Business
LOLC Life and LOLC General seen as standing out
LOLC Group’s Insurance arm concluded the FY 2022 on a high note, recording its best -ever performance to date. Consolidated Gross Written Premium (GWP) of LOLC General Insurance (motor and non-motor) for the year ended 31st December 2022 stood at Rs. 8.551 Bn, reflecting a commendable 17% improvement over the previous financial year.
LOLC Life and General together also accounted for a combined Profit After Tax (PAT) of Rs. 2,418 Mn. What is more remarkable is that these results come amidst the backdrop of a significant decline in industry-wide performance owing to severe external challenges throughout 2022.
In the current financial year, LOLC General Insurance recorded a Profit before Tax (PBT) of Rs.1.65 Bn, denoting a solid 30% increase year on year, along with a PAT of Rs. 1.40 Bn representing 28% improvement over the figure reported for the previous financial year. The Total Comprehensive Income of the company recorded Rs. 449 Mn. Furthermore, with the Company’s market share in the Motor segment edging up to 10% in the year 2022, LOLC General too moved up 2 spots in the industry league tables from 7th position in 2021 to claim 5th place in 2022.
Similarly, LOLC Life Assurance also soared ahead to deliver exceptional results and reach some important milestones in the current financial year. Reporting an overall Premium income growth of 12% year on year, the company was recognized as having the Highest New Business growth (FYP) in the industry at 31%, a monumental achievement given the severe challenges encountered during 2022. Meanwhile growing by 74% year on year, the PAT crossed the 1Bn mark for the first time in the company’s history. Backed by strong bottom line results, LOLC Life Assurance reported a Return on Equity (ROE) of 33%. Moreover, with a 4% market share in GWP terms, LOLC Life moved up to the 7th spot in the industry rankings for 2022 from 8th position occupied in the previous financial year.
The formation of the Insurance arm, – Life and non-Life (General) operations in 2010 denotes a key milestone in LOLC’s strategic diversification agenda. A little over a decade on, LOLC life and general businesses have proven themselves as the most preferred insurance providers in the market.
LOLC Life Assurance Ltd (LOLC Life) continues to offer a comprehensive suite of Insurance covers from Life Insurance plans, pension plans, child plans, critical illness plans and home loan protection solutions, all tailored to suit the bespoke needs of each customer. The business model of the Life business revolves around providing sustainable solutions to ensure the safety of people and communities. A robust business model coupled with sound underwriting principles has put LOLC Life on an accelerated growth trajectory, for the past few years.
LOLC General caters to all customer segments through specialized lifestyle Insurance solutions for vehicles, homes, businesses, travel, cargo, personal accident cover etc. Seeking to emulate a more inclusive approach to business, LOLC General also offers Takaful Insurance – an alternative solution for risk averse customers to benefit from the risk sharing concept promulgated by the Islamic banking principles.
Over the past ten years, LOLC General has recorded a number of milestones, most notably the listing on the Colombo Stock Exchange in December 2021. The unveiling of the ‘Honours’ loyalty programme in October 2022 marks another important milestone for LOLC General.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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