News & market updates

Colombo Stock Exchange closed up 1.13% as the ASPI rose 258.09 points to 22,997 with turnover of Rs 5.28 billion and materials leading turnover (Rs 1.38bn). SMB Finance announced CEO Supul Chamikara Wijesinghe will resign effective June 3.

Allianz Lanka has partnered with WEBXPAY to roll out a comprehensive phygital digital payments ecosystem for customers and agents, enabling Google Pay, QR/Tap & Pay, split payments, instalment plans and seamless bank transfers to simplify premium collections.

Sri Lanka sold all 100 billion rupees of Treasury bills at Wednesday's auction with yields largely unchanged: 3M 8.20% (47.3bn sold), 6M 8.24% (-1bp, 27bn sold), 12M 8.52% (25.58bn sold).

Sri Lanka's rupee weakened to 320.10/60 to the US dollar from 319.90/320.40 the previous day, while bond yields were mostly steady as a 100,000 million rupee Treasury bill auction was underway. The ASPI rose 0.65% to 22,731.

ASPI rose 155.47 points (0.69%) to 22,739.77 while the S&P SL20 gained 31.89 points (0.51%) to 6,245.13. Gains were led by John Keells, HNB, Melstacorp and R I L Property; turnover was Rs.4.13bn with domestic investors 97.3% and a net foreign inflow of Rs.62.4m, led by high activity in Citrus Leisure and Janashakthi Insurance.

AMW and Orient Insurance signed an MoU to introduce an extended warranty for Suzuki vehicles, extending the standard manufacturer warranty from 3 years/100,000 km to 5 years/150,000 km effective 1 May 2026.

Janashakthi Insurance PLC (Janashakthi Life) ran Shilpashakthi, an educational initiative that provided academic guidance to over 5,000 Grade 5 Scholarship students and awarded tablets and a Colombo double-decker tour to five winners.

HNB General Insurance was named 'Best General Bancassurance Provider' in Sri Lanka at the Global Banking and Finance Review Awards 2026 for the fourth consecutive year, highlighting its bancassurance partnership with Hatton National Bank (HNB).

Sri Lanka Insurance denied allegations about its participation in the 9 April 2026 Treasury Bond auction, saying it invested Rs.6 billion (Rs.2bn in the 1 Jul 2030 bond, Rs.3bn in the 15 Jun 2034 bond and Rs.1bn in the 1 Jul 2037 bond) with approvals in place and will pursue legal action over false claims.

First Capital Research says the VAT amendment—raising VAT on financial services to 20.5% while removing the 2.5% SSCL—leaves the effective tax burden broadly unchanged and is unlikely to materially affect profitability of listed financial institutions; the bill would take effect 1 July 2026 subject to Parliamentary approval.

Government says VAT amendments consolidate the 18% VAT and 2.5% SSCL into a single 20.5% levy on financial services to simplify administration. Officials state the change applies only to banks and financial institutions and does not alter the 18% VAT on general consumer goods.

Secondary bond market ended the week steady with yields broadly unchanged; the 91-day T-Bill yield fell to 8.20%, money-market liquidity rose to Rs.218.70bn, foreign holdings of rupee bonds held at Rs.144.20bn, and USD/LKR closed around 319.75/320.00.

KPMG Sri Lanka Academy will host a webinar on 5 May to explain recent tax reforms — including the Social Security Contribution Levy Act, the VAT (Amendment) Bill, expanded withholding taxes and higher capital gains tax — and their compliance implications for businesses and individuals.

The Insurance Regulatory Commission of Sri Lanka has launched a nationwide digital motor insurance card effective 1 May, enabling real-time verification via call centre (1338), SMS (1338) and USSD (*1338#). The rollout accompanies tightened credit practices, cutting credit to 30 days from 1 May and moving toward a cash-before-cover model.

HNB Life (HASU.N0000) reported 28% growth in Gross Written Premium and 25% growth in New Business Premium in 2025 and hosted its first Sales Convention under its new brand. The adviser channel also recorded a record 132 MDRT qualifiers, up 51% year-on-year.

Colombo Stock Exchange was up midday with the ASPI +0.05% at 22,631.02 and S&P SL20 +0.22% at 6,243.14. Top contributors included Sampath, Commercial Bank and Ceylon Guardian, while Vallibel One and Janashakthi lagged; turnover was Rs2.2bn and Singer agreed to buy ACME's Piliyandala factory for Rs630mn.

IRCSL launched 'Insurance Vision 2030 & 2035' and industry initiatives — a Centralised Insurance Data Repository (with CRIB integration), Digital Motor Insurance Card and National Motor Insurance Verification System, a Master Circular/PPW, and an IRCSL e-newsletter — aiming to double market size and lift penetration from 1.1% to 3% by 2035.

Amana Takaful PLC and Amana Takaful Life PLC were named Sri Lanka’s Most Awarded Insurance Company for 2026 by LMD Magazine, marking a third consecutive year of the recognition. The awards notably cited digital excellence and the group's investments in digital capabilities, process improvements and customer-focused solutions.

Janashakthi Life (a subsidiary of JXG) held its Annual Sales Awards 2026 at Cinnamon Life, recognising top-performing advisers, managers and sales staff across the island.

Fitch affirmed Sri Lanka’s Construction Guarantee Fund’s National Insurer Financial Strength rating at 'BB(lka)' with a Stable outlook. Fitch noted premium income rose 284% to LKR38m in 2025, underwriting loss narrowed to LKR104m and capital was adequate at about LKR2.0bn.

Janashakthi Life concluded its Annual Sales Awards 2026 at Cinnamon Life, recognising top-performing advisors, managers and regional staff across the island. The event was attended by Janashakthi Insurance PLC leaders and JXG board members, highlighting the group's focus on performance and growth.

Rights issue · 3:14 at Rs 19.00 · XD Apr 17, 2026

Softlogic Life has partnered with Dialog Axiata's Doc990 to introduce a fully cashless, real-time OPD claims facility for its corporate health and life insurance clients, with eligible users receiving a 35% discount on Doc990 channeling fees. Claims are processed instantly at point of care, removing reimbursement paperwork and upfront payments.

Sri Lanka Insurance Corporation General Limited reported 2025 GWP of Rs.30.3 billion and profit before tax of Rs.3.3 billion, with new business up 51% to Rs.12.5 billion. Market share rose to 20.2% and the company invested Rs.12.8 billion in government securities.

Sri Lanka Insurance Corporation General Ltd reported 2025 Gross Written Premium of Rs.30.3 billion and Profit Before Tax of Rs.3.3 billion. New business rose 51% to Rs.12.5b, market share reached 20.2%, and it paid Rs.12.3b in claims.

Softlogic Life Insurance PLC has partnered with Pan Asia Bank to offer Pan Asia Privilege Banking customers international health insurance reinsured by AXA, with annual limits of $100,000–$10m and access to over 1.9 million medical providers worldwide.

Census 2024: elderly share rises to 18% while total fertility falls to 1.3, signaling rapid ageing and a narrowing future workforce. Labour force participation is 47.3% (52.7% inactive) and NCD prevalence is 19.2%, raising long-term health, pension and housing pressures.

Secondary Treasury bond yields held broadly steady for a fourth session with limited trades (total secondary turnover Rs.36.95bn), while net money-market liquidity rose to Rs.167.46bn; USD/LKR spot next closed at Rs.318.25/319.00.

Fairfirst Insurance has relocated its Bandarawela branch to No. 93, Nugasevana Super Market, Ettampitiya Road; the branch is now open, with unchanged opening hours, contact details and staff, and continues to provide the full range of general insurance services.

The Colombo market closed lower as the ASPI fell 0.32% (73.23 pts) to 22,566.58, with foreign investors a thin net buyer of Rs. 3.4m. Top negatives included Bukit Darah, Ceylon Beverage, RIL Property and Sampath; turnover was led by food & beverage while Ceylon Cold Stores and Nawaloka gained and Access Engineering and Softlogic Capital fell.