TRANSFORMATION - Sri Lanka Insurance

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TRANSFORMATIONAN ERAUNFOLDINGSri Lanka Insurance Corporation Ltd.Annual Report 2018

SLIC is moving along a trajectory of change andtransformation anchored by a comprehensivethree-year strategic plan. Across policy, processand infrastructure, we are evolving in stepwith the times and customer expectations,continuing to lay claim to our leadershippositioning in the insurance industry.Sri Lanka Insurance Corporation Ltd.Annual Report 20181

CONTENTSSRI LANKA INSURANCE CORPORATIONFINANCIAL REPORTS4– About this Report104 – Annual Report of the Board of Directors of the Company5– About Sri Lanka Insurance Corporation108 – Statement of Directors’ Responsibility8– Highlights109 – Chief Financial Officer’s Statement of Responsibility10– Message from the Chairman110 – Certificate of Actuary of the Insurer12– Managing Director’s Review111 – Liability Adequacy Test16– Chief Executive Officer‘s Review112 – Certificate of Incurred But Not (Enough)Reported ClaimsSTRATEGIC REPORT20– Operating Environment22– Strategy24– Business Model26– Stakeholders28– MaterialityMANAGEMENT DISCUSSION AND ANALYSIS30– Financial Capital39– Institutional Capital44– Customer Capital51– Business Partner Capital52– Employee Capital60– Social and Environmental CapitalGOVERNANCE AND INTERNAL CONTROLS113 – Independent Auditors’ Report116 – Statement of Financial Position118 – Statement of Profit or Loss andOther Comprehensive Income120 – Statement of Changes in Equity126 – Statement of Cash Flows128 – Segmental Review: Statement of Income130 – Segmental Review: Statement of Financial Position132 – Notes to the Financial StatementsSUPPLEMENTARY INFORMATION252 – Statement of Financial Position of the Life Insurance253 – Notes to The Financial Statements – Life Insurance Fund264 – Ten Year Summary268 – Branch Network274 – GRI Content Index278 – Notice of Annual General Meeting64– Board of DirectorsEnclosed67– Leadership TeamInner Back Cover – Corporate Information81– Corporate Governance Report85– Audit and Compliance Committee Report87– Statement of Internal Control89– Investment Committee Report91– Risk Management– Form of ProxySri Lanka Insurance Corporation Ltd.Annual Report 2018

SRI LANKAINSURANCECORPORATION458– About this Report– About Sri Lanka Insurance Corporation– Highlights10 – Message from the Chairman12 – Managing Director’s Review16 – Chief Executive Officer‘s ReviewSri Lanka Insurance Corporation Ltd.Annual Report 20183

SRI LANKA INSURANCE CORPORATIONABOUTTHIS REPORTThis Integrated Annual Report serves as a disclosure of thestrategies, governance, performance, and prospects forSri Lanka Insurance Corporation and how they help to createsustainable value within our operating environment.REPORT BOUNDARY AND COMPLIANCEThis Annual Report for Sri Lanka Insurance Corporation coversthe 12-month period from 1 January 2018 to 31 December2018. The overall boundary of this Annual Report comprisesSri Lanka Insurance Corporation and its subsidiaries, identifiedas “SLIC” or “Company” individually and “Group” collectively.Respective entities are identified where applicable.SLIC’s business is comprised two principal segments:General Insurance and Life Insurance. The two segmentsare treated and identified separately or as part of theoverall business where appropriate and identified as such.PRECAUTIONARY PRINCIPLESLIC applies a stringent precautionary principle with regardsto social and environmental sustainability. We recognisethe impact that our operations can have on the society andenvironment we operate in, and take all necessary actionsand precautions to address and minimise such risks.QUERIESWe welcome your comments and questions about this Report.B A Ruwani Dharmawardana,Company Secretary/DGM – ComplianceSri Lanka Insurance Corporation Ltd.“Rakshana Mandiraya”,No. 21, Vauxhall Street, Colombo 02.Phone: 94 11 235 7741The information contained herein is in compliance withall applicable laws, regulations, and standards.In preparing this Report, we have drawn on concepts,principles, and guidance given in the following whereapplicable:yy Global Reporting Initiative (GRI) SustainabilityReporting Guidelines GRI Standardsyy International Integrated Reporting Framework (IIRC)yy Smart Integrated Reporting Methodology 4Sri Lanka Insurance Corporation Ltd.Annual Report 2018

About Sri Lanka Insurance CorporationSri Lanka Insurance Corporation (SLIC) is the pioneering insurer in Sri Lanka,boasting the most experienced technical knowledge base in the country.The financial stability and strong reinsurance arrangements have led to manyhistorical milestones being achieved in the Sri Lankan insurance sector, suchas the largest claim ever paid of LKR 39.5 Bn. and the largest bonus everdeclared to its policyholders of LKR 7.6 Bn. SLIC’s total assets are worthLKR 199 Bn. and in the Sri Lankan insurance sector, accounts for the largestShareholders’ Fund of LKR 61.0 Bn. and the highest Life Fund of LKR 105 Bn.Today, SLIC serves the people of Sri Lanka with expertise and several decadesof trust.What do we aspire to be?Our VisionWhy are we in business?Our Missionyy To be the Nation’s first choicefor Risk Protection andLife Investment Optimisationyy We provide risk protection andlife investment optimisation,that will deliver value to our customersyy Through a team of committedprofessionals, whose contribution werecognise and valueyy Leading to superior shareholder value,whilst being a responsible corporate citizenSri Lanka Insurance Corporation Ltd.Annual Report 2018SRI LANKA INSURANCE CORPORATIONABOUT SRI LANKAINSURANCE CORPORATION5

SRI LANKA INSURANCE CORPORATIONAbout Sri Lanka Insurance CorporationSLIC GROUPAs at the end of December 2018, the Government of Sri Lanka was the majority stakeholderof SLIC, holding 99.97% of shares of the Company vested with the Secretary to the Treasury,on behalf of the Government of Sri Lanka.THE SLICGROUP STRUCTURESri Lanka InsuranceCorporation Ltd.The Lanka HospitalsCorporation PLCLitro Gas Lanka Ltd.Litro Gas TerminalLanka (Pvt) Ltd.54.61%99.94%100%SLIC is the largestshareholder of LankaHospitals with 54.61%of shares. LankaHospitals is a publicquoted companyinvolved in providinghealthcare services tothe public.SLIC is the primaryshareholder of LitroGas Lanka with99.94% shareholding.Litro Gas Lankais the leading LPGas importer anddistributor in Sri Lanka.Litro Gas Terminal is afully-owned subsidiaryof SLIC and is involvedin storing LP Gas fordomestic, commercialand bulk customers.Lanka HospitalsDiagnostics (Pvt) Ltd.100%6Sri Lanka Insurance Corporation Ltd.Annual Report 2018

The SLIC Group encompasses three fully-owned subsidiaries and three partially-ownedsubsidiaries. The fully-owned subsidiaries of the Group are Litro Gas Terminal Lanka (Pvt) Ltd.,Canowin Hotels and Spas (Pvt) Ltd., and Management Services Rakshana (Pvt) Ltd. Thepartially-owned subsidiaries are Litro Gas Lanka Ltd. (99.94% ownership), The Lanka HospitalsCorporation PLC (54.61% ownership), and Canwill Holdings (Pvt) Ltd. (45.95% shareholding).Canowin Hotels andSpas (Pvt) Ltd.Canwill Holdings(Pvt) Ltd.Management ServicesRakshana (Pvt) Ltd.100%45.95%100%A fully-ownedsubsidiary of SLIC,the Company ownsand manages therest-stop facility on theSouthern Expresswaythat providesmiscellaneous servicesto commuters who usethe Expressway.SLIC has a 45.95%stake in CanwillHoldings (Pvt) Ltd.,which is in thebusiness of managing/investing in hotelprojects.ManagementServices Rakshana wasset up as a fully-ownedsubsidiary to providepayroll managementservices for SLIC andis not involved inthe provision of anyservices or productsfor the external marketor external parties.Sri Lanka Insurance Corporation Ltd.Sinolanka Hotels &Spa (Pvt) Ltd.Helanco Hotels &Spa (Pvt) Ltd.100%100%Annual Report 2018SRI LANKA INSURANCE CORPORATIONAbout Sri Lanka Insurance Corporation7

SRI LANKA INSURANCE CORPORATIONHIGHLIGHTS2018LKR Mn.2017LKR Mn.Total revenue44,38039,399Gross written premium31,73831,437Net earned premiums28,00425,937Investment and other income16,37513,462Profit before tax (PBT)7,1505,890Profit after tax (PAT)5,2454,56929,14725,83517,80617,128Net claim ratio6666.9Expense ratio3028.3105,45998,58051467,6976,830Results for the yearBenefits/Claims, operating, admin and other expensesGeneral InsuranceGeneral Insurance FundLife InsuranceLife Insurance FundExpense ratioFace value bonusTOTAL ASSETS2018LKR 199,272 Mn.2017LKR 190,543 Mn.FITCH RATING2018AA (lka)TOTAL REVENUE2018LKR 44,380 Mn.2017AA (lka)GWPPBT2018LKR 7,150 Mn.2018LKR 31,738 Mn.2017LKR 5,890 Mn.BONUS DECLARED2018LKR 7,697 Mn.82017LKR 39,399 Mn.2017LKR 6,830 Mn.2017LKR 31,437 Mn.LIFE FUND2018LKR 105,459 Mn.2017LKR 98,580 Mn.Sri Lanka Insurance Corporation Ltd.Annual Report 2018

Three year strategyplan will help toposition SLIC forfuture successSRI LANKA INSURANCE CORPORATIONHIGHLIGHTSSLIC serves over 1.7 millionpolicyholders and growingSLIC launched afresh new corporateidentity in late 2018Awarded CommendationCertificate for secondconsecutive year atNational Quality AwardsRanked among TopFive Most LovedBrands in Sri Lanka in2018 Brands AnnualNew B-Connect app connectsSLIC advisors across all channelsand departments to betterserve customersLKR 24.3 Mn. investedin staff training anddevelopmentRedesigned SLIC WebPortal puts SLIC's services atcustomers' fingertipsSri Lanka Insurance Corporation Ltd.Annual Report 20189

SRI LANKA INSURANCE CORPORATION10MESSAGE FROM THE CHAIRMANMESSAGEFROM THECHAIRMANSri Lanka Insurance Corporation Ltd.Annual Report 2018

It gives me immense pleasure to assume duties as Chairmanof Sri Lanka Insurance Corporation. I am aware of the onerousresponsibilities that come along with the appointment forproviding leadership to the Board in setting the Company’sdirection and strategy. The competition continues to growand so too the customer expectations. SLIC needs to be morefocused and competitive in its strategy. General Insurance hasperformed quite well for the year, and we broke yet anotherrecord for Life Insurance by distributing our highest ever bonusdeclaration for Life Insurance policyholders, a clear indicationof our commitment towards increasing the value of our policies.The strategy we drive now is to expand the market foryounger people who seek to purchase insurance. Ourstrength has been our heritage and brand value that hasthus far appealed to a large and long-standing customer base.Therefore, we had to seek a way to meet the expectationsof younger customers while emphasising our heritage aspioneers of the insurance industry in Sri Lanka with extensiveexpertise. Thus, we launched a rejuvenated look with a freshnew logo that still respects our heritage. Our Online InsurancePortal meets the needs of younger customers for user-friendlyproducts that they can interact with in real-time. Customerscan now purchase and manage their insurance policies andpay their insurance premium payments through the Portal.Our agents continue to be the driving force to capture newpolicyholders and retain existing ones. We have an incrediblyexperienced workforce with some of our employees clockingover 25 years of experience – they hold a wealth of institutionalvalue in them that will be key to driving future growth for theCompany. As we embark on the implementation of our newstrategies to move SLIC forward, we will be working towardsdeveloping more fulfilling career paths for our employees thatleads them to self-fulfilment.Our new strategies will see us identifying and tackling theparts of our business that are not performing optimally, takingcorrective measures to boost their value addition to theCompany. We will identify gaps that exist in the market that canbe addressed with innovative new products and modify existingproducts to better suit the changing needs and lifestyles of ourcustomers that we serve. We will get closer to wherever ourcustomers are by expanding our branch network and equippingour salesforce with the latest technology, enabling them to beconnected and be up to date on the latest developments ofSLIC and the market in real time. We will seek to re-engineerthe systems we have in place to optimise efficiencies andbring more convenience to our customers and exceed theirexpectations. I believe that customer feedback will be vital toSri Lanka Insurance Corporation Ltd.Annual Report 2018We have all the elements inplace to be a true marketleader in insurance.SRI LANKA INSURANCE CORPORATIONMESSAGE FROM THE CHAIRMANthese efforts and that there are valuable lessons to be learntfrom the complaints we receive. A more measured approachto our promotions in terms of the budget vs – the effectivenessof the promotions is another aspect that we will monitor,with a view to obtaining better results. As we move forward,there are developments taking place in the market right nowthat we need to be mindful of. Changing lifestyles, emergingmarket patterns, the impact of globalisation, the Internetand communications technology – all of these will have deepand long-lasting effects on how we conduct business in themarketplace that will require us to re-engineer ourselves. Newopportunities are emerging in areas such as trade, marine, andreal estate (such as the increase in apartment buildings) wherewe can meet the demand for new relevant insurance products.Furthermore, we will explore a fresh approach to governmentand corporate institutional business. We hope to see changesto the regulatory environment that are more accommodatingof the unique situation of our country and its people. A new taxregime and regulatory mechanisms together can help to ensurea level playing field in the industry. As a state entity and withour untarnished reputation and loyal employees, we have allthe elements in place to be a true market leader in insuranceand we will work towards that goal.I wish to express my appreciation to our Board of Directorsand all our staff for their services rendered to our Companyand hope for your continued loyalty and dedication.Further I wish to thank the Ministry of National Policies andEconomic Affairs, the Ministry of Finance, and the InsuranceRegulatory Commission of Sri Lanka for their support. Finally,I wish to acknowledge our customers for playing a key role inour continued success and pledge to strive harder to serve you,exceeding your expectations and earning your loyalty.Sincerely,K A VimalenthirarajahChairman30 May 201911

MANAGINGDIRECTOR’SREVIEW12Sri Lanka Insurance Corporation Ltd.Annual Report 2018

It gives me great pleasure to announce that despite a verychallenging year, SLIC has been able to record a satisfactoryperformance in 2018 in terms of premium growth, profitgrowth, sales force productivity, customer service, andinvestment growth. The Company provided a significantcontribution to the country’s economy through prompt taxpayments, dividends to the Treasury, and investments inGovernment Securities and other capital market instruments.The Company recorded a growth of 6% in Life Insurancegross written premium (GWP), which is remarkable, given thechallenging nature of the environment we operated in. Profitfrom both lines of business after tax in 2018 was LKR 5.2 Bn.against LKR 4.5 Bn. in 2017, and the Company’s balance sheetgrew by LKR 8.1 Bn. to reach LKR 198.6 Bn. The value of theLife Fund increased by LKR 6.8 Bn. to reach LKR 105.4 Bn., agrowth of 7% over 2017. The general insurance technical fundalso saw a growth of 4%, an increase of LKR 678 Mn., to reachLKR 17.8 Bn.As an organisation, SLIC operates to very high standards.We are certified to be compliant with the prestigious andstringent ISO 9001:2015 quality standards that cover our lifeand non-life underwriting, claims settlement, and supportservices of all our branches including the Head Office.Sound governance plays a significant role in the managementand decision-making undertaken at the Company, with allthe necessary subcommittees in place for accountability,transparency, and guidance. All investment decisions at SLICare governed by the Board approved Investment PolicyStatements and are subject to directions issued by theInsurance Regulatory Commission of Sri Lanka (IRCSL).Risk management through diversification is also anessential aspect that the Investment Committee takes intoconsideration. Investments are diversified across various assetclasses as part of our efforts to minimise unsystematic risks.We focus primarily on investments in Fixed Income Securitiesand equity. Ensuring that the concentration risk is minimisedis also another important aspect of our investment strategy.All investments are subject to floors on credit ratings, therebyensuring that credit risk is largely mitigated. Trading activitiesare periodically carried out to make use of volatilities thatare observed in the market. Investment activities are subjectto regular audits to ensure compliance with establishedprocedures. High-risk leverage strategies are never used bythe Investment Committee. Durations of assets and liabilitiesare matched whenever possible; however, mismatches are alsoconsciously run in order to capitalise on potential opportunitiesbased on yield curve behaviours.Sri Lanka Insurance Corporation Ltd.Annual Report 2018As a state-owned enterprise,we have a national duty andare accountable to a broaderset of stakeholders thanprivate companies.SRI LANKA INSURANCE CORPORATIONManaging DIRECTOR’S REVIEWBeyond that, as a state-owned enterprise, we have a nationalduty and are accountable to more stakeholders than a privatecompany: our customers, the Government, and our humanresources and associated collective agreements. We have tooffer the best possible service and products to our customersin a heavily competitive environment, be mindful of the rulesand regulations of the Government, and the rights of ouremployees, who consider aspects beyond the profitabilityof the Company – we have to delicately balance these threeelements while raising our competitive edge.Moreover, we are embracing technology to boost our marketpresence. Traditionally in Sri Lanka, most service companies relyon extensive branch networks to expand their customer reach.This is a costly endeavour and is not necessarily an advantagein today’s connected environment and economic uncertainties.By boosting our virtual presence through the Internet andbeing reachable on devices that are accessible by a significantportion of the population, we can benefit from enhanced reachand service while maintaining cost efficiencies which can thenbe passed onto customers in the form of lower premiums andincreased bonuses. We are already in the process of extendingour reach to customers, such as through our Web Portal whichallows them to obtain quotations, buy/renew their insurancepolicies, obtain policy schedules and cover notes, paypremiums, and view the details of their policies, among otherfeatures. Internally, we are using the B-Connect app whichconnects all SLIC advisors and enables them to receive updatesin realtime and communicate across a cross-function channelsand departments. We have a lot to learn and adapt from theglobal insurance industry and we will be looking to implementmore technologies and best practices in the coming years.As the Nation’s insurer, we are looking to address gaps in themarket and meet the requirements of the diverse populationof the country. We feel that in addition to there being anopportunity, it is also our social responsibility to cater productsand policies to people in rural areas, farmers, and daily wage13

SRI LANKA INSURANCE CORPORATIONManaging DIRECTOR’S REVIEWWe have a lot to learn andadapt from the global insuranceindustry. As the Nation’s insurer,we are looking to address gapsin the market.earners who are not effectively served by traditional insurancemodels. We would look to adopt a microfinance-style approachto insurance to address these segments of the market and thus,grow the adoption rates for insurance in the country.We are also looking to enhance the relationship betweenthe management, employees, and agents of the Company.Agents play a significant role in procuring business for SLIC;therefore, it is in the Company’s best interests to enhance therelationship between these three parties and remove barriersto communication between them. We feel this will greatly helpthem to work together as a team, boost the Company’s growth,and cut down on superfluous activities which will promotepositive interactions among all three parties and our customers.This will also help to create a stress-free work environmentand boost the quality of life for all of them, thereby increasingjob satisfaction and self-motivation. We will be looking toimplement a more performance-oriented culture at SLIC,where KPIs determine goals for employees to work towards,with performance-based bonuses and incentives.the long-term goals and stability of the Company while bearingthe best interests of all the stakeholders at heart. We need toprepare the Company to better withstand internal and externalchanges and ensure that succession plans are implementedand effective, and that a long-term strategy is solidified toprovide guidance to the Company well beyond the tenureof any key individuals and withstand changes in theGovernment. This will further help to instil confidencein our customers well into the future.As we head into 2019, I would like to convey my appreciationto our Chairman for his guidance, our CEO and theManagement for their steady hand driving us forward, andour employees for their continued dedication and loyalty toour business. My thanks go to the Ministry of Finance for theirsupport and guidance. I would especially like to express mygratitude to our customers for their patronage and pledge tocontinue delivering value-added products and quality service.Sincerely,B M Dushyanta B BasnayakeManaging Director30 May 2019I feel that all these objectives stem from and are well alignedwith the vision and the mission of the Company. As we serveSri Lankans as a State Owned Enterprise, we need to think of14Sri Lanka Insurance Corporation Ltd.Annual Report 2018

SRI LANKA INSURANCE CORPORATIONSLIC developed a new plan mappingits strategic direction and strategiesfrom 2019-2021.Leveraging the human capital of theCompany, this will build on the coreelements of Products and Services,Delivery Channels, Service Standards,and Internal Processes in ourbusiness model, leading to furtherstrengthening our leadership position.Sri Lanka Insurance Corporation Ltd.Annual Report 201815

CHIEFEXECUTIVEOFFICER‘SREVIEW16Sri Lanka Insurance Corporation Ltd.Annual Report 2018

In December 2018, we embarkedon a new three year strategyfor SLIC that will position theCompany for future success.All key units and divisions have developed departmental andfunctional strategies to achieve goals that have been allocatedto them, along with an action plan to execute those strategies.In the coming years, we will be implementing more actions,strategic initiatives, and arrangements aligned to the functionalstrategies and constant evaluations to review progress againstthe stated goals.Building upon strong fundamentals and built up over a richtrajectory spanning over 57 years, the Company will furtherstrengthen its position as the leader in enhancing both ourretail and commercial capabilities to touch the hearts andminds of Sri Lankans. We will focus and deploy resourcesto make our business more efficient in delivering our promiseto customers. SLIC will, through its sustainable earnings,increase value to all stakeholders.Part of being proactive involves enhancing how we interactwith our customers and key target markets. As a corporatebrand, SLIC has been associated with decades of excellenceand is recognised as a pioneer in the local insurance industry.However, the market is evolving and young customers, towhom the heritage of the brand is not necessarily relevantcompared to the present-day attributes. As such, the Companyembarked on a brand repositioning exercise to introduce a newcorporate visual identity that reflects the brand’s core valueswhile preserving the heritage of the corporate brand and itsbrand icons. Launched in August 2018, the new brandingreflects a distinct dynamic edge and differentiation in termsof service excellence. We will be introducing more brandbuilding projects and brand enhancement initiatives alignedwith the new brand characteristics in 2019 to reach out tonew and younger customers and expand our market share.The brand repositioning was the kickstart of a series ofimprovements being made to our business; from product,process, and technology to procedural changes and policies.Amidst a challenging economic outlook, we have focused ourattention towards the main line of business, structures, andpolicies and procedures with the clear intent of improving ourcompetitive position. I feel that it is pertinent to note with thechallenging environment, that SLIC experienced a growth of9% (excluding Suraksha) and recorded a profit before tax ofLKR 7.1 Bn. a 21.4% growth over 2017’s performance.Today we find ourselves at a critical juncture where we will needto take a more proactive approach going forward. Customersnow, more than ever, have a variety of options and channels attheir disposal. Despite the prevailing low penetration rate forlife insurance in the country, the competition remains intense asit comes from not only other insurance providers but also banksand other financial institutions providing pension schemes andhospitalisation covers. Duties and taxes continue to climb formotor vehicles, thus reducing vehicle imports and thereforethe market size for the motor insurance business has also beenimpacted in the past few years. SLIC has powered throughthese tough market conditions due to optimal utilisation ofour channels and resources, as well as through our valueaddition efforts such as brand building, corporate networking,business development, and market retention.Being proactive has required us to develop the Companyand strengthen it to face the macro environmental challenges.The expectations of the market are rapidly increasing, and it isvital that the Company be able to exceed expectations throughsuperior standards of service. Therefore, we have embarkedon a three-year strategic plan that will see us take a structuredapproach to maintaining service excellence.Sri Lanka Insurance Corporation Ltd.Annual Report 2018SRI LANKA INSURANCE CORPORATIONChief Executive Officer‘s ReviewAs part of our customer-oriented transformation, SLIC isincreasingly looking to technological advancements as akey driver to penetrate existing markets and reach newmarket opportunities. Technology is playing a key rolein revolutionising the service industry and the insuranceindustry is embracing technology as an enabler of effectiveoperations and customer experience. To this effect, SLIC hasintroduced an Online Insurance Portal that allows customersto purchase, renew, and manage their life and generalinsurance policies, and insurance premium payments arealso facilitated through the portal. Customers can also modifytheir policies with enhancements and additional covers.Internally, SLIC introduced the B-Connect app to connect allSLIC advisors, enabling them to receive the latest updatesin real-time. A tech savvy salesforce can steer the Companyforward in a technology-driven business environment, andwith B-Connect, SLIC advisors can now communicate acrosschannels and departments to service customers with speedand efficiency.17

SRI LANKA INSURANCE CORPORATIONChief Executive Officer‘s ReviewSLIC launched the Online Insurance Portal in recognition ofthe increasing demand to obtain financial services throughconvenient channels, and to broaden our appeal towardsexisting and potential customers. Additionally, we havedeveloped various initiatives which will enable us to interactand continuously engage with customers. Ultimately, themarket benefits from greater convenience in accessingservices through multiple mediums. The SLIC Motor PlusLoyalty Rewards programme is yet another key value additionprovided to our comprehensive motor insurance policyholders,that enables them to redeem unmatched offers from partnermerchants across several industries including automotive,hospitality, healthcare, jewellery, clothing and accessories,and food and beverages.It is important to note that SLIC is cognisant of the roleit plays in society. SLIC has constantly engaged with thecommunities it operates in through a number of CorporateSocial Responsibility (CSR) initiatives for worthy causes thathave been well-received and left an impact on the well-beingof our society and citizens. Since 2015, our “Call to Donate”campaign has raised awareness and inspired people to becompassionate about those affected by cancer. Throughprevious campaigns, SLIC has raised funds to purchase aCPAP machine, essential medicines, and prosthesis limbsfor Maharagama Apeksha Hospital. For 2018, we donatedLKR 10.00 for each missed call we received and raisedLKR 5 Mn., to build an isolation room for the paediatric ward atMaharagama Apeksha Hospital with all the necessary facilities.Keeping future generations of Sri Lankans in mind, SLIClaunched the “Suba Pathum National Scholarship Scheme”which rewards 300 achievers who excel in their Grade 5scholarship, GCE Ordinary Level and GCE Advanced Levelexaminations annually. SLIC is also working to revamp the“Pasal Piriyatha Surakimu” projects that help to enhance thephysical assets of below national level schools, with the firstphase to cover 200 schools commencing in 2019.Looking to the future, although macroeconomic indicatorspoint to a downturn of interest in various services attachedto disposable income of much of the target market, there arecertain opportunities that SLIC has recognised. Moving beyondconventional insurance needs, the market has changed and18seeks different channels and products with

Sri Lanka Insurance Corporation Ltd. Annual Report 2018 CONTENTS SRI LANKA INSURANCE CORPORATION 4 – About this Report 5 – About Sri Lanka Insurance Corporation 8 – Highlights 10 – Message from the Chairman 12 – Managing Director’s Review 16 – Chief Executive Officer‘s Review FINANCIAL REPORTS 104

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