Insurance

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.

February 28, 2024

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 58^th 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

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

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

Allianz Insurance Lanka Ltd is pleased to announce that Prashant Grover has been appointed Chief Executive Officer, effective 1^st 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

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.

February 21, 2024

Allianz Life Insurance Lanka Ltd., the life insurance arm of Allianz Lanka and a member of the global Allianz SE Group, officially launched its sales strategy and objectives for the year ahead at the highly anticipated Life Sales Kick Off 2024 event. Held recently at the Head office, the occasion marked a significant moment for Allianz Life Insurance Lanka Ltd.’s Sales Team, providing strategic insights, motivational discussions, and crucial announcements to empower and steer the team towards success.

Discussions revolved around forthcoming competitions slated for the first quarter, offering a strategic roadmap for early-year triumphs. Furthermore, participants gained valuable insights into the annual and bi-annual awards, fostering excitement and anticipation amongst the Sales Team. The criteria for attaining the prestigious Million Dollar Round Table (MDRT) recognition were also announced, setting ambitious yet realistic goals for the team to strive towards. The event also provided an opportunity for Q&A and fellowship.

In a spirit of recognition and appreciation, Allianz Life Kick Off 2024 took the opportunity to celebrate the exemplary achievements of the top 10 branch managers who exhibited outstanding leadership and performance. This acknowledgment not only showcased individual excellence but also highlighted the collaborative ethos ingrained within Allianz Life Insurance Lanka Ltd. Overall, the event served as a catalyst, reigniting a sense of purpose and enthusiasm amongst the Allianz Life Sales Team, propelling them towards a year filled with promise and success.

Jayalal Hewawasam, CEO Allianz Life Insurance Lanka Ltd. shared his insights on the event saying, “Bringing our team together for events like this enables us to align our individual and collective goals and aspirations, fostering a unified approach towards our objectives. At Allianz, we are committed to empowering our team members and providing them with the support they need to overcome challenges and achieve their goals. With a collective effort towards our shared purpose, we are confident that year 2024 holds tremendous potential for Allianz Life.”

Allianz Insurance Lanka Ltd. and Allianz Life Insurance Lanka Ltd., known together 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 capitalization 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 19, 2024

8^th February 2024: AIA Insurance continues its strategic expansion efforts with the opening of a new AIA RDO in Matara. Situated at No. 537, Galle Road, Walgama, Matara, this new office represents a significant milestone in AIA’s commitment to enhancing its distribution network and customer outreach.

The opening ceremony marked the beginning of a new chapter for AIA in the Matara City, reinforcing the company’s dedication to providing comprehensive financial solutions to individuals and families. The AIA RDO in Matara is staffed with a team of experienced insurance professionals poised to deliver a diverse array of services, including life insurance, health insurance, retirement plans, and investment solutions.

This strategic expansion underscores AIA’s mission to encourage customers to secure their financial futures with confidence. By establishing a presence in Matara, AIA reaffirms its commitment to serving communities across Sri Lanka with personalized, reliable insurance and financial planning services.

With its unwavering focus on customer satisfaction and financial wellbeing, AIA Insurance looks forward to building meaningful relationships and making a positive impact in the vibrant community of Matara.

February 18, 2024

8^th February 2024: AIA Insurance continues its strategic expansion efforts with the opening of a new AIA RDO in Matara. Situated at No. 537, Galle Road, Walgama, Matara, this new office represents a significant milestone in AIA’s commitment to enhancing its distribution network and customer outreach.

The opening ceremony marked the beginning of a new chapter for AIA in the Matara City, reinforcing the company’s dedication to providing comprehensive financial solutions to individuals and families. The AIA RDO in Matara is staffed with a team of experienced insurance professionals poised to deliver a diverse array of services, including life insurance, health insurance, retirement plans, and investment solutions.

This strategic expansion underscores AIA’s mission to encourage customers to secure their financial futures with confidence. By establishing a presence in Matara, AIA reaffirms its commitment to serving communities across Sri Lanka with personalized, reliable insurance and financial planning services.

With its unwavering focus on customer satisfaction and financial wellbeing, AIA Insurance looks forward to building meaningful relationships and making a positive impact in the vibrant community of Matara.

More News from #AIA Insurance | #Matara

February 12, 2024

In its unwavering commitment to elevate customer convenience, Amana Takaful Insurance, a prominent insurance provider in the country, has introduced an avant-garde motor insurance app that revolutionizes the insurance experience for users.

The app’s standout feature lies in its groundbreaking claims processing experience, offering users a seamless and convenient way to handle insurance claims. In case of an accident or damage to their insured vehicle, customers can now initiate and file claims directly through the app, ensuring a streamlined and stress-free process with the added convenience of uploading images.

Essential documents such as estimates, driver’s license, final bills, and after-repair inspections can be effortlessly uploaded using the app. Stay informed with push notifications that keep users updated on any pending requirements, ensuring a smooth and engaging process. Furthermore, users can easily track their claim status and delve into their claim history at any moment, enhancing the overall experience.

“We are thrilled to announce the latest update to our innovative app, aimed at providing our customers with a hassle-free experience in managing claims and settlements for their insured vehicles. As we continue our journey of digitizing insurance in Sri Lanka, we anticipate the rollout of more cutting-edge digital platforms and services,” said Nalin Dinudaya Sakalasooriya, Head of Digital at Amana Takaful PLC.

Designed for an exceptionally user-friendly experience, the app allows users to navigate the entire claims process with just a few taps, eliminating the need for extensive paperwork and time-consuming calls to customer hotlines. This streamlined approach reduces the reliance on human interaction, making the claims process smoother than ever. It underscores Amana Takaful Insurance’s commitment to leveraging technology for an enhanced and modernized customer experience.

This latest update to the motor insurance app marks a significant milestone in Amana Takaful’s digital transformation journey, solidifying its position as a leader in innovative insurance solutions. The company continues to set a new standard in the industry by providing a technologically advanced and customer-centric approach to motor insurance.

Dilip de S. Wijeyeratne Appointed to Janashakthi Life Board

Softlogic Life posts impressive 26Bn GWP for FY2023

Ceylinco Life wins ACCA award for Sustainability Reporting

Sri Lanka Insurance Corporation General Limited creates history with GIPA

Allianz Insurance Lanka Ltd. appoints Prashant Grover as its new Chief Executive Officer, Country Manager

Sanasa General Insurance signs MoU with PULA to provide index-based agri-insurance solutions

Allianz Life Kick Off 2024 Unveils Ambitious Targets

AIA Insurance advances expansion with new Regional Development Office (RDO) in Matara

AIA Insurance advances expansion with new Regional Development Office (RDO) in Matara

Amana Takaful Insurance sets a new standard for motor insurance with its cutting-edge app