LOLC Insurance makes strategic leadership appointments

• Former SLIC Group CEO Chandana L. Aluthgama joins as Executive Director of LOLC Life Assurance and Director of LOLC General Insurance 
• LOLC General Insurance Chairman Kithsiri Gunawardena joins LOLC Life Assurance Board as Director

Kithsiri Gunawardena

Chandana L. Aluthgama

LOLC Insurance yesterday announced two key leadership appointments aimed at driving sustainable growth, strengthening governance, and enhancing operational excellence across its companies, LOLC Life Assurance Ltd. and LOLC General Insurance PLC. 

It said the appointments mark a new chapter for both companies, bringing a fresh leadership perspective and renewed energy to their strategic direction.

Chandana L. Aluthgama has been appointed Executive Director and Principal Officer of LOLC Life Assurance Ltd. and Director of LOLC General Insurance PLC, while Kithsiri Gunawardena has been appointed Director of LOLC Life Assurance Ltd., further to his role as Chairman of LOLC General Insurance PLC. With this experienced leadership, LOLC Insurance reinforces its strategic vision and readiness to drive continued success in the Sri Lankan insurance industry.

With over 33 years of experience in life and general insurance, Aluthgama brings extensive expertise in leadership, corporate governance, and talent development. He has held senior positions at prominent organisations, including Eagle Insurance PLC (Zurich Financial Services Group), HNB Assurance PLC, and HNB General Insurance Ltd. 

Prior to joining LOLC Insurance, he served as Group CEO of Sri Lanka Insurance Corporation Life Ltd. and General Ltd., where he successfully led major initiatives including the statutory segregation of life and general insurance operations in 2024, business restructuring, and the establishment of a performance driven culture. 

He is also the immediate past President of the Insurance Association of Sri Lanka, reflecting his longstanding contribution to the industry.

A strong advocate for education, Aluthgama has been a senior visiting lecturer at the University of Colombo for over 20 years and mentors students at the University of Moratuwa. 

He holds an MBA from the University of Colombo, a Bachelor of Commerce (Special) from the University of Kelaniya, and is a Fellow and Chartered Manager of the Chartered Management Institute, UK, as well as a Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF). 

Aluthgama has shared his insights at local and international conferences and completed executive programs at Generali Insurance AG, Vienna, and NUS Business School, Singapore.

Gunawardena brings over 35 years of legal, public sector, and corporate experience and has been a member of the LOLC Group since 2004. 

He has held senior positions in the public sector, including State Counsel at the Attorney General’s Department, Director – Legal and Enforcement of the Securities and Exchange Commission, Director – Legal and Enforcement of the Insurance Regulatory Commission of Sri Lanka (IRCSL), and the first Director General of the Consumer Affairs Authority. 

He currently serves as Chairman of LOLC General Insurance PLC and Chief Operating Officer of LOLC Holdings PLC, while also holding board positions across local and international subsidiaries of LOLC in the leisure, financial services, and plantation sectors.

Gunawardena’s extensive expertise in the regulatory sector, particularly at IRCSL, coupled with his leadership across LOLC’s diverse business operations, has enabled him to steer LOLC General Insurance into becoming one of Sri Lanka’s leading insurers, pioneering industry first digital, business, and community initiatives. 

Extending his leadership to sustainability and social responsibility, he has also driven LOLC’s engagement in the Sri Lankan Leopard Conservation Project, integrating business with community and environmental impact, and spearheaded the country’s first Livestock Insurance Scheme to reduce human-leopard conflict and safeguard rural livelihoods.