Climate Change Data

Environmental Metrics

ESG Focus Areas

• Customer service
• Employee well-being
• Community investment
• Sustainable value creation

Social Achievements

• Launched Ceylinco VIP Drive-Thru Centres to prioritize customer health and safety
• Paid Rs. 276 Mn to Ceylinco VIP customers for hospitalization due to serious illness
• Donated two ventilators worth Rs. 5.9 Mn to the National Hospital
• Hosted two blood donation camps

Governance Achievements

• First attempt at an Integrated Report accommodating most of the Integrated Reporting Framework

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impacting the economy and day-to-day business activities
• Government restrictions on imports affecting various sectors
• Substantial drop in new motor vehicle registrations due to import restrictions
• Slowdown in infrastructure development activities

Mitigation Strategies

• Continued offering services to customers without interruption
• Maintained grassroots level operations on a 24x7 basis
• Strengthened digitalised services and introduced new online options
• Implemented business continuity plan
• Widened islandwide presence to 540 branches and sales outlets
• Strategic partnerships with leading banks and Laugfs supermarket chain
• Maintained premiums at correct pricing without engaging in price war
• Supported employees with work-from-home options, performance bonuses, and transport

Supply Chain Management

Responsible Procurement

• Engaging partners who conform to ethical business practices

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IIRC Integrated Reporting Framework

Sustainable Products & Innovation

• Ceylinco Gedara (home insurance)
• Ceylinco VIP Drive Thru Claims facility

Awards & Recognition

• LMD magazine's award for best customer service
• People’s Insurance Brand of The Year for 14 consecutive years

Environmental Metrics

ESG Focus Areas

• Sustainable Development Goals
• Community Investment
• Employee Well-being
• Diversity & Inclusion
• Digitalization
• Environmental Sustainability
• Corporate Governance

Environmental Achievements

• Initiated a beach cleanup project along the southern coastline of Sri Lanka.
• Initiated a process of providing digital policies and certificates to reduce paper and plastic usage.

Social Achievements

• Distributed fit-for-use clothes to those in need throughout the year through CSR arm ‘Pihita’.
• Provided a living allowance for 120 families.
• Provided a cost of living allowance to employees.
• Provided lunches for over 1000 children in rural schools.
• Increased the hospitalisation benefit for VIP customers from Rs. 4 Mn to Rs. 10 Mn.
• Established a women-only 200-member sales team.
• Partnered with SLT-Mobitel to offer an insurance scheme for female Mobitel subscribers.
• Offered promotions to 353 employees.
• Provided remuneration to a total of Rs. 2.9 Bn.

Governance Achievements

• Maintained capital adequacy ratio at 193%, well above the regulatory minimum of 120%.
• Complied with IRCSL regulations and corporate governance best practices.

Climate Goals & Targets

Environmental Challenges

• Economic crisis in Sri Lanka, including high inflation, currency depreciation, and shortages of essentials.
• Government's decision to ban vehicle imports, impacting motor insurance business.
• Social and political unrest.
• Forex currency shortage, impacting timely payments and sourcing imports.
• Increase in Taxes

Mitigation Strategies

• Cost optimisation strategies.
• Capitalising on investment portfolio.
• Maximising premium income.
• Prudent marketing strategies.
• Developing channels for non-motor niche products.
• Strengthening channel partnerships.
• Increased focus on health sector and international health insurance.
• Providing financial support to staff.
• Continuous dialogue with customers and maintaining good relationships.

Supply Chain Management

Responsible Procurement

• Suppliers selected based on proximity, price comparisons, quality, and business practices.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: International Integrated Reporting Framework (IR) 2021, UN Sustainable Development Goals (UNSDG)

Third-party Assurance: Ernst & Young (Chartered Accountants)

UN Sustainable Development Goals

• Goal 1: No Poverty
• Goal 3: Good Health and Well-being
• Goal 4: Quality Education
• Goal 5: Gender Equality
• Goal 8: Decent Work and Economic Growth
• Goal 9: Industry, Innovation and Infrastructure
• Goal 13: Climate Action
• Goal 17: Partnerships for the Goals

Initiatives described in the report contribute to these goals.

Sustainable Products & Innovation

• Digital insurance card.
• Digital policies and certificates.

Awards & Recognition

• People’s General Insurance Brand of the Year 2022 (16th consecutive year)
• Most popular general insurance company in service excellence.

Environmental Metrics

ESG Focus Areas

• Environmental Sustainability
• Social Responsibility
• Good Governance

Environmental Achievements

• Introduced digital policies and certificates, reducing paper and plastic usage.
• Conducted a beach cleanup project with over 850 employee volunteers.

Social Achievements

• Increased female sales staff.
• Provided cost-of-living allowance to non-managerial staff.
• Made financial donations to 121 families.
• Provided meals for over 2,000 students.
• Received recognition as the ‘People’s General Insurance Brand of the Year’ for the 17th consecutive year and for service excellence.

Governance Achievements

• Maintained a capital adequacy ratio well above regulatory requirements (219%).
• Complied with all governance practices and regulatory requirements.
• Appointed new Board members.

Climate Goals & Targets

Environmental Challenges

• Economic crisis impacting consumer spending and demand.
• Ban on vehicle imports constraining motor insurance growth.
• Rising operational expenditure due to increased electricity and fuel costs.
• Foreign exchange liquidity shortage.
• Ban on third-party motor insurance promotion.

Mitigation Strategies

• Prudent cost management and expense reductions.
• Focus on retaining existing clientele and providing solutions to the existing motor market.
• Timely payments to reinsurers despite foreign exchange shortage.
• Enhanced key partner relationships (e.g., SLT-Mobitel partnership).
• Continuous employee development and training.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: International Integrated Reporting Framework (IIRC)

Third-party Assurance: Ernst & Young (Chartered Accountants)

UN Sustainable Development Goals

• Goal 1: No Poverty
• Goal 10: Reduced Inequalities
• Goal 3: Good Health and Well-being
• Goal 8: Decent Work and Economic Growth
• Goal 13: Climate Action

Providing risk protection, affordable insurance solutions, supporting community well-being, and promoting sustainable business practices.

Sustainable Products & Innovation

• Digital policies and certificates

Awards & Recognition

• People’s General Insurance Brand of the Year
• Service excellence in general insurance