MBSL Insurance Company

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Board of Directors

A M A Perera

A M A Perera

Chairman

A M A Perera was appointed as the Chairman of Merchant Bank of Sri Lanka & Finance PLC (MBSL) on 03rd March 2023. He graduated from the University of Kelaniya with a Bachelor of Commerce (Special) (Hons). He holds Post Graduate certificates in Human Resources Management and Business Administration from the Post Graduate Institute of Management (PIM) of Sri Lanka and the University of Leicester, UK respectively. He is a fellow member of the Institute of Chartered Accountants of Sri Lanka and a member of the Chartered Institute of Management Accountants (UK).

He served as Finance Director of Chevron Lubricants Lanka PLC, a subsidiary of Chevron Corporation, USA from 2002 to 2019. He joined Chevron in 1996 as Manager - Finance and Administration (designate) and rose to the position of Finance Director. He was admitted to the Chevron Board in 2002 and continued in this position until June 2019. He was also a Director of Chevron Ceylon Ltd during the same period and functioned as the Company Secretary of both Companies. He counts over 27 years of Senior Managerial experience in Accounting and Finance. He also served as the Chairman of the Technical Committee of the Annual National Conference of CA Sri Lanka for the Years 2022 and 2023.

Mr. Perera served as the Senior Director of MBSL since July 2020 until he was appointed as the Chairman. He served as Chairman of a number of Board Committees at MBSL prior to his appointment as the Chairman of the Board. Mr. Perera was appointed as Chairman of Sri Lanka Cancer Society on 28 February 2025.

Russel Fonseka

Russel Fonseka

Director

Russel Fonseka is a seasoned banking professional with over three decades of experience in the Sri Lankan banking industry. Prior to joining Merchant Bank of Sri Lanka & Finance PLC, he served at Bank of Ceylon in several senior leadership positions and retired in August 2025 as its General Manager / Chief Executive Officer.

He possesses extensive expertise in strategic leadership, banking operations, financial management, governance, risk oversight, and stakeholder engagement. Throughout his career, Mr. Fonseka has made a significant contribution to the development of the banking sector through his active engagement with regulators, professional bodies, and industry stakeholders.

Mr. Fonseka completed the Advanced Management Programme at Harvard Business School, USA. He holds a Master of Business Administration from the University of Southern Queensland, Australia, and a Bachelor of Science in Business Administration from the University of Sri Jayewardenepura. He is also a Senior Fellow Member of the Institute of Bankers of Sri Lanka and a Fellow Member of the Institute of Chartered Accountants of Sri Lanka.

Eranga Karunaratne

Eranga Karunaratne

Director

Eranga Karunaratne is an accomplished banking and financial services executive with over 31 years of international experience across banking, finance, leasing, and financial services in Sri Lanka, the United Kingdom, and Zambia. Throughout his career, he has demonstrated strong leadership in driving strategic growth, operational transformation, and sustainable financial performance within highly regulated financial environments.

Prior to joining Merchant Bank of Sri Lanka & Finance PLC (MBSL), Mr. Karunaratne served as Chief Executive Officer and Managing Director of LOLC Finance Zambia Limited. Earlier, he held the position of Chief Operating Officer at the same institution, where he led key initiatives focused on operational efficiency, process improvement, business audits, and aligning human capital strategies with organizational objectives.

Earlier in his career, Mr. Karunaratne held senior leadership roles in leading banking and financial institutions in Sri Lanka, including Head of Transactional Banking, Assistant Vice President – Branch Network, and Head of Bancassurance. In these roles, he managed a network of 96 branches and led initiatives in revenue growth, product development, operational performance, and strategic stakeholder engagement.

His professional expertise spans branch network management, transactional banking, credit operations, recoveries, trade finance, financial management, and relationship management across mass affluent and corporate customer segments.

In recognition of his leadership and contribution to the financial services sector, Mr. Karunaratne was awarded the prestigious Best CEO of Non-Bank Financial Institutions (NBFIs) in Zambia. He was also honored with the distinguished Businessman of the Year – Zambia 2025, widely regarded as the highest national recognition bestowed upon a business leader, founder, or entrepreneur in the Republic of Zambia.

Mr. Karunaratne holds an MBA from Cardiff Metropolitan University (United Kingdom), a Postgraduate Diploma in Business Management from the University of Greenwich (London), and a Diploma in Banking from the Institute of Bankers of Sri Lanka.

Lalith Fernando

Director

MSLIM, EDBA (Colombo), CII Award (UK), MCPM, Certified Professional Marketer – CPM (Asia), Practicing Marketer (SL)

Lalith brings excellence in Overall Operations to the Company with over 30 years of expertise in the Insurance Industry. He is considered an expert in Marketing, Distribution and Operations specialising in both Life and General Insurance.

Lalith served as the Managing Director/ Chief Executive Officer of MBSL Insurance from April 2019 to April 2022. Currently, he functions as the Executive Director of United Capital Holdings which is the second-largest shareholder of MBSL Insurance. He has extended his wide spectrum of experience in Capitalife Assurance Limited as the Chief Operating Officer, Asian Alliance Insurance PLC, HNB Assurance PLC, Eagle Insurance PLC and Ceylinco Insurance PLC. His qualifications and extensive training both locally and internationally (UK, Japan, Dubai, Sweden and Malaysia) will lay out a strong foundation for the Company.

He was conferred as a Certified Professional Marketer by the Asia Marketing Federation (AMF) and as a Practicing Marketer (SL) by SLIM. Lalith holds an Executive Diploma in Business Administration from the Faculty of Management & Finance, University of Colombo, and is certified as a Certified CSR Practitioner by the Faculty of Arts, University of Colombo. Further, he is a Member of the Institute of Chartered Professional Managers and a Member of the Sri Lanka Institute of Marketing.

Sunil Fernando

Director

Sunil is a well-established business professional possessing over 30 years of experience in auditing, book keeping, accounting and managing companies with a proven track record in achieving set objectives and goals and the ability to lead and perform in a highly challenging environment. He is a Fellow of International Association of Book-keepers - FIAB (UK).

Sunil is presently functioning as the Managing Director of WSR Fernando & Company (Pvt) Limited (A Transportation and Construction Company) and of WSR Shipping & Logistics (Pvt) Ltd. He has worked as an Accountant at Computer Information Systems (PTE) Limited during the period 1990 – 1995 and also functioned as a Director at SDC Trade Combine (Pvt) Limited.

He has been awarded with “Viyaparawedi Nipun Samaja Subasadhana Deshamanya” in 2011 (a title awarded at National Level by the Buddhist Chief Prelates of the three Chapters - Ven. Mahanayaka Theros) for the Entrepreneurship and for social activities performed for the benefit of the General Mass of the Country. He has also been awarded with “Vishvakeerthi Sri Janaranjana” in 2014 (This title was awarded by the Most Ven. Udugama Sri Buddharakkhitha, the chief prelate of Asgiriya chapter ) for social activities, Entrepreneurship and for Self Development, organized by the ‘Sri Lanka Daham Sisila Foundation’. Further, he received the “MASSCO-2015” Gold Award for the Best Performer in the field of Transport awarded by Lanka Mass Communicators Associates.

Dineshiya Liyanage

Director

MBA (Col.), B.Sc. Mgt. (Public) (SJP), ACA

Dineshiya Liyanage counts over 20 years of experience in the corporate sector. She has held Senior Financial Management positions in multiple organizations.

She is currently the Chief Operating Officer of WSR Fernando & Co (Pvt) Ltd and previously worked at Van Rees Ceylon Ltd as the Head of Finance. She has also worked at Coats Thread Exports (Pvt) Ltd and the Sri Lanka Red Cross Society. Dineshiya commenced her career at PricewaterhouseCoopers.

Ms. Liyanage holds an MBA from the University of Colombo and a BSc. in Management (Public) Degree from the University of Sri Jayewardenepura. She is also an Associate Member of the Institute of Chartered Accountants of Sri Lanka.

Date of incorporation

MBSL Insurance Company Limited is a Public Limited Liability Company incorporated on 24th September 2004 under the Companies Act No. 17 of 1982 in Sri Lanka. The Company was re-registered under the Companies Act No. 7 of 2007.

MBSL Insurance Company Limited

519, T.B. Jayah Mawatha,
Colombo 10.

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