Insurance

April 25, 2024

Close to 950 people received free medical consultations and diagnostics services recently, as Ceylinco Life kicked off its ‘Waidya Hamuwa’ (Meet the doctor) community programme for the 18^th year with four medical camps.

The first four medical camps of 2024 took place in the Badulla, Ratnapura, Trincomalee and Batticaloa districts, providing residents an opportunity to undergo essential medical tests and to discuss their health issues with doctors dispatched to these areas by Ceylinco Life.

Among the tests conducted for them free-of-charge were Random or Fasting Blood Sugar, blood pressure, ECG, serum cholesterol and urine tests for Chronic Kidney Disease (CKD). In addition, visitors also underwent Body Mass Index (BMI) and vision checks by trained medical technicians. The beneficiaries of these medical camps included farmers, housewives, self-employed people and tea plantation workers, the Company said.

Ceylinco Life’s ‘Waidya Hamuwa’ programme, designed to take teams of doctors and medical technicians and diagnostic equipment to far-flung towns and villages across Sri Lanka, was launched in 2004. The Company has to date conducted more than 400 medical camps to date under this programme, benefitting well over 150,000 people.

The objective of the Waidya Hamuwa programme is to screen people for non-communicable diseases (NCDs), to prescribe medicines to control them, and to provide medical advice on the prevention of NCDs by maintaining a healthy lifestyle. It was launched as a response to the increasing prevalence of long queues to obtain health services from the government sector and the spiraling costs of private sector health care, problems that have only grown more acute in the 20 years since the programme commenced.

The medical teams that conduct these camps have reported many previously undiagnosed cases of hypercholesterolemia, diabetes, hypertension, bronchial asthma and heart conditions, as well as inadequately treated fungal infections.

Ceylinco Life’s corporate social responsibility commitments relating to the health sector also involve support to government hospitals. The company has built and donated fully-equipped High Dependency Units (HDUs) to the Colombo South Teaching Hospital, Kalubowila, the National Hospital, Colombo, the Lady Ridgeway Children’s Hospital, the Jaffna Teaching Hospital and the Kandy Teaching Hospital. HDUs are needed to upgrade a patient from normal care or as a step down from intensive care, helping release beds in the intensive care units. These units are used for post-surgery care, before transferring patients to the wards, or to treat an intensive disease.

Additionally, Ceylinco Life built and donated a piped oxygen system to the Matale District General Hospital in 2023, connecting the hospital’s central oxygen concentrator with the wards, to provide an uninterrupted supply of life-saving oxygen to nearly 300 beds.

Adjudged Sri Lanka’s Brand of the Year for the second successive year in 2023, Ceylinco Life was also named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) and the Chartered Institute of Management Accountants (CIMA), and was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance.

Ceylinco Life has been the country’s leading life insurer for 20 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.

April 19, 2024

19^th April 2024, Colombo: Janashakthi Life, one of the leading life insurance companies in Sri Lanka, has recorded remarkable growth in profitability for the financial year 2023. Marked by a record profit before tax of LKR 5.2 billion, along with a resounding growth of 201% in profit after tax compared to 2022. This achievement is the highest in the entire history of Janashakthi Life. It underscores the company’s robust financial health and strategic proficiency in navigating market challenges.

The key financial indicators, such as a Capital Adequacy Ratio of 272%, a Liquidity Ratio of 3.9 times, an ROE of 27%, Earnings Per Share of LKR 18.25, and LKR 3.4 billion in claim settlements, solidify the prudent financial management from the perspective of all stakeholders.

“One of the key factors that contributed to Janashakthi Life’s success during the year under consideration has been our proactive approach to managing market risks, particularly in anticipating and navigating interest rate fluctuations. We accurately anticipated the dynamic behaviour of yield curve movements, allowing it to strategize its balance sheet accordingly. These strategic decisions have positively impacted the achievement of a historic highest profit before tax of LKR 5.2 billion,” commented Ravi Liyanage, Director/CEO of Janashakthi Life.

He further stated, “Despite market challenges, our focus on prudent investments and timely actions taken to mitigate risks in the business has positioned us to achieve continued success and significant growth in all our key business performance indicators.”

Prakash Schaffter, Deputy Chairman of Janashakthi Life, added, “The year under review stands out as one of our most successful. We have once again reinforced investor returns with the company achieving a remarkable 201% growth in Profit After Tax, amounting to LKR 4.1 billion. Strong financial discipline and swift decision-making in the investment front have paved the way for substantial and stable returns.”

“With this launch pad in the forthcoming year and beyond, Janashakthi Insurance is strategically poised to leverage anticipated economic stability. We will align our focus with key objectives to enhance our product offerings and strengthen our position in the market. We are committed to providing our customers with improved benefits and an elevated level of service, aiming to solidify our standing as the preferred choice for insurance, fostering a relationship built on trust and value,” he further added.

April 4, 2024

20^th March 2024 – AIA Insurance continued its support as the silver sponsor for the fourth consecutive year at the Run For Their Lives (RFTL) charity run, Colombo’s biggest charity run. Organized with the aim of raising funds for the Apeksha Cancer Hospital, this event serves as a beacon of hope in the fight against cancer, one of the most pressing health concerns in Sri Lanka. Cancer remains a formidable challenge in Sri Lanka, with non-communicable diseases (NCDs) accounting for the highest death rate in the country. AIA Insurance has long been at the forefront of initiatives aimed at combating NCDs, demonstrating a steadfast commitment to improving the nation’s health and wellbeing.

AIA is also humbled to highlight the active participation and unwavering support of its employees at ‘Run For Their Lives’. Employees from across the organization enthusiastically joined the cause, lacing up their running shoes and rallying behind the mission to make a difference in the lives of those affected by cancer. With AIA’s goal of making a positive impact on one billion lives by 2030, participants at RFTL were encouraged to make a pledge for a healthy habit that could help prevent illnesses and remain healthy in the long run. The participants also took part in a real-time poll that collected their pledges and were instantly rewarded with the latest smart watches for taking part in the wellness games.

Sasith Bambaradeniya, Chief Marketing Officer at AIA Insurance added, ” It is with much pride that we forged such a meaningful collaboration that helped us to leverage on our brand purpose of helping people live healthier, longer, better lives. This partnership together with our employees’ active participation reflects our shared values of empathy, community, and making a positive impact. Together, we are not only raising funds for cancer treatment and taking care of patients, but also raising awareness about the importance of early detection and prevention.”

RFTL is a testament to the power of collective action and compassion, bringing together individuals from all walks of life to support a common cause. AIA Sri Lanka is proud to be a part of this meaningful initiative and looks forward to contributing to its success for years to come.

April 3, 2024

Amana Takaful Insurance PLC, Sri Lanka’s rapidly ascending insurance powerhouse, proudly asserts its dominance yet again, clinching the title of the most awarded insurance company in Sri Lanka for the year 2023. This prestigious accolade, bestowed by LMD, positions Amana Takaful Insurance at an impressive eighth overall and secures its top spot within the insurance industry in “The Hall of Fame – The Top 50” rankings.

This remarkable achievement underscores Amana Takaful Insurance’s unwavering commitment to service excellence, innovation, and sustainability within the insurance sector. Hassan Kassim, the Managing Director, expressed his elation, stating, “We take immense pride in our inclusion in this esteemed list, a testament to our relentless pursuit of excellence and unwavering commitment to delivering superior service.”

Amana Takaful Insurance’s exceptional performance is exemplified by its strategic direction, sustainability initiatives, and unyielding dedication to customer satisfaction, all of which have garnered it a staggering total of 34 awards and accolades in 2023, both locally and internationally.

These accolades include prestigious titles such as the Global Economic Awards, World Business Outlook Awards, Global Banking & Finance Awards, Finance Derivative Awards, and Insurance Asia Awards, among others. This exceptional recognition not only invigorates morale within the company but also solidifies Amana Takaful Insurance’s position as a trailblazer in the insurance industry.

LMD’s special edition honors the “Most Awarded” organizations in Sri Lanka, providing a comprehensive overview of top-performing businesses based on their accolades. The rankings are meticulously curated through a rigorous review process, encompassing comprehensive submissions from firms, consumer testimonials, and independent polls.

As the insurance industry emerges as the 8th dominant force in the 2023 Most Awarded rankings, Amana Takaful Insurance distinguishes itself with unparalleled performance and an unwavering commitment to excellence, reaffirming its status as Sri Lanka’s premier insurance provider.

April 2, 2024

Recognises record 302 MDRT qualifiers of 2023, presents three cars and 82 overseas tours to top achievers

Ceylinco Life has celebrated two decades of market leadership in Sri Lanka with a pledge to strive for another decade at the helm of the country’s life insurance industry.

The covenant was enthusiastically adopted at a scintillating annual awards event at Waters Edge recently, at which 523 top performers of the Company were rewarded with 580 awards, which included three company-maintained cars, 82 overseas tours and a host of other prizes and trophies, for their contributions to Ceylinco Life’s growth in 2023.

The awards gala and dinner saw the recognition of a record 302 members of the Ceylinco Life sales force who qualified for the Million Dollar Round Table (MDRT) in 2023, and 405 top sales professionals who met the Company’s criterion to be designated ‘High Flyers.’ The highlight of the event was the presentation of vehicles to the three top achievers of the year, S. Govintharaju of the Colombo North 11 branch, C. A. R. Upasena of the Matara 5 branch and W. K. M. C. Wickramasinghe of the Naththandiya 4 branch.

The Chief Guest at the event was Mr. Srinivasa Rao, Managing Director (Life and Health) at Munich Re – South East Asia and South Asia.

Addressing the event, Ceylinco Life Managing Director and CEO Mr Thushara Ranasinghe attributed a great emphasis on discipline and a unique company culture to Ceylinco Life’s consistency and 20 unbroken years of market leadership, pointing out that the Company has maintained an average annual growth rate of around 12% in Gross Written Premium from 2004 to 2023, in the midst the many different challenges of that period.

The top award winners at this year’s annual awards were Best Regional Sales Manager – Ms. J. Meera of the Colombo Region, Best Veteran Life Insurance Advisor – Mr J. M. D. Deep Ranjan, Best Veteran Unit Head – Mr R. P. Edirisinghe, and Best Veteran Head of Branch – Mr A. S. Samarasinghe, of the Nugegoda branch.

Adjudged Sri Lanka’s Brand of the Year for the second successive year in 2023, Ceylinco Life was 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), and was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance.

March 18, 2024

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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 31^st 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 31^st 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 31^st 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 20^th 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 31^st 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

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

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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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 1^st, 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

01^st 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.

Older Posts

Ceylinco Life begins 18th year of ‘Waidya Hamuwa’ with 4 free medical camps

Janashakthi Life records highest ever PBT of LKR 5.2Bn. 186% growth from last financial year

AIA Insurance continues its support for Colombo’s biggest charity run, Run For Their Lives (RFTL)

Amana Takaful emerges as the most awarded insurance company in Sri Lanka for 2023

Ceylinco Life rewards the superstars of its 20th successive year at the top

Ceylinco Life attains 20 years of unbroken market leadership in 2023

Sanasa General Insurance achieves record growth of 53% in 2023

Ceylinco Life Green Club collects 732kgs of trash off Crow Island beach

Sri Lanka Insurance Corporation General poised for strong growth following official segregation

Dilip de S. Wijeyeratne Appointed to Janashakthi Life Board