Climate Change Data

Environmental Metrics

ESG Focus Areas

• People
• Profit
• Planet

Environmental Achievements

• Paper recycling: 10,008 units
• E-waste recycling: 1,299 kgs
• Reduced fuel consumption of company vehicles from 29,481 liters in 2014 to 22,563 liters in 2015

Social Achievements

• Launched Janashakthi ‘Green Light’ policy for HIV patients, an industry first in Asia Pacific
• Grade 5 scholarship program continued, supporting children's education
• Tea Leaf Trust project continued, providing internships for university students
• Partnership with Foundation of Civilian Bravery of Sri Lanka to sponsor National Civilian Bravery Awards
• Gold award for Human Resource Development efforts from Sri Lanka Institute of Training and Development

Governance Achievements

• Smooth transition into two separate entities (Life and General Insurance)
• Acquisition of AIA General Insurance Lanka Limited

Climate Goals & Targets

Environmental Challenges

• Intense competition and price wars in the General Insurance sector
• Low Life Insurance penetration in Sri Lanka (12.6%) due to lack of awareness and low disposable income
• Slower pace of infrastructure development impacting Fire and Engineering segments

Mitigation Strategies

• Focus on sustainable profitability and service excellence in Motor Insurance
• New marketing campaigns to increase awareness of Life Insurance benefits
• Product innovation to cater to evolving customer needs
• Acquisition of AIA General Insurance Lanka Limited to strengthen market position
• Re-engineering of General Insurance business to enhance service levels

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: GRI G4 Guidelines

Certifications: ISO 2008:9001

Third-party Assurance: Ernst & Young Chartered Accountants

Sustainable Products & Innovation

• Janashakthi ‘Green Light’ policy for HIV patients

Awards & Recognition

• Gold award for Human Resource Development efforts

Environmental Metrics

ESG Focus Areas

• Business growth and expansion
• Shareholder returns
• Employee satisfaction through adequate remuneration and job security
• Satisfaction of policyholders
• Supplier satisfaction
• Timely payment of interest and service costs to investors/bankers
• Satisfy regulatory bodies by complying and adhering to regulatory requirements

Environmental Achievements

• 21% reduction in paper usage
• 57% reduction in electricity usage

Social Achievements

• Launched Janashakthi Life mobile app
• Implemented customer and sales agent onboarding portal
• Upgraded call centre software
• Improved online learning portal
• 98.7% customer satisfaction rate
• 21 community projects completed
• Great Place to Work® certification
• 108 MDRT winners

Governance Achievements

• Compliance with IRCSL Direction on Corporate Governance and CSE Listing Rules
• Established a robust Risk Management Process
• Implemented a monthly Self-Assessment Questionnaire for all Operating Divisions

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic impact on business operations and policyholders
• Economic instability affecting business strategy and performance
• Credit risk from counterparties
• Interest rate risk on investments
• Taxation rate changes
• Competition for new business and talent
• Stock market volatility impacting investment returns
• Compliance with evolving laws and regulations

Mitigation Strategies

• Work from home initiative
• Revamped medical policies to include COVID-19 cover
• Launched global health protection cover
• Introduced Flexi Pay product
• Revitalised sales force as "Lion Force"
• Improved market intelligence
• Innovative products and channels
• Island-wide recruitment drives
• Realigned incentive and compensation packages
• Improved employer brand
• Focus on training and development
• Employee engagement initiatives
• Succession plans
• Monthly stress testing of ALM mismatch
• Close monitoring of interest rate movements
• Market intelligence and surveys
• Comprehensive crisis management process
• Manage investment portfolio as per guidelines
• Maintain stop-loss policy
• Monitor and scan for changes to laws and regulations
• Develop processes to comply with new regulations
• Senior executives participate in policy making forums

Supply Chain Management

Responsible Procurement

• Established procurement process
• Supplier code of conduct

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IIRC, GRI

Certifications: Great Place to Work®

Third-party Assurance: Ernst & Young

Awards & Recognition

• Great Place to Work® certification
• Brand Finance A+ brand rating

Environmental Metrics

ESG Focus Areas

• Employee well-being
• Community investment
• Sustainable business practices
• Digitalisation
• Environmental conservation

Environmental Achievements

• Reduced electricity consumption by 1.44% despite increased business activities
• Reduced paper usage by 1027 packets of A4 80 GSM paper and 174 packets of A4 70 GSM paper compared to 2021

Social Achievements

• Launched three new insurance products (Janashakthi Flexi Pay, Janashakthi Golden Bond, Janashakthi Shrama Shakthi) and revamped Janashakthi Good Health
• Implemented a 24-hour SLA for claims via the mobile app
• Completed two community projects: Sri Lanka's first trilingual Inequality Research Report and a meal distribution program
• Continued the Janashakthi Shilpashakthi Year 5 Scholarship Programme

Governance Achievements

• Maintained compliance with IRCSL Direction on Corporate Governance and CSE Listing Rules
• Implemented a monthly self-assessment questionnaire for each operating division to ensure compliance

Climate Goals & Targets

Environmental Challenges

• Sri Lanka's severe financial crisis negatively impacted the insurance industry, leading to decreased demand for new policies and premium payment capacity
• Employee retention was a challenge due to overseas opportunities
• Liquidity deficit in the overnight interbank account and high interest rates
• Volatile macroeconomic environment

Mitigation Strategies

• Implemented prudent financial management strategies, focusing on profitability, stable growth, and adequate liquidity
• Adopted a flexible approach to business strategy formulation with regular reviews
• Prioritised cost control measures, new product development, and restructuring of existing insurance offerings
• Leveraged technology and digital platforms to improve internal processes and enhance customer experience
• Restructured talent management approach for better succession planning

Supply Chain Management

Responsible Procurement

• Compliance with local statutes and regulations
• Ethical operations
• Prevention of forced or child labour
• Dedicated supplier management platform

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: International Integrated Reporting Council (IIRC), Global Reporting Initiative (GRI)

Certifications: Great Place to Work®

Sustainable Products & Innovation

• Janashakthi Flexi Pay
• Janashakthi Golden Bond
• Janashakthi Shrama Shakthi
• Revamped Janashakthi Good Health

Awards & Recognition

• Gold Award for Insurance Companies (Gross Premium Up to 10 BN) at the TAGS Awards 2022
• Best Life Insurer in Sri Lanka 2022 by Capital Finance International (CFI.co)
• Great Place to Work® Certification
• Bronze Award for SLIM Brand Excellence Awards Ceremony 2022
• Best Strategies for Insurance Spreading for the year 2021 at the 3rd Emerging Asia Insurance Awards and Conclave 2021
• A+ Brand Rating with a Brand Strength Index (BSI) score of 569
• Domestic Life Insurer in Sri Lanka awarded by Insurance Asia Awards 2022
• Best Life Insurer in Sri Lanka by CFI London 2022