Amana Takaful Insurance PLC (General) celebrates another year of remarkable growth, marking its third consecutive year as one of the fastest-growing insurance companies in Sri Lanka. Demonstrating resilience and strategic prowess, the company achieved a staggering 28% year-on-year increase in Gross Written Premiums (GWP) in 2023, propelling its revenues to an impressive LKR 4.29 billion during the review period.

This extraordinary growth spanned across diverse segments, showcasing the company’s robust performance and strategic acumen. Notably, the motor segment witnessed a 29% surge, totaling LKR 2.13 billion, while the non-motor and health segments experienced substantial growth rates of 21% (LKR 1.40 billion) and 40% (LKR 750 million) respectively. These achievements underscore not only the company’s financial strength but also its steadfast commitment to meeting the evolving needs of its diverse customer base.

Reflecting on this stellar performance, Hassan Kassim, Managing Director at Amana Takaful Insurance PLC, remarked, “Our remarkable growth underscores our commitment to strategic planning, service excellence, and innovative business practices. The significant increases across motor, non-motor, and health segments last year are clear indicators of our unwavering dedication to excellence.”

Hassan Kassim further emphasized the critical role of trust, highlighting the company’s prompt claims processing, fair policies, and efficient procedures. Amana Takaful Insurance’s commitment to integrity and innovation has fostered strong customer loyalty, driving its continued financial success.

With a comprehensive suite of products tailored to individual requirements, including motor, medical, home, travel, business, and marine insurance, Amana Takaful Insurance goes beyond expectations, striving to provide accessible insurance solutions that cater to the diverse needs of all Sri Lankans. This unwavering dedication has earned the company numerous awards and accolades both locally and internationally.

Established in 1999 and listed on the Colombo Stock Exchange since 2006, Amana Takaful Insurance General boasts a network of 30 branches across Sri Lanka, ensuring nationwide coverage. The company holds ISO 9001:2015 accreditation, reflecting its commitment to quality and excellence. Additionally, it has expanded its footprint to the Maldives since 2005, eventually becoming a free-standing PLC and listing on the Maldives Stock Exchange (MSE) in 2011. Offering a comprehensive array of general and life insurance options, along with customized health insurance plans, Amana Takaful Insurance remains steadfast in its mission to serve diverse segments of society with integrity and innovation. (Amana Takaful)

The Securities and Exchange Commission of Sri Lanka (SEC) in collaboration with the Colombo Stock Exchange (CSE) conducted an Investor Forum held in Dambulla on the 27th of March at the Hotel Sannasa – Dambulla.

The forum was organized with the objective of raising awareness on the importance of investor education with regard to the investment opportunities that exist in the Stock Market and investor protection. With the aim of educating the business community of the Dambulla district, the forum attracted over 60 participants, providing valuable insights to both potential and existing investors in the region.

The forum offered valuable insights, educating investors on how they are able to safeguard their interests. At the investor forum, Mr. Thusitha Meegahakumbura, Branch Manager of the CSE Kurunegala Branch, provided a basic knowledge of investments, encompassing the process of investing as well as the pros and cons of investing in the Stock Market.

Educating investors on the role of the SEC in the market, as well as diving into the intricacies of investor protection, SEC’s Manager of External Relations, Nimal Kumarasinghe, addressed the gathering.

Next, a session to create awareness on the CSE Mobile App was conducted by the Manager of the CSE Kandy Branch, Dhananjaya Abeysiriwardana. Furthermore, an analysis of the sectoral performance and market opportunities was presented by the Director Sales of Acuity Stockbrokers (Pvt) Ltd, Kapila Pathirage.

Conducting an Introduction to Unit Trust Investment, the Relationship Manager of NDB Wealth, Rukshan Peiris addressed to the attendees as well.

Bringing the forum to a close, an interactive panel discussion was held with the participation of Nimal Kumarasinghe, Mr. Thusitha Meegahakumbura, Kapila Pathirage as well as CSE’s SVP of Marketing, Niroshan Wijesundere, providing an opportunity for participants to clarify any doubts from the panelists. The participants were also given the opportunity to meet Investment Advisors from stock brokerage firms.

The SEC and CSE have planned more investor forums this year in locations such as Ambalantota, Ratnapura, Gampaha, Matara and Colombo, in order to create awareness about investor education and protection whilst highlighting the importance of financial literacy.

The Strategy to Promote Inclusive and Sustainable Businesses to Achieve the Sustainable Development Goals (SDGs) in Sri Lanka was adopted by the Cabinet of Ministers earlier this year. It was developed through a series of multi-stakeholder consultations and led by the Sustainable Development Council with technical support from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

The Strategy recognizes the challenges faced by Inclusive and Sustainable Businesses (ISBs) in Sri Lanka and identifies opportunities to assist them in scaling and expanding their impact.

One of the key challenges is the limited capacity of businesses in Sri Lanka to effectively create social and environmental impact and// or scale their current impact. The Strategy therefore proposes the formulation of an Action Plan to build the capacities of firms to be inclusive and sustainable.

The Ministry of Industries in partnership with the Sustainable Development Council and the National Enterprise Development Authority with technical support of the ESCAP wrapped up a dynamic, multi-stakeholder co-creation workshop last week with the aim of developing a National Action Plan for Inclusive and Sustainable Business Capacity Development. In line with the Government priorities for economic recovery and development, the first phase will primarily target export-oriented medium and large enterprises, in developing inclusive and sustainable business models.

This collaborative event brought together a diverse range of participants representing government agencies engaged with large and medium private sector enterprises, key commercial chambers and industry bodies, selected export-oriented, medium-sized and large enterprises, financial sector institutions, development partner agencies and non-governmental organizations working in social inclusion and environmental sustainability.

Through insightful discussions, valuable insights were gained into the existing capacity gaps faced by the Sri Lankan ISBs as well as concrete actions for addressing the gaps in the offer of capacity building services and enhancing the capacities of large and medium enterprises.

Building the capacity of all stakeholders – businesses, policymakers, and support organizations – is essential for promoting, sustaining, and supporting ISB growth in Sri Lanka. The National Action Plan for Inclusive and Sustainable Business Capacity Development is expected to be finalized by end June 2024.