By: Staff Writer

July 10, Colombo (LNW): Sri Lanka Insurance Corporation (SLIC) has posted profits in 2024, following the legal segregation of its life and general insurance businesses into separate entities, according to the Insurance Regulatory Commission of Sri Lanka.

Founded in 1962 as the State-owned insurer, Sri Lanka Insurance played a pivotal role in shaping and establishing the insurance industry in the country, paving the way for private sector insurers.

Later it was converted into a private limited liability company before being reinstated as a nationalised entity in 2009

Over the past six decades, it has emerged as the strongest and largest insurer, contributing significantly to the nation’s development by safeguarding lives and assets and creating substantial job opportunities, particularly for the youth

Specifically, Sri Lanka Insurance Corporation Life Limited (SLICLL) reported a profit before tax of Rs. 30.7 billion and a Gross Written Premium of Rs. 26.3 billion, marking a 25 percent growth.

The general insurance arm, Sri Lanka Insurance Corporation General Limited (SLICGL), also showed strong performance, particularly in the motor and non-motor segments, with growth attributed to strategic positioning and performance monitoring.

The segregation was in accordance with the regulatory framework set by the Insurance Regulatory Commission of Sri Lanka (IRCSL) in adherence to the regulations set forth in the Insurance Industry (Amendment) Act, No. 03 of 2011,.

It is expected to enhance operational efficiency and effectiveness in serving customers and it will be focusing on capitalising on emerging opportunities, particularly in medical and non-motor insurance products.

Sri Lanka Insurance Corporation Life Limited (SLICLL) and Sri Lanka Insurance Corporation General Limited (SLICGL) hold an asset base of Rs. 238.6 billion and Rs. 51.13 billion, respectively at the end of 2024, finance ministry report revealed

Further, SLICLL holds the largest life fund of Rs. 216.8 billion in the insurance industry at the end of 2024. SLICLL recorded a revenue of Rs. 49.7 billion in 2024, while SLICGL recorded a revenue of Rs. 20.2 billion in 2024.

The Gross Written Premium (GWP) from the life insurance business was Rs. 24.5 billion in 2024 and SLICGL reported a GWP of Rs. 23.6 billion for non-life insurance in the same year

SLICLL recorded a profitability of Rs. 29 billion while SLICGL recorded a profitability of 3.6 billion. Meanwhile, the declared dividends amounted to Rs. 1.3 billion last year.

Under the State Enterprise Reform Program, the share ownership of Canwill Holdings Private Limited, a subsidiary of SLIC, valued at Rs. 10.5 billion was transferred to the Secretary to the Treasury during the year 2024.

By: Staff Writer

July 10, Colombo (LNW): Starting July 1, Sri Lankan job seekers heading to the Middle East and several other countries for employment in industrial and corporate sectors must have their job contracts certified by Sri Lankan embassies in those respective nations.

 This mandatory rule, introduced by the Sri Lanka Bureau of Foreign Employment (SLBFE), is part of a wider strategy to prevent exploitation and ensure better protection for migrant workers, a senior official at the Ministry of Foreign Employment revealed.

Initially scheduled for implementation on June 7, the regulation faced a brief delay but is now fully in force. Under the new rule, Sri Lankan labor attachés stationed in 13 key countries—such as Saudi Arabia, the United Arab Emirates, Qatar, and South Korea—are responsible for validating employment agreements. Each certification will carry a processing fee of US$60.

The regulation follows a rising number of complaints from migrant workers, particularly in Gulf countries, regarding abuse, harassment, contract substitution, wage fraud, and other forms of mistreatment. The SLBFE noted that many victims were job seekers who had traveled abroad through informal channels or unregulated job agents.

This new requirement is expected to impact mainly those securing employment independently, bypassing licensed recruitment agencies. Unlike those recruited through official channels, self-arranged workers often lack the safeguards embedded in agency-led processes.

However, the rule provides exemptions for professionals such as doctors, engineers, and IT specialists. These individuals may bypass the certification process if they can submit proof of their professional status—such as a valid passport and recognized qualifications—when registering with the SLBFE.

The move comes as foreign employment continues to serve as a crucial lifeline for many Sri Lankans struggling amid persistent economic challenges at home. With over 1.5 million Sri Lankans working abroad—most in Gulf nations—remittances remain a key source of foreign exchange for the country.

 However, this dependency has historically come at the cost of worker welfare, with rights groups reporting frequent abuses against low-skilled laborers, including domestic workers and construction staff.

According to the SLBFE, the contract certification rule forms part of a broader initiative to promote ethical recruitment practices, protect vulnerable workers, and improve transparency in overseas job contracts. The bureau has urged all potential migrant workers to verify job offers through official channels and avoid dealing with unauthorized agents.

Authorities hope that strengthened oversight will not only reduce cases of exploitation but also maintain a steady flow of remittances vital to the national economy.

By: Staff Writer

July 10, Colombo (LNW): Sri Lanka’s domestic garment manufacturers are urging the government to introduce a significant increase in import taxes on clothing, warning that the survival of the local fashion industry is under serious threat.

The call was made during a media briefing this week at the Ceylon Chamber of Commerce, where former Sri Lanka Brands Association President, P. Yasotharan, proposed a three- to four-fold hike in the Commodity Export Subsidy Scheme (CESS) levy on imported apparel.

Yasotharan argued that the domestic sector is fighting a losing battle against a deluge of low-cost imported clothing—often of questionable quality—that dominates the market by exploiting tax gaps and bypassing regulatory scrutiny.

He described the current environment as deeply unbalanced, with foreign products swamping local shelves whilst Sri Lankan manufacturers struggle to stay afloat under stricter tax, labour, and quality controls.

The local apparel market, valued at approximately Rs.700 billion, sees less than 35 per cent of its demand being met by homegrown producers, according to Yasotharan. “It’s not that our people can’t compete—it’s that they’re not being allowed to,” he said. “Our seamstresses and tailors have world-class skills. What they lack is a fair market.”

Currently, the CESS levy adds a nominal Rs.50 to Rs.100 on an imported garment—a cost that is easily absorbed by mass importers and online retailers. Domestic producers say this minimal charge is inadequate to deter the flow of cheap clothing that undermines their pricing structure.

Yasotharan insists that increasing the CESS by 300 per cent to 400 per cent would bring the retail price of imported garments closer to that of locally made products, creating a level playing field. “If foreign brands can still compete at that price, then we welcome the competition,” he added. “But right now, we’re losing not because we’re inferior, but because the rules are skewed.”

The CESS, a para-tariff applied at the border in addition to other import duties, has long been a point of contention. Whilst the previous administration—under pressure from the International Monetary Fund—announced intentions to phase out such levies in favour of a more unified tax system, the 2025 National Imports Tariff Guide confirms that CESS charges on apparel remain intact, at least for now.

However, the proposal has sparked concern amongst consumers already grappling with high living costs. The rising popularity of international e-commerce platforms and budget-friendly fashion retailers has expanded choice and affordability for shoppers. An abrupt price surge, critics warn, could reduce access to affordable clothing for many households.

Nonetheless, Sri Lankan manufacturers maintain that without urgent intervention, the domestic sector risks further marginalisation. As Yasotharan put it, “If we allow this to continue, we may end up a nation of consumers with no producers.”

By: Staff Writer

July 10, Colombo (LNW): Sri Lanka has emerged as one of the top three global summer travel destinations for July and August, according to Emirates, the world’s largest international airline. The island nation has seen a remarkable 32% increase in flight searches, driven by its rich cultural heritage, scenic beaches, lush tea plantations, and affordable luxury experiences.

This ranking comes from Emirates’ latest analysis of global booking trends, revealing where international travelers are heading during the peak summer months. The data shows a strong global appetite for culturally immersive experiences and off-the-beaten-path destinations in 2025.

Vietnam has topped Emirates’ summer travel chart with a 61% surge in travel interest, followed by the idyllic island of Mauritius, which has seen a 41% increase. Sri Lanka, served by four daily Emirates flights, ranks just behind with its significant growth in search volumes.

Japan also continues to attract international explorers with a 28% boost in searches, thanks to its harmonious blend of ancient tradition and modern innovation. France completes the top five, enjoying a 25% rise in demand. Emirates supports this demand with frequent flights to Paris, Nice, and Lyon.

Emirates’ network-wide data reveals a 7% year-on-year rise in summer flight searches, with countries like Ireland, Canada, Saudi Arabia, Germany, and the UAE showing robust outbound travel interest. Within the UAE, searches for destinations like Sri Lanka, Jordan, France, India, and Lebanon have notably increased by 13%.

The airline’s booking trends also show diverse preferences across regions. U.S. travelers are increasingly eyeing African destinations such as Egypt, Kenya, and South Africa, while UK travelers are searching more for long-haul escapes, including New Zealand, Australia, Japan, Sri Lanka, and Mauritius.

Indian travelers are showing growing interest in Australia, New Zealand, and Ireland. German tourists, meanwhile, are leaning eastward, with high search volumes for Japan, Vietnam, South Korea, and the Seychelles.

Summer vacations, particularly among travelers from India, Australia, the UK, and Germany, tend to be extended, with nearly one-third staying for more than a month. Americans prefer slightly shorter trips of two to three weeks.

Inbound travel to Dubai, Emirates’ home base, is also expected to remain strong this summer, highlighting its year-round appeal. The data shows diverse traveler demographics with distinct patterns. Nearly half of visitors from the US, India, and Australia are solo travelers, blending business and leisure. Family travel is also significant, with one-third of visitors from the US and India traveling as families. UK family travelers tend to extend their stay beyond two weeks.

Couples, especially younger travelers from Australia and Germany, are opting for longer stays ranging from two weeks to a month, maximizing their exploration of Dubai.

As global wanderlust rises, Sri Lanka’s growing popularity reflects a renewed appreciation for destinations that offer cultural depth, scenic beauty, and value for money — all accessible with Emirates’ extensive global network.