March 18, 2024
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5min
  • Premium income improves by 14.6% to Rs 33.4 billion
  • Pays Rs 23 billion in net claims and benefits to policyholders
  • Life Fund grows by 16.8% to Rs 157.5 billion
  • CAR improves to 344% nearly triple the minimum requirement

Ceylinco Life has achieved the milestone of two decades of unbroken market leadership in Sri Lanka’s life insurance industry, posting impressive premium income and consolidated income growth in the year ending 31st December 2023.

 



 

Policyholders received a record Rs 23 billion in net claims and benefits in 2023, up by 22 per cent year on year, as the Company posted gross written premium income of Rs 33.41 billion and investment and other income of Rs 28 billion, reflecting improvements of 14.6 per cent and 39.5 per cent respectively.

Consequently, consolidated income for the 12 months, at Rs 61.4 billion represented topline growth of 24.7%, a noteworthy achievement in the context of the socio-economic challenges that prevailed in the year, the Company said.

Ceylinco Life’s Fund grew by Rs 23 billion or 16.8 per cent to Rs 157.5 billion as at 31st December 2023, after a transfer of Rs 1.97 billion to the Shareholders Fund in respect of the year.

Total assets grew by Rs 33.2 billion or 17.3 per cent to reach Rs 224.7 billion at the end of 2023, while the Company’s investment portfolio recorded an increase of Rs 32.2 billion or 19.4 per cent in value over the 12 months to reach Rs 198.1 billion as at 31st December 2023.

“Economic and political uncertainty continued to preoccupy businesses as well as consumers in the year concluded, making investment decisions more difficult,” Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe commented. “Our ability to continue to outperform the competition to record our 20th consecutive year of market leadership is a clear demonstration of the depth of the trust and confidence that Ceylinco Life has built for its proposition of de-risking the future for policyholders.”

Notably, Ceylinco Life’s Risk-based Capital Adequacy Ratio (CAR) improved to 344 per cent at end 2023, well above the minimum CAR of 120 per cent required by the industry regulator.

The Company’s basic earnings per share for the year amounted to Rs 116.04, while net assets value per share stood at Rs 1087.47 as at 31st December 2023. Return on equity for the year was 10.7 per cent.

Adjudged Sri Lanka’s Brand of the Year for the second successive year in 2023, Ceylinco Life has been named the ‘Best Life Insurer in Sri Lanka’ by World Finance for nine years, and was conferred the title of ‘Peoples Life Insurance Service Provider of the Year’ at the 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. The Company was also named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance, and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022.

The 2022 Annual Report of Ceylinco Life won the joint Gold Award for ‘Best Presented Annual Report’ in the Life Insurance sector at the South Asian Federation of Accountants (SAFA) Awards and was adjudged the best in the ‘Finance Services and Insurance’ category at the Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).

 



 


March 18, 2024
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3min

Sanasa General Insurance Company, Sri Lanka’s leading insurance service provider, marked a unique milestone in their history by achieving a record growth rate of 53% in 2023 and becoming the highest growing insurance company in the country. Considering the insurance categories, Sanasa General Insurance has achieved a 90% growth in the fire and engineering insurance sector, a 315% growth in the medical insurance sector, a 42% growth in the non-motor insurance sector, and a 56% growth in the motor insurance sector in 2023 compared to the year 2022.

 



 

“I would like to express my sincere gratitude to all our team members who have significantly contributed to this record growth, and to our valuable customers who have always trusted us. We at Sanasa General Insurance expect to take this growth forward and provide a satisfactory service to our customers,” said Sanasa General Insurance Chairman, Mr. Tishan Subhasinghe. “Being able to record the highest growth rate in the sector by surpassing many leading insurance companies in the country is a significant achievement for us. We hope to achieve even higher financial performance by further consolidating customers’ trust in us in the future.” said Chief Executive Officer Mr. Indika Kiriwandeniya. “The insurance schemes with high benefits and friendliness, convenience and efficient service that we offer to our customers when processing insurance claims has been a strong support for our growth.” said Chief Operating Officer Wasantha Perera. “Prioritising and understanding customers’ needs, and planning and introducing the best insurance schemes was a strong reason for this record growth.” said Assistant General Manager Mr. Dilan Gunaratne.

 



 


March 7, 2024
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5min

Staff of the head office of Ceylinco Life and their families took a shocking 732 kilograms of harmful pollutants and trash off a stretch of beach at Mattakuliya recently at a beach cleanup organised by the Company’s Green Club.

The initiative was supported by the non-governmental organisation Clean Ocean Force, which undertook the responsible disposal of the collected items, which included plastic containers, polythene, rubber, glass, rigifoam and mixed trash.

 



 

The Company said the exercise was fruitful as it engaged employees, their family members including young children, and volunteers from Clean Ocean Force in a project that also generated greater awareness of the harmful impacts of litter on the environment and marine eco systems. It also provided an eye-opener on the extent of the problem at the Crow Island beach, which is part of the only coastal wetland in the Colombo district.

Ceylinco Life’s Green Club consists of like-minded individuals across departments who are responsible for initiating and executing green activities. Since its inception, Green Club members have spearheaded many initiatives such as an annual e-waste collection campaign and coordinating the Company’s Carbon Footprint Audit.

Members also play a vital role in creating awareness about the importance of following environmentally friendly practices at work and in the home.

Committed to enterprise-wide sustainability, Ceylinco Life is in the process of building a network of Green branches on company-owned land. This effort has already resulted in 33 purpose-designed new buildings that are solar-powered; have rainwater harvesting facilities and waste water recycling systems that minimise the use of pipe-borne water, are designed for optimal use of natural light and are equipped with the latest energy-efficient lighting and air conditioning systems.

Ceylinco Life has also recently undertaken the reforestation of 10 acres of degraded rainforest in Balangoda and its maintenance for five years, as a corporate sustainability initiative that will be executed in collaboration with the non-profit environmental organisation Rainforest Protectors of Sri Lanka. The project entails planting 10,000 trees in the Rajawaka Forest Reserve.

Adjudged Sri Lanka’s Brand of the Year for the second successive year in 2023, Ceylinco Life has been named the ‘Best Life Insurer in Sri Lanka’ by World Finance for nine years, and was conferred the title of ‘Peoples Life Insurance Service Provider of the Year’ at the 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. The Company was also named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA), was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance, and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022.

Ceylinco Life has been the country’s leading life insurer for more than half of the 36 years it has been in existence and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.

 



 


March 5, 2024
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5min

Sri Lanka Insurance Corporation General Ltd. (SLICGL), the general insurance subsidiary of Sri Lanka Insurance Corporation Ltd. (SLIC), is entering a new phase of growth and innovation following its official segregation on February 1st, 2024.

Commenting on the outlook for SLICGL, Chandana L. Aluthgama, Group Chief Executive Officer, SLIC said, “After over 62 years of successful operations, the mandated separation of the life and general insurance businesses enables us to be more focused in our business strategies and ensures improved efficiency and effectiveness when serving our customers. Understanding this critical pivot, we have adapted to regulatory requirements as well as market dynamics and initiated operational separation across segments in 2018.”

 



 

He further added, “Hence, while 2024 signals the legal culmination of the segregation, we are already seeing results of our focused business approach. For example, despite industry and national challenges, SLICGL has demonstrated exceptional performance in 2023, a growth story that speaks volumes about our performance and potential in the general insurance industry.”

While the overall general insurance sector posted an average growth in Gross Written Premiums (GWP) of 5.7% in 2023, SLICGL surged ahead with a 14% increase in GWPs in the same year. Growth is attributed to the significant expansion in both motor and non-motor segments, with SLICGL maintaining its leadership position in the motor market and bridging the gap in the non-motor segment.

Defining the journey to date, Aluthgama said, “We did not just grow; our activity ratios surged. We prioritized training, strategic positioning, and new sales recruitments backed by incentives and performance monitoring, with the transformation extending across the entire company. In 2023, we embraced a performance-driven culture, underscored by a collective agreement among all staff members for variable pay based on performance.”

Priyantha Perera, Chief Operating Officer, SLICGL said, “In 2023, our performance significantly outpaced industry growth rates, securing top position in the motor market for the fifth consecutive year at 6% growth, which is over 10 times faster than the industry growth average of 0.5% for this motor segment. Moreover, despite initially being behind in the non-motor sector, we narrowed the gap significantly, reducing it to LKR 1.5 billion last year from LKR 3 billion, and expanding the segment at 27%, which is well above the industry growth average of 13%.”

With the segregation complete, SLICGL is poised to capitalize on emerging opportunities, particularly in medical and non-motor insurance products.

Perera explained, “With the introduction of customized medical insurance options, we aim to address market needs and contribute to building a robust healthcare insurance market in Sri Lanka. For instance, understanding requirements among individuals who may not have access to corporate insurance, we introduced two medical policies early last year to ensure they and their families have access to quality healthcare through affordable insurance products.”

SLICGL is also working to expand services and leverage technology to differentiate customer experience, with significant investments in digital infrastructure and artificial intelligence.

A cornerstone of customer experience is continuity, and to ensure consistency, SLICGL ensured clear communication to employees on organizational changes while guaranteeing job security through a streamlined operational structure that maintains strong performance.

Propelled by a lean, dedicated general insurance team, and backed by over a 60-year legacy, SLICGL continues to be steadfast in its dedication to serving all of Sri Lanka.

 



 


March 1, 2024
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3min

01st March 2024, Colombo: Janashakthi Life, a member of the Janashakthi Group, announces the appointment of Dilip de S. Wijeyeratne as an Independent, Non-Executive Director to the Company’s Board of Directors, effective from 14th February 2024.

Dilip de S. Wijeyeratne is a senior finance/banking professional and a principal consultant who provides advisory services to companies globally to expand operations within the Middle East, Sri Lanka, and Australia. Wijeyeratne is an Associate Member of the Institute of Chartered Accountants of Sri Lanka (ACA), a Fellow Member of the Chartered Institute of Management Accountants, UK (FCMA), and a Graduate Member of the Australian Institute of Company Directors (GAICD). He is currently the Senior Independent, Non-Executive Director of Sampath Bank PLC, the Senior Independent, Non-Executive Director of Singer Sri Lanka PLC, and the Senior Independent, Non–Executive Director of Hayleys Fibre PLC. He was also the Head of Finance and Global Markets Operations of HSBC Group Bahrain offices and a Board member of the Bahrain Asian Traders’ Committee of Bahrain Chamber of Commerce.

 



 

Over a span of 29 years, Janashakthi Life has continued to revolutionize the insurance industry and journey forward to become a force to be reckoned with. Its island-wide network of 75+ branches enables people from all walks of life to access its unique insurance solutions.

With this appointment, the Janashakthi Insurance PLC Board of Directors PLC comprises of Prakash Schaffter, Ravi Liyanage, Ramesh Schaffter, Avindra Rodrigo, Warini De Costa, Annika Senanayake, Sivakrishnarajah Renganathan, Dr. Nishan de Mel, Dr. Gehan Gunatilleke and Dilip de S. Wijeyeratne.

 



 


February 28, 2024
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7min

February 28, 2024: Softlogic Life, recorded robust FY23 performance, posting Gross Written Premium (GWP) of Rs. 26.3 Bn for the period ended 31st December 2023, with an increase in top-line growth of 14% versus the past year and compared to industry growth of 12%. The Company has stood firmly with its policyholders in the face of challenging macroeconomic conditions with a firm commitment to continually improve customer benefits and this commitment is signified through their diligent Claims and Benefits payout during 2023 which is Rs. 13.5 Bn compared to Rs. 9.1 Bn in 2022.

During the period under review, Softlogic Life’s market share grew to 17.2% with the Company ranked as the second-largest life insurer in the market having overtaken much older players to establish strong growth momentum. The company reported a 10-year GWP Compound Annual Growth Rate (CAGR) of 26% compared with the industry’s 10-year GWP CAGR growth of 14%. Softlogic Life notes that its contribution to increasing insurance penetration in the country has increased significantly with the Company recording more than 700,000 active policies that have covered more than 1.3 Mn Sri Lankan lives. The Company stands at the pinnacle of its desired position leading the health insurance market share of 35%.

 



 

The company recorded an impressive Return on Equity (ROE) of 23%, whilst maintaining this performance and exceeding the 20% mark for the past five years. Profit after tax (PAT) for the year was Rs. 2.8 Bn, and Profit before tax (PBT) stood at Rs. 3.2 Bn. Total assets of the Company stood at Rs. 51.3 Bn, while total equity was recorded at Rs. 13.3 Bn with an impressive growth of 22.6%. Furthermore, financial investments of the company stood at Rs. 43.5 Bn which is 84.8% of the total assets of the company.

Furthermore, company’s investment income recorded in 2023 stood at Rs. 7.9 Bn which is an impressive growth of 55% compared to 2022 which also resulted increase in a total net revenue up to Rs. 31. 8 Bn which is a 25% growth compared to 2022.Softlogic Life’s stellar performance in 2023 underscores the company’s superior financial strength and resilience in navigating challenging macroeconomic conditions maintaining a healthy Capital Adequacy Ratio (CAR) of 367% which is well above the regulatory requirement of 120%.

Despite the intricacies and turbulence of the economic landscape, the 14% increase in top-line is in stark contrast to the negative growth of the economy and showcases Softlogic Life’s unwavering commitment to increasing value and delivering stability for its policyholders and all other stakeholders. The growth further demonstrates the company’s ability to weather economic challenges and reinforce its promise to prioritize the wellbeing and financial security of its policyholders’, solidifying Softlogic Life’s position as a trusted and dependable life insurance partner.

Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated “In the face of a challenging business landscape, Softlogic Life has not only maintained but strengthened its position as the second-largest life insurance company in Sri Lanka with an increase in market share. These achievements are a testament to the effectiveness of the company’s strategic initiatives and the robust execution of those strategies. Softlogic Life is poised for continued success, and I am confident in the company’s ability to overcome challenges and seize opportunities in the dynamic landscape of the life insurance industry.”

Softlogic Life has been at the forefront of transforming the life insurance landscape in Sri Lanka. A pioneer in disruptive innovation and digitalization, the company has consistently sought to elevate the quality of life for Sri Lankans. Industry-first initiatives, including AI powered one-day automated claims settlement, 1-minute hospitalization claim settlement, a 100% digitalized sales platform, automatic policy issuance, and mobile-based micro-products, exemplify our commitment to providing a superior customer experience. These innovations have set new industry standards and played a pivotal role in strengthening Softlogic Life’s competitive position. Softlogic Life’s success extends beyond operational excellence, with unprecedented success at prestigious 58th CA Sri Lanka TAGS Annual Report Awards, Softlogic Life were placed overall second for consecutively third year and CMA Integrated Reporting Awards emerged as Overall Winner.

Softlogic Life Managing Director Iftikar Ahamed commenting on the performance noted that: “In a challenging year, Softlogic Life has not only weathered the storm but also emerged stronger, thanks to our forward-looking business strategies and customer-centric innovations. This growth is not just a numerical achievement but a reflection of our commitment to the financial well-being of our policyholders. As we navigate the complexities of the market, Softlogic Life remains steadfast in our commitment to serving and creating value to our policyholders, providing them with the security and support they need. We view these challenges as opportunities for growth and innovation. We have already had a great start to 2024 and I am confident that our resilient and proactive attitude will continue to drive the success of Softlogic Life.”

 



 


February 28, 2024
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5min

The 2022 Annual Report of Ceylinco Life was adjudged the best in the ‘Finance Services and Insurance’ category at the Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA) recently.

The ACCA Awards recognise Annual Reports that clearly acknowledge and explain the economic, environmental and social impacts of the enterprise to internal and external stakeholders, demonstrating

the organisation’s policies, targets and long-term objectives towards the goal of sustainable development.

The Annual Reports competing for these awards are scored on Completeness, Credibility and Communication in terms of the content relating to sustainability reporting.

 



 

Referring to Ceylinco Life’s award-winning Annual Report, the judges noted that: “There are improvements made to the report. There has been a drastic reduction in the use of fossil fuel. The reduction in GHG is significant. There is a clear sustainability policy which is geared to the SDGs. The relationships with stakeholders are seen to have a connection to selected SDGs. The materiality assessment is analyzed. Strategy and resource allocation for its achievement spelt out. A four-year analysis of water, energy, waste and GHG (is provided).”

“Sustainability is a core element of every aspect of our operation now, and we strive to provide our stakeholders with a comprehensive insight into the environmental impacts, our efforts to mitigate them, and our proactive initiatives to promote and propagate environmental sustainability practices,” Ceylinco Life Senior Executive Director/Chief Financial Officer Mr Palitha Jayawardena noted. “Besides fulfilling disclosure requirements, we hope our sustainability reporting will also serve as an example to others.”

Titled ‘Steadfast and Unwavering” the Integrated Report of Ceylinco Life for 2022 also recently won the joint Gold Award for ‘Best Presented Annual Report’ in the Life Insurance sector at the South Asian Federation of Accountants (SAFA) Awards; the Silver in the Life Insurance category at the CA Sri Lanka ‘TAGS’ Awards; and was recognised among the ‘10 Best Integrated Reports’ at the Certified Management Accountants (CMA) awards presented in 2023.

Adjudged Sri Lanka’s Brand of the Year for the second successive year in 2023, Ceylinco Life has been named the ‘Best Life Insurer in Sri Lanka’ by World Finance for nine years, and was conferred the title of ‘Peoples Life Insurance Service Provider of the Year’ at the 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. The Company was also named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA), was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance, and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022.

Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.

 



 


February 26, 2024
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6min

Initiates the world’s first dedicated recognition scheme for the integral salesmanship in the General Insurance Industry

In a groundbreaking move, Sri Lanka Insurance Corporation General Ltd (SLICGL) has set a new global precedent by launching the world’s first dedicated recognition and achiever scheme for general insurance sales professionals, the General Insurance Pinnacle Achiever (GIPA) Award. The landmark initiative shines a spotlight on the art of general insurance salesmanship, paving the way for expansion into international standards in sales excellence.

Celebrating 60 years of strong market presence, Sri Lanka Insurance Corporation General Ltd identified a crucial gap within the industry – the absence of a global, independent platform that specifically celebrates the dedication and success of general insurance sales professionals, promotes their development, and sets general insurance sales standards at the industry level.

 



 

While the life insurance industry has established benchmarks including the Million Dollar Round Table (MDRT) and training programmes authorized by the Life Insurance Marketing and Research Association (LIMRA), no equivalent exists for general insurance sales professionals.

Moreover, while many large multinational insurers conduct internal sales awards in high level of events, none focus solely on recognising and developing general insurance salesmanship capabilities at a global level. GIPA aims to address this imbalance. Taking a proactive step, Sri Lanka Insurance Corporation General Ltd is bridging the void, conceptualizing the global-first GIPA initiative, and giving due credit to general insurance salesmanship with a more sustainable approach in terms of business success and in terms of its contribution to industry sustainability.

Creating an independent brand, the GIPA programme is designed to benchmark peak performance among general insurance salespersons across the globe in diverse markets. GIPA sets six robust benchmarks to reveal inevitable excellence in global general insurance salesmanship such as Overall Volume Recognition, New Business Contribution, Recognition to Business Retention Success, Year on Year Growth, Level of Sustainability in the Business Portfolio, and Position in the Organisational and National Ranking. The programme considers multifaceted sales skills and integrated parameters for a country to customize and develop towards its general insurance industry. It also offers a realistic standard to showcase well-rounded, inevitable mastery within general insurance worldwide.

The GIPA recognition is to be rolled out in phases, beginning with acknowledging exceptional performance under the levels as ‘Achiever’, ‘Star’, and ‘Legend’, followed by capacity-building opportunities, and eventually facilitating access to industry innovations.

This strategic approach demonstrates Sri Lanka Insurance Corporation General Ltd’s belief that recognizing sales achievements fuels motivation, career progression, and ultimately elevates industry standards. It is also a testament to the company’s commitment to excel at a global level in the insurance industry. To achieve this objective, Sri Lanka Insurance Corporation General Ltd aims to work collaboratively with the wider Sri Lankan general insurance industry to leverage GIPA’s potential with global partners.

The key to GIPA’s success is the formation of the GIPA Council, an independent body tasked with setting evaluation parameters and ensuring the programme’s adaptability across global markets. Sri Lanka Insurance Corporation General Ltd is now focused on establishing an independent GIPA Council comprised of global general insurance leadership that will formally govern GIPA’s worldwide rollout. The Council will facilitate local country customizations to evaluation norms while upholding the set universal parameters. Once the multinational council is constituted, GIPA aims for rapid international expansion, leveraging support from renowned names in the global general insurance industry.

As a first mover in bringing GIPA to fruition, Sri Lanka Insurance Corporation General Ltd launched the award programme internally in 2023 to recognize the Top 20 Sri Lanka Insurance Corporation General Ltd stellar performers. The company partnered with J.B. Boda, a pioneer in insurance and reinsurance brokering with global representation, to celebrate these achievers, who are to be honoured in Malaysia shortly.

Beyond standalone recognition, Sri Lanka Insurance Corporation General Ltd ultimately envisions GIPA facilitating strong knowledge exchange between star sales professionals across geographic boundaries to continually raise competencies. Planned partnerships with InsureTech firms are also slated to ensure insurance innovations are accessible, enhancing customer and product experiences industry-wide.

Heralding a new era for general insurance salesmanship, Sri Lanka Insurance Corporation General Ltd’s GIPA can be likened to a movement to redefine excellence and foster an environment of achievement that transcends borders, profoundly influencing global general insurance.

 



 


February 22, 2024
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3min

Allianz Insurance Lanka Ltd is pleased to announce that Prashant Grover has been appointed Chief Executive Officer, effective 1st February 2024. He will also assume responsibility as Country Manager for Allianz Lanka, covering both Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd, whilst serving as the Principal Officer of the first.

Prashant brings to his new appointment, more than two decades of invaluable experience from the Financial Services and Insurance sectors navigating diverse markets across the world. Having commenced his journey at Allianz in 2007, he has played pivotal roles in various operating entities and countries across Asia and Europe. Leading transformation for Allianz’s commercial business in Asia Pacific and retail business in Thailand, as well as guiding the entry of the Allianz brand into the Vietnamese market, have been critical to the overall strategy of Allianz in Asia. In his recent role as Regional Lead of Business Transformation, Prashant spearheaded Digital, Distribution and Organization Transformation across the insurance value chain.

 



 

Prashant Grover said, “I believe that effectively harnessing the resilience and capability within our diverse team at Allianz Lanka, as well as strength of the Allianz Group will allow us to leverage opportunities to grow our business in the Sri Lanka market. Together, we will work to deliver an unparalleled customer experience and create value for all stakeholders.”

Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd., collectively known as Allianz Lanka, are fully owned subsidiaries of Allianz SE, a global financial services provider with services predominantly in the insurance and asset management businesses, headquartered in Munich, Germany. The global strength and solid capitalisation of the Allianz Group, coupled with local expertise and business know-how, have been Allianz Lanka’s powerful formula for success. With a legacy of excellence and a commitment to innovation, Allianz Lanka serves the diverse needs of its customers, nurturing a secure and prosperous future.

 



 


February 22, 2024
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3min

Sanasa General Insurance Co. Ltd. and PULA (an agricultural insurance and technology company) recently signed a memorandum of understanding (MoU) that will help strengthen the farmers in the country through providing index-based insurance solutions. With this collaboration, PULA will provide the necessary technical support for the agricultural insurance facilities provided by Sanasa General Insurance, and provide them (Sanasa) with access to globally-recognised re-insurers. The satellite technology-based technology provided by PULA will enable the accurate calculation of crops damages due to various situations including natural calamities such as floods, droughts and cyclones and wild animals. Even if there is crop damage in a large extent of land, Sanasa General Insurance will be able to accurately calculate the crop damage in a short period and finalise the relevant payouts promptly with the use of high-technology solutions provided by them.

 



 

Sanasa General Insurance will also be able to access globally-recognised reinsurance companies through this MoU. In a background where reinsurance companies are reluctant to deal with agricultural insurance companies in Sri Lanka due to the lack of use of technology for calculating agricultural losses, the MoU will build confidence in such companies in the ability to obtain accurate data with the technical solutions provided by PULA, and convince them to work together with Sanasa General Insurance. The event to sign the MoU was attended by Sanasa General Insurance Managing Director Indika Kiriwandeniya, Chief Operating Officer Wasantha Perera, Assistant General Manager (Sales) Dilan Gunarathna, Specified Officer Yamuna Godage and PULA’s Commercial Director (Asia and West Africa) Sukirthi Vinayak, Technical Head (Sri Lanka) Dhanika Hettige and Country Director Govindu Thennakoon, and several others.

 



 



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Lanka Business News is amongst the leading online Business News portals in Sri Lanka, unique for its focus on contemporary business news relevant across multiple industries operating in the country. We present not only the news, but a perspective based on observations and possible implications of a prevailing news item. LBN also provides an insight to the impact of a global economic or industrial development, thus helping stakeholders make informed and calculated decisions.




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