experience in the insurance industry, with a distinguished track record spanning both Life and General Insurance, including 15 years in C-Suite leadership positions. His career began with Sri Lanka Insurance Corporation in 2004, where he served as Deputy General Manager – Actuarial and Risk Management, and also held the role of Head of Investment. He also represented SLIC as the Nominee Director at Capital Alliance Investments Limited and Ceylon Asset Management Limited.

Prior to his current appointment, he held the position of Chief Actuarial Officer/General Manager at HNB Assurance PLC, HNB General Insurance Limited. He has also served as the Chief Actuarial Officer/General Manager at Union Assurance PLC (Vice President, John Keells Holdings PLC).

In addition to his corporate leadership roles, Mr. Subasinghe has made significant contributions to the actuarial profession and local insurance industry. He is currently the Vice President of the Actuarial Association of Sri Lanka (AASL) and has served as Chairman of the Actuarial Sub-committee of the Insurance Association of Sri Lanka (IASL).

Mr. Subasinghe holds a Bachelor of Science (Hons) Degree in Finance Business and Computational Mathematics from the University of Colombo and a Master of Science Degree in Actuarial Management from Heriot-Watt University, Edinburgh, UK.

Sri Lanka Insurance Life, with over six decades of excellence as the largest government-owned life insurer, manages an asset base of Rs. 264 billion and the largest Life Fund in the industry at Rs. 239 billion. It is the only life insurer in the country to hold a Fitch Rating of A+ (lka) for long-term financial stability and has been recognized as the ‘Most Loved Life Insurance Brand’ for the eighth consecutive year. Continuing its journey of growth and transformation, SLIC Life remains committed to innovation, customer trust, and delivering lasting value to policyholders and the nation.

CPC profit dips 17.9% in 1H 2025 as turnover falls on lower global oil prices

The Ceylon Petroleum Corporation (CPC) recorded a 17.9% decline in net profit to Rs. 17 billion during the first six months of 2025, compared to Rs. 20.7 billion in the corresponding period of 2024, as falling global fuel prices and a stronger rupee reduced its turnover and cost base.

According to the Finance Ministry’s Mid-Year Fiscal Position Report 2025, CPC’s turnover fell by 19.3% to Rs. 439.5 billion from Rs. 544.3 billion a year earlier, in line with a reduction in the cost of sales to Rs. 377.9 billion, down 19.2% from Rs. 467.7 billion recorded in the first half of 2024.

The report attributed the decline to lower international oil prices and the appreciation of the Sri Lankan rupee against the US dollar, which reduced import costs. CPC’s expenditure on petroleum imports dropped to $ 1.04 billion in the first half of 2025 from $ 1.23 billion in the same period last year.

Meanwhile, CPC has continued to reduce its external liabilities. Dues to the National Iranian Oil Company declined to $ 130.96 million by end-June 2025 from $ 191 million a year earlier, reflecting partial settlement through the ongoing Tea for Oil Barter Agreement between the two countries.

The report noted that while the appreciation of the rupee helped reduce import costs, it also translated into lower rupee-denominated revenues, contributing to the overall fall in profitability during the first half of 2025.