March 02, Colombo (LNW): The Government has directed the Legal Draftsman to draft the Bill of the Public Finance Management Act, based on the fundamental draft that has been prepared in this regard.
Additionally, powers have been entrusted to the Treasury Secretary to appoint a specialist committee to initiate the formulation of financial regulations. The committee will facilitate the process till the Legal Draftsmen finalise the proposed draft Bill.
“The proposed Piblic Financial Management Act is expected to streamline financial processes, mitigate risks and strengthen fiscal discipline across Government agencies,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing
On 8 May 2023 Cabinet approved to draft a new framework of financial rules and to include those rules in the proposed State Financial Management Act.
The relevant bill is being finalised with the aim of improving the responsible fiscal management process when dealing with public finances and to take substantial decisions based on efficient resource utilisation.
The government has taken this decision in accordance with the recommendation made by the International Monetary Fund (IMF) on enhancing budget formulation and the fiscal framework
The proposed Act will strengthen transparent financial systems and effective performance management by giving freedom to officials to manage public finance efficiently and making them accountable for their responsible projects, relevant cabinet memorandum revealed.
It will have provisions to introduce reforms and modernise the accounting and reporting standards and making public sector accountability as a mandatory requirement.
The proposed Act will be repealing the Fiscal Management (Responsibility) Act No. 3 of 2003 ensuring new fiscal terms to take effect with the Budget 2025.
This original Act has stipulated three key fiscal limits to be achieved by specified timelines. Including restriction of the budget deficit from exceeding 5 percent of GDP from 2006 onward, requiring thel Government limit of 85 percent of GDP by the end of 2006.
It has prohibited the Government from exceeding 60 percent of GDP by the end of 2013 while setting limits on its contingent liabilities.
Nevertheless, the Government debt limit had been increased through an amendment to the Act in 2013. The initial limit set was increased to 80 percent from 60 percent in 2013 and the time frame for compliance was extended till 2020.
The Act was further amended to extend the debt limit of 80 percent of GDP till 2030 as the government has failed to stick to the time frame.
“The regular abuses of the Act and amendments to the Act to accommodate fiscal manipulations of relevant regimes resulted in the economic crisis,” the IMF report claimed.
Along with the implementation of provisions of the new act, a modern financial management system is to be implemented with the aim of controlling the Sri Lanka budget execution via line ministries and state institutions including statutory boards and corporations.
1 March 2024: A recent statement attributed to Prasanna Ranatunga, the Urban Development and Housing Minister of Sri Lanka, and publicised by the A5 News Facebook page prompted the drafting of this article. Whether Ranatunga’s statement was a misguided attempt to mislead the younger generation born post-1980 remains unclear. Many of them might be unaware of the role played by President J.R. Jayawardene’s regime during that period, which led to two insurrections, one by the JVP under the Desha Vimukthi Vyaparaya in the South, and a decades-long armed conflict in the North and East.
Politicians in Sri Lanka have a history of falsehoods during election campaigns, as evidenced by the vast disparities between their promises and actual outcomes. Year 2024 is said to be an election year and such false statements like in the past are commonly made to manipulate and deceive voters, a tactic not unique to Sri Lanka but prevalent worldwide, especially during election times.
Since gaining independence in 1948, Sri Lanka has been controlled by three family clans: the Rajapaksas, Bandaranaikes, and Senanayakes, driven primarily by a thirst for power and economic interests. Their disregard for the rule of law, democratic practices, corruption, and incompetence have often been obscured by scapegoating. However, in 2022, this façade crumbled when the government had to seek assistance from the International Monetary Fund to mitigate a severe economic crisis, exposing the true causes of the country’s woes.
Black July Riots of 1983
Black July marked a week-long pogrom against native Tamil civilians in Sri Lanka, characterised by unprecedented efficiency in brutality. The catalyst was an ambush of Sinhalese troops by the LTTE (Tamil Tigers), resulting in 13 deaths. In retaliation, the army killed around sixty civilians, a fact often omitted in the South. Subsequently, mobs systematically targeted Tamil households and shops in Colombo, looting, burning properties, and inflicting violence on inhabitants. The death toll remains uncertain, ranging from government claims of around 300 to more credible estimates of up to 3,000.
Government’s Response
The government’s response to the riots was inadequate and callous. President Jayewardene showed indifference towards Tamil lives, and his government enacted measures that further marginalised Tamils, including the passage of the sixth amendment of the Constitution, which deprived them of elected representation. He infamously said at the time that Tamils should be taught a lesson.
The government scapegoated the opposition for the riots and banned political parties like the Janatha Vimukthi Peramuna (JVP), the Communist Party of Sri Lanka, and the Nava Sama Samaja Party. However, credible evidence suggests the involvement of UNP luminaries like Cyril Mathew. They also orchestrated the violence, particularly the burning of the Jaffna library in June 1981.
Personal Testimony
As General Secretary of the JVP at the time, I witnessed the organised assault on Tamils during Black July. The streets of Colombo were engulfed in violence and chaos, with armed mobs targeting Tamil-owned properties. Security forces stood by, allowing the atrocities to unfold.
While on my way home from the party office, I witnessed many incidents of savagery and brutality. I was stopped just in front of Ceylon Tyre Corporation, Kelaniya by some people armed with swords and iron bars. I was asked to say ‘Baldiya’ aloud and when I obliged, they knew I was Sinhalese and did not attack me. Yet, they decided to remove petrol from the car. Fortunately, someone recognised me and told others to let me go. The petrol tank was half-empty when I was asked to leave. There I witnessed the carnage and atrocities that characterised Black July. Rioters stopped lorries, looted all goods in them, moved all goods to other vehicles and set the lorries on fire, burning the passengers and drivers.
While I was on my way along Kiribathgoda Mawaramandiya road, a CTB service truck full of a gang brandishing swords and crowbars stopped me. They got down from the truck and came running towards me in droves scolding me in the filthiest language imaginable. They had assumed that I was a Tamil fleeing Colombo. I yelled back at them in Sinhala. They desisted and went back to their truck and proceeded towards Colombo. The next day, I saw the colossal damage these hordes of rioters had wrought on the city.
I went inquiring about our comrades of Tamil background who were living in Narahenpita, Maradana and Kotahena. Most of those houses had been attacked or burnt down. According to what I heard, people wearing security uniforms went from place-to-place encouraging people to take part in the violence. There had been credible reports of Buddhist monks carrying electoral lists for identifying properties that belonged to Tamils. They accompanied the rioters.
I was summarily arrested later while at home, put into solitary confinement, psychologically tortured but not charged with any offence; and then released after about six months of detention, when the habaes corpus application Chitra had filed was to be heard.
Some of the guilty
Dr Rajan Hoole presents his meticulous account in The Arrogance of Power: Myths, Decadence and Murder. There are other thorough investigations of this horrific episode in the country’s history. The evidence shows that several UNP luminaries played a major role in the ensuing pogrom. Foremost amongst them was Cyril Mathew. The trucks used to ferry the goons and the petrol used to ignite Tamil businesses came from the public corporations under the jurisdiction of his Ministry. Some others who either participated or turned a blind eye to the use of government property and employees under their control were:
• Mr R. Premadasa, who was Prime Minister at the time; he probably was not physically involved, but his power base was the lumpen elements in Pettah and its environs. They played a key role in the ensuing mayhem.
• Mr Siresena Cooray, Mayor of Colombo and a protégé of Premadasa who filled the Ceylon Transport Board with his thugs; and
• Mr Ranil Wickremesinghe, (the Current President) at the time, Minister of Education and Youth Affairs. While there is no direct evidence of his involvement, his trusted assistant Gonawela Sunil and members of Sunil’s gang did participate.
However, no genuine reforms have ever been forthcoming and no perpetrators were brought before the court and prosecuted.
One of the most horrific and reprehensible incident was the killing of Tamil militants who were arrested and detained under the PTA. As Colombo was engulfed by violence and the law of the mob, around 400 Sinhalese prisoners in A3 ward of Welikada Prison armed with iron poles, wooden sticks, manna knives, axes, pointed iron sticks, broken chair legs and coils of wire attacked and opened the doors of wards B3 and D3 where Tamil political prisoners were detained. They hacked to death 35 unarmed Tamil prisoners The dead bodies including those of Kuttimani and Thangathurai were scattered all over the hall corridor, where they had been held. The blood lust of the attackers was not abated and they methodically went about to find those who were barely alive and beat them till they died.
The next day, on July 26th, prisoners Manikkathasan, Panagoda Maheswaran, Paranthan Rajan, Douglas Devananda (current Cabinet Minister) and Antoni Pillai Alagiri stressed to all others that if there were going to be another attack against them, they should prepare as much as possible thinking that it would be better to face it and die.
While the Tamil prisoners were trying to defend themselves with implements they could find, the security forces fired tear gas at them. When dust settled on July 26, 1983, the dead bodies of another 17 Tamil prisoners were found. Among those killed in the attack in Welikada Prison on the second day was Secretary of the Gandhiam Movement, Dr Somasundaram Rajasundaram. Not only those injured were not rushed to hospitals for treatment, but even those admitted to hospitals were reported to have not received proper treatment due to the ethnic bias of sone hospital staff.
It was obvious that this murderous attack inside the prison was well planned. It was reported that Sunil Perera alias Gonawala Sunil, a thug previously mentioned, who had been in prison for some time and released after receiving an amnesty offered by President Jayawardene, was also involved in this horrific attack. When questioned about the massacre of 53 Tamil political prisoners in Welikada Prison within two consecutive days, the then Prime Minister R. Premadasa evaded to respond by saying that ‘one Sinhalese prisoner has also died’ in the incident.
Conclusion
Why does a responsible minister make unvirtuous statements with no factual basis? The consequences of the Black July pogrom were catastrophic. It exacerbated ethnic tensions and paved the way for a protracted civil war. The JVP, unfairly blamed for the violence, intensified its activities, leading to further bloodshed. That is why, one should expose such statements and strongly condemn those.
Moving forward, Sri Lanka must learn from its past mistakes and strive for a more equitable society. This entails holding accountable those responsible for past atrocities, promoting transparency and the rule of law, and fostering unity and reconciliation among its diverse populace.
Sri Lanka’s future hinges on its ability to confront its past and embrace a path towards peace, justice, and prosperity for all its citizens. We must not let the sins of the past dictate our future. Instead, let us forge ahead with wisdom and unity, ensuring a brighter tomorrow for generations to come.
The Speech made by Dr. Lionel Bopage at an Afternoon Tea Party held at the Huntingdale Community Hall in Victoria, organised by the Sri Lankan Australians Inc.
Dr. Lionel Bopage (Melbourne, Australia)
Greetings, Dear friends, and a warm good afternoon to all of you.
Today, I am speaking on behalf of Sri Lankan Australians, a recently formed association with a vision of unity among Sri Lankan expatriates residing in Australia. Our aim is to foster inclusivity, transcending the barriers that often divide communities, by embracing and valuing our differences. We recognise that cultural diversity not only entails tõlerance but also celebrates the invaluable contributions that diversity offers, enriching us all in the process.
Our endeavours have been marked by numerous successful initiatives. In Canberra, we spearheaded various collective events, including multicultural and interfaith gatherings. One such event, “Unity In Diversity,” united communities from Sri Lanka, India, Pakistan, Bangladesh, and Fiji during the National Multicultural Festival. Additionally, amidst the devastating bushfires of 2003, we organized a highly successful fundraising event, rallying together Sri Lankan residents of Canberra.
In Victoria, our collaborative efforts have been equally impactful. Following the catastrophic floods and landslides in Sri Lanka in May 2017, we mobilised resources to support Dudley Senanayake Maha Vidyalaya in Pitabeddara, Dehigaspe, Morawaka, Matara. Overcoming logistical challenges, we ensured that our contributions directly benefited the school, amounting to $ 8,285 and donating LKR 1,086,306.
Our commitment to transparency and accountability was unwavering, evidenced by stringent accountability measures and on-site monitoring of project progress. This collective endeavour exemplified the unity of Sinhala, Tamil, Muslim, and Burgher expatriates in Victoria.
Subsequently, in Victoria, we orchestrated several impactful initiatives:
Twenty organisations and individuals joined forces to raise and donate $ 19,000 directly to the Country Fire Authority in Victoria and Victoria Zoo to aid in bushfire relief efforts in 2019.
Amidst the COVID-19 pandemic in 2020, thirteen organisations and numerous individuals from Victoria and New South Wales collaborated under the ‘Vic Lanka Covid Aid Collective’ to provide assistance to affected Victorians, particularly those of Sri Lankan descent including unemployed, students, new migrants, temporary visa holders, asylum seekers, and the mentally distressed. The $ 10,000 raised provided vital support to individuals through various means, including cash donations. In addition, we provided material assistance, mental health services, legal and employment advice and advocacy.
Recognising the dire situation in Sri Lanka during the pandemic, we expanded our efforts under the banner of Sri Lanka Covid Aid, partnering with reputable organizations such as Sarvodaya, Red Cross, Rotary Club, and Lions Club. Later, Sri Lanka Association of New South Wales and SriLankaCovidAid partnered with Rotary Clubs in New South Wales, India and Sri Lanka to provide desperately needed expensive medical equipment and other critical medical & survival requirements.
We provided Teaching Hospital Ragama, General Hospital, Kegalle and Base Hospital, Talawakele of desperately needed fully-equipped high-dependency units. We collaborated with Rotary Club in New South Wales and the Rotary International to raise about $67,000. Sri Lanka Covid Aid with Sri Lanka Association and Austra-Lanka Muslim Association of New South Wales raised $15,000, which the Rotary International and various Rotary clubs topped up to the total value of $67,000.
Amidst the economic turmoil in Sri Lanka in 2022, we established SaveADream bringing together associations and individuals in Victoria, NSW and Brisbane to address urgent needs, particularly saving the lives of new-borns and infants by providing urgently needed Nitric Oxide gas cylinders, neonatal drugs, and other devices and equipment.
To raise funds, we organised the “Dance for A Cause” dinner dance in Victoria, a Biryani Drive in Victoria and New South Wales, and other activities such as on-line fund-raising and ticket book sales. We raised approximately $50,000 including $9,514.00 from the dinner dance.
With the funds collected we were able to donate eight Nitric Oxide Gas Cylinders to Castle Street Hospital for Women; reagents and consumables for blood gas analysers worth $5,000 to Castle Street Women’s Hospital, Colombo; and 10,000 Personal Protective Equipment Kits and other medical necessities for Covid frontline workers in Sri Lanka. In 2023, we distributed nutritional food to families with malnourished children under the guidance of the District Medical Officer in partnership with Rotary Club, Batticaloa.
Our commitment to community empowerment was further demonstrated through initiatives such as the Art, Photo & Book Exhibition in April 2023, which highlighted the rich cultural tapestry of Sri Lanka’s diverse communities. The exhibition displayed the works of over seventy-five artists, photographers, and authors, about 1,000 English, Sinhalese, and Tamil books, mainly authored by Sri Lankan Australians, alongside about one hundred artworks and four hundred photographs by members of all Sri Lankan communities
It included the annual Victor Melder lecture organised by the City of Monash Libraries in honour of the extensive library of books on Sri Lanka Victor still maintains. Later, Mr Hemal Gurusinghe will share certain ideas regarding the Victor Melder Library.
Our latest initiative, ‘Empower Lanka: Building Bridges for the Community’ aims to uplift marginalized communities in rural Sri Lanka through targeted interventions in education, healthcare, and social integration. Our partnership with Rotary International will extend financial management including tax deductibility and disbursement of funds. The projects include:
Paediatric mobile ventilator and Ultrasound machine for Mullaitivu Hospital
Renovating the well at Weuda Royal Central College, Kurunegala and
Basic medical equipment for Cancer Unit of the Ratnapura Hospital
School equipment for Wettewa Primary School, Galagedera.
In addition, we also deal with a project to provide musical instruments needed by the students of Ampara Rajagama Maha Vidyalaya.
I can provide further details about these projects during our later conversations.
We invite your generous support in realising our vision of a brighter future for those in need. We have kept a donation box at the door and envelopes on tables if anyone wishes to do so. By joining hands and actively participating, we can pave the way for a more harmonious and inclusive community, setting an example for others to follow.
In closing, I extend heartfelt gratitude to our committee members, donors, sponsors, and all who have contributed to our collective endeavours over the years. Special thanks to Sri Lankan Australians Inc. for hôsting this gathering and to each one of you for your unwavering support and assistance. I am not naming them individually as there are too many to mention.
March 02, Colombo (LNW): The United Nations Population Fund (UNFPA) Sri Lanka and the University of Colombo marked a historic collaboration on Friday (01) by signing a Memorandum of Understanding (MoU) to establish the first-of-its-kind Centre of Excellence (CoE) for Gender Equality and Women’s Empowerment (GEWE) in the Asia Pacific region.
The MoU formalizes the partnership between UNFPA Sri Lanka and the University of Colombo, emphasizing UNFPA’s dedication to fostering thought leadership, knowledge creation, and innovation in Sri Lanka. The Centre of Excellence will serve as a hub for advancing gender equality and empowering women through research, education, and advocacy initiatives.
In a related ceremony, Pio Smith, UNFPA Asia Pacific Regional Director, and Kotaro Katsuki, Acting Ambassador of the Embassy of Japan, presented medical supplies valued at over USD 2.1 million to Dr. Ramesh Pathirana, Minister of Health at the Ministry of Health.
The donation, part of the “ENSURE: Ensuring access to life-saving sexual & reproductive health and providing gender-based violence prevention and response services for women, girls, and vulnerable groups” project, is funded by the Government of Japan. The overall project, totaling USD 4.6 million, aims to address the economic crisis in Sri Lanka and support women in vulnerable communities by providing essential health services and gender-based violence prevention and response initiatives.
March 02, Colombo (LNW): The Natural Hazards Early Warning Center of the Department of Meteorology in Sri Lanka has issued a cautionary warning regarding the Heat Index, indicating that the temperature felt on the human body is expected to increase to ‘Caution’ levels in specific regions. The affected areas include North-western, Western, Southern, and Sabaragamuwa provinces, as well as Mannar District.
Heat index Advisory Issued by the Natural Hazards Early Warning Centre at 03.30 p.m. 01 March 2024, valid for 02 March 2024
The Heat Index Forecast is determined by considering relative humidity and maximum temperature, providing an assessment of the conditions felt by the human body. It’s important to note that this forecast is not indicative of the maximum temperature but rather the impact on individuals.
The advisory includes information on the potential effects of the heat index on the human body, and it has been formulated in collaboration with the Ministry of Health and Indigenous Medical Services.
Residents and individuals in the mentioned provinces and district are urged to take precautions and stay informed about the heat conditions. It is advisable to follow guidelines provided by health authorities to ensure the well-being of the public during elevated heat index periods.
March 02, Colombo (LNW): Hon. Kalaveti Vodo Ravu, the Minister of Fisheries and Agriculture of Fiji Islands, visited the Parliament of Sri Lanka, during his participation in the 37th session of the Asia Pacific Regional Conference (APRC) of the Food and Agriculture Organization of the United Nations in Colombo.
During his visit, the Fijian Minister met with Deputy Speaker Hon. Ajith Rajapakse, Secretary General of Parliament Mrs. Kushani Rohandeera, and Chief of Staff and Deputy Secretary General Mr. Chaminda Kularatne. The discussions centered around the prospect of enhancing bilateral relations between the two nations in the fields of agriculture and fisheries.
Expressing mutual interest in strengthening ties, the Minister highlighted the potential for collaboration in key sectors. The visit also included a meeting with former President and Member of Parliament Hon. Mahinda Rajapakse, further emphasizing the diplomatic engagement between Fiji and Sri Lanka.
As part of the visit, the Fijian delegation had the opportunity to tour the Parliament premises and observe a parliamentary debate from the Speakers Gallery. The Deputy Speaker officially welcomed the delegation, acknowledging their presence in the house.
This parliamentary interaction serves as a valuable step in fostering diplomatic relations and exploring avenues for cooperation in areas of common interest, contributing to the development and collaboration between Fiji and Sri Lanka.
March 02, Colombo (LNW): The Russian Pacific Fleet’s flagship, the Guards Order of Nakhimov missile cruiser Varyag, has arrived at the port of Colombo in Sri Lanka, as reported by the Fleet’s press office on Friday. The Sri Lanka Navy extended a traditional welcome to the 187-meter-long missile cruiser and its crew of 529 members.
Captain 1st Rank Velichko Anatoly Vasicievich serves as the Flag Officer of the ship, while Captain 2nd Rank Glushakov Roman Nikolaevich is the Commanding Officer. The officers are scheduled to call on Rear Admiral Saman Perera, the Commander Western Naval Area during their stay.
Throughout their visit to Sri Lanka, the crew members of the Varyag are expected to participate in various programs organized by the Sri Lanka Navy, fostering camaraderie and exploring the country’s tourist attractions.
The port call provides an opportunity for the Russian naval ship to replenish water and fuel supplies. The ship’s welcome ceremony was attended by the staff of the Russian embassy in Sri Lanka, officers from the host country’s naval forces, and personnel from the port services.
The Varyag is scheduled to stay at the Colombo port until March 4, after which it will resume its assigned missions as part of its long-distance deployment, according to the press office statement. This visit strengthens diplomatic and naval ties between Russia and Sri Lanka, emphasizing the importance of international cooperation and collaboration in the maritime domain.
March 02, Colombo (LNW): The Department of Examinations has released the official dates for crucial school examinations scheduled to take place in 2024. The announcement encompasses the 2024 G.C.E. Advanced Level (A/L), the 2023 G.C.E. Ordinary Level (O/L), and the 2024 Grade 05 scholarship examinations.
Here are the specified dates:
2023 G.C.E. O/L Exam: Scheduled to take place from May 06 to May 15, 2024.
2024 Grade 05 Scholarship Exam: Set for September 15, 2024.
2024 G.C.E. A/L Exam: Slated to be held from November 25 to December 20, 2024.
This information serves as a crucial guide for students, parents, and educators as they prepare for the upcoming academic assessments. The Commissioner General of Examinations, Amith Jayasundara, emphasized the importance of adhering to these dates, providing clarity and ensuring a smooth and organized examination process for all participants.
March 02, Colombo (LNW): In a positive turn of events, Sri Lanka’s tourism sector experienced a remarkable boost in January 2024, with earnings reaching an estimated USD 342 million, as revealed by the Central Bank’s latest report on external sector performance. This marks the highest monthly value since January 2020, showcasing a significant improvement from USD 269 million in December 2023 and USD 154 million in January 2023.
The country witnessed a surge in tourist arrivals, with 208,253 visitors in January 2024 compared to 102,545 in the corresponding period of the previous year. This encouraging trend signals a positive trajectory for Sri Lanka’s tourism industry.
Additionally, workers’ remittances showed positive growth, amounting to USD 488 million in January 2024, compared to USD 437 million in January 2023 and USD 570 million in December 2023. The Central Bank noted that workers’ remittances have been steadily increasing since 2022, indicating a robust and consistent trend despite intermittent seasonal fluctuations.
The report also highlighted a marginal decline of 0.8% in earnings from merchandise exports, reaching USD 971 million in January 2024 compared to USD 978 million in the same month last year. Meanwhile, expenditure on merchandise imports increased by 6.2% to USD 1,512 million in January 2024, attributed in part to the relaxation of import restrictions and a rise in expenditure on consumer and investment goods.
On the financial front, the gross official reserves (GOR) continued to improve, reaching USD 4.5 billion by the end of January 2024. This positive trajectory is credited to substantial net purchases of foreign exchange from the domestic market by the Central Bank, with a net purchase of USD 245 million during January 2024. The report emphasized that this improvement includes a swap facility from the People’s Bank of China (PBOC), valued at around USD 1.4 billion, subject to certain conditions on usability. Overall, these developments indicate positive economic momentum and financial stability for Sri Lanka in the early months of 2024.
Union Assurance, Sri Lanka’s premier Life Insurer known for its commitment to excellence and customer-centric approach, proudly announces the declaration of a 13.5% Universal Life Policyholder Dividend Rate for the financial year 2023. Once again, the Company has demonstrated its financial strength and resilience by surpassing expectations with this remarkable Dividend Rate of 13.5%, compared to the minimum guaranteed Dividend Rate of 10% for the year 2023. This achievement not only underscores the Company’s robust performance but also reaffirms its position as a trustworthy partner that maximises value for customers and shareholders alike.
The Chief Executive Officer of Union Assurance, Senath Jayatilake, stated, “We are delighted to announce an exceptional Dividend Rate, surpassing our guaranteed rate for 2023, which is a clear testimony to our commitment to delivering optimal value to our stakeholders. Notably, this marks the highest Dividend Rate declared in the past decade, underscoring our sustained progress over the years, even in the face of formidable external challenges.”
“Furthermore, this significant dividend payout directly contributes to the growth of our customers’ Life Fund, which reached a valuation of Rs. 64,510 Mn by the end of 2023, thereby enhancing their financial security. We extend our heartfelt gratitude to our customers and stakeholders for the trust they have placed in us,” he further stated.
The Chief Financial Officer of Union Assurance, Asha Perera, stated, “The declaration of a 13.5% Dividend Rate for 2023 is based on Union Assurance’s sound financial management and prudent investment strategies. Our disciplined approach and our ability to adapt to changing market dynamics while maintaining a focus on long-term value creation have been instrumental in our success. We remain committed to delivering superlative returns and value to all our stakeholders, ensuring continued confidence in Union Assurance.”
Union Assurance is a subsidiary of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. The Company has completed over three decades of success with a Market Capitalisation of Rs. 23.6 Bn, and a Life Fund of Rs. 64.5 Bn as of end December 2023. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement, and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 4,000-strong, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.
