Ceylinco Life Insurance Limited is a fully-owned subsidiary of Ceylinco Insurance PLC. We are focused on creating prime value for our shareholder through prudent growth in profitability whilst strengthening our financial position. The following results reflect healthy growth, operational excellence and resource optimisation:
|Profit for the Year (Rs. Mn)||3,079||2,060|
|Return on Net Assets (%)||25.85||21.81|
|Net Assets per Share (Rs.)||238.24||188.93|
|Earnings per Share (Rs.)||61.58||38.03|
|Dividend per Share (Rs.)||7.50||6.25|
|Year ended 31 December||
|Add: Cumulative Loan Loss Provision/Provision for Impairment||–||–||–||–||–|
|Profit After Tax and Dividend on Preference Shares||3,079,041||2,060,046||1,362,987||1,240,387||995,832|
|Add: Impairment Provisions and Other Losses||–||–||–||–||–|
|Less: Loan Losses Written Off||–||–||–||–||–|
|Cost of Equity (Based on 12 Months Weighted Average T-Bill Rate Plus 2% for Risk Premium) (%)||11.92||8.60||8.69||12.62||14.02|
|Cost of Average Equity||1,419,890||812,388||772,589||962,703||847,495|
|Economic Value Added||1,659,151||1,247,658||590,398||277,684||148,337|
The profitability of a Life Insurance Company is decided by the Actuary after the annual actuarial valuation. Once the Actuary ascertains the surplus for the year, the Company’s Board of Directors declares the dividend. The dividend policy of our Company outlines the importance of providing a dividend that is fair to both the shareholder and the Company. Therefore, our dividend correlates with the profit growth, whilst ensuring that adequate funds are maintained by the Company to meet the Solvency requirements of the Companies Act No. 07 of 2007.
Rs. 312 Mn (Rs. 6.25 per share) was paid to our sole shareholder, Ceylinco Insurance PLC, as dividend for the year ended 31 December 2015. This was paid in 2016. Further, the Board of Directors has declared a dividend of Rs. 7.50 per share for the financial year ended 31 December 2016.
Market capitalisation is the market value of a company’s issued share capital, calculated by multiplying the number of shares by the current share price. Since Ceylinco Life is not a listed entity, market capitalisation is not available.
Our Company did not encounter challenges pertaining to capital, since additional capital was not raised during the fiscal year. This was because, there were adequate retained earnings and reserves for Company’s expansion and growth whilst satisfying the capital adequacy requirements.
We will continue to generate sustainable value for our shareholder through attractive return on investment. Additional capital will not be raised in the upcoming financial year as our Company has adequate capital for expansion and growth.
We have been shaping our operations to be more customer-centric; developing a deeper insight of individual customer’s evolving needs. Over the years, we have built long term customer relationships based on trust and offering innovative products and solutions that create great value for them. The discussion that follows, gives a clear account of how we approach our prospects, deliver the right products and build strong relationships with our customers.
Broadly, our policyholders comprise mainstream and upper mainstream consumers, in the 25 to 45 year age group. Approximately 65% of the policyholders are men and the balance 35% is female. They are largely executives, middle managers, professionals, entrepreneurs, Government employees or self employed persons from the urban, semi urban and rural areas of Sri Lanka. Behaviourally, they are strongly family oriented and are driven by ambition and achievement. They give high emphasis to stability and security and are interested on investment retirement planning.
For the 12 months ended 31 December 2016, a total of Rs. 533 Mn was expended to settle 14, 915 claims of our policyholders. The average claim value for the year was Rs. 35,736. The claim settlement details are given in the table below:
|Ceylinco Major Medical||760||32|
|Family Digasiri Benefit||234||35|
|Hospital Cash Benefit||12,530||66|
Total and Permanent
|Partial Disability Benefit||20||1|
Our product offering is wide and inclusive, catering to every need of each life stage of the policyholder. They fall within the following categories.
Endowment is a unique plan which guarantees a maturity, whilst allowing the policyholder to customise the insurance cover to suit his/her income. It offers affordable premiums to be paid, whilst giving higher benefits.
This is an innovative and multifaceted policy. The policy pays advance payments and the balance amount at maturity with bonuses. The life cover is not reduced, although advance payments are made regularly.
The life cover of the policy increases each year by 5%-10% per annum to compensate against inflation.
Sipsetha is a unique plan that provides support to a child during decisive GCE Ordinary Level, GCE Advanced Level and higher studies. If a child is left without parental support, Sipsetha will triple the annuities and waive future payments of premium.
This is one of the simplest life insurance products that offers five unique benefits to the policyholder.
Ran Daru is the only product in the market that provides a high life cover to children. The product offers educational and medical benefits to a child. It also provides a life cover of 10 times the basic sum assured and 20 times the basic sum assured in case of accidental death.
This is one rewarding policy as it combines a life insurance policy and an investment policy. As an insurance policy, it provides a comprehensive life cover and optional rider covers such as critical illness, major surgery and hospitalisation. As an investment, it gives policyholders a financial return every four years through lump sum payments and an above average maturity value.
This policy is especially designed for women providing a comprehensive life insurance cover and lump sum payments with attractive savings.
Ceylinco Uthum provides a comprehensive cover to the policyholder and its dependents. This offers a free life time cover to the policyholder, even after the policyholder receives the maturity value. Death benefit in the event of a sudden loss of life can be increased up to six times the basic sum assured.
This product is specially designed to help the pilgrims to Mecca undertake the spiritual journey. There are four options along with additional benefits to choose from.
This is a personalised policy with added protection for a lower premium for the policyholder and his/her family. There are two product options to select from, based on a policyholder’s requirement.
Pradeepa is a policy for low income earners that provides an adequate cover at an affordable price. The scheme offers a life cover of Rs. 100,000 for a term of five years for a single premium of Rs. 1,250.
The policyholder and his family including children over six months of age, receives up to Rs.12,000 per day, for every day spent in hospital under this cover. In addition, Rs. 5,000 is paid daily for Intensive Care Unit treatment, irrespective of the daily benefits. The claims are settled without the submission of any bills.
The policy provides cover against expenses for 526 types of surgeries. Benefits include annual increments in benefits and permitting the policyholder to draw up to three times the value of the policy.
The option of enhancing their life insurance coverage is given to the policyholders.
The benefit covers the whole family against 36 critical illnesses and provides financial support to obtain treatment from either local or overseas hospitals.
This is a special benefit offered to the spouse of the policyholder. Yugadivi enables the policyholder to extend the same cover to his/her spouse for a small additional payment.
A cover, specially designed to enhance cancer treatment benefit, provided under Digasiri Plus scheme, in the event the insured is diagnosed with cancer.
When permanent disability prevents the policyholder from earning a permanent income, Jeewa Yathra guarantees a steady monthly income. Benefits include a guaranteed lump sum payment, in the event of a death due to accident or on partial disability.
The policyholders are provided an annual payment for 10 years.
Enables the policyholder to build a large fund at retirement with unique personalised benefits. This product has a range of attractive features as well, including flexible monthly contributions, selection of the age of retirement and the period over which contributions are made.
The plan ensures uninterrupted education for the participants’ children by providing financial benefits at the event of the participant’s death. The plan provides higher protection benefits whilst building a fund for the child’s education. Surgery benefits, hospital cash benefits and critical illness benefits can be added on for an additional contribution.
We respect customer rights to have fair information. Therefore, clear, accurate, timely and relevant information is disseminated on our products and services, enabling customers to make informed choices. Our marketing communications are conducted in all three languages and reflect and support the corporate image of our organisation.
Communication of the Company’s products and services is always based on principles of ethical and responsible advertising. Therefore, all communications comply with technical guidelines of the product and its features ensuring the customer is not misled. We also avoid racial content or inappropriate imagery and provide all information mandated by the IBSL. In addition, the information is transparent and doesn’t infringe intellectual property rights as well.
Product details are made available to customers through brochures available at all our branches, to our website and the Call Centre which operates from 8.30 a.m. to 5.00 p.m. on all business days. Furthermore, policyholders are made aware about our products by sales officers through a product quotation at the time of purchasing a policy. The policy document is issued after the proposal form is filled along with the consent of the policyholder. At the time of delivery of the policy document, the officer further explains the features of the policy.
We understand that each customer has one or more preferred channels to interact with us. Therefore, we have deployed multiple channels to connect with our customers. We have established presence through 259 branches conveniently located island wide. In addition, our strong sales force is a key touch through which our services are delivered to our policyholders. The head office provides after sales service to any walk in customer, whilst anyone can obtain our services from the Ceylinco Life Call Centre (hotline: +94 11 246 1461).
We are also in the process of developing alternative distribution channels such as bancassurance, on line channels and direct marketing to increase convenience and accessibility to the general public to obtain life insurance products.
Information on Ceylinco Life, including product and services, are provided on our website www.ceylincolife.com. We have also introduced life insurance products which can be purchased on line without the presence and assistance of an insurance representative.
We continued to invest in improving the efficiency, effectiveness and quality of our operations through restructuring and productivity programmes. The positive effects of these measures are reflected in the Company’s operational and financial performance for 2016.
With a view of providing greater convenience to our customers, a fund transfer system was implemented, enabling policyholders to receive their claims through their respective banks. During the year, hospital claims, surrender benefits and policy loans were transferred through this system. This service will be expanded to encompass death claims, maturities and advance payments in the ensuing year.
In partnership with the Sri Lanka Post, our policyholders were given access to another 4,000 plus outlets to pay their premiums, significantly enhancing their convenience. Our policyholders have several options to pay their premiums. Besides visiting a branch or making the payment via mobile Point-of-Sale (mPOS) devices carried by the our sales officers, they can pay their premiums on line, by bank or credit card standing order, or via the ‘eZ Cash’ mobile payment platform of Dialog or the ‘Mcash’ service of the Mobitel network.
We entered into an agreement with the Postal Department of Sri Lanka to deliver insurance policies speedily to our customers through the ‘speed post system’ within three days.
This has resulted in enhanced customer satisfaction, high quality of service, strengthened customer relationships and enhanced brand loyalty amongst our customers.
Our Customer Relations Department is responsible for the accurate, efficient and sensitive handling of the thousands of customer inquiries and issues that arise throughout the year.
The Department is divided into five (5) divisions – the Call Centre, the Customer Retention Unit, the Sales Support Centre, the Direct Marketing Unit and the Customer Relationship Management Unit (CRM).
Each of these units plays a vital role within the Organisations’ customer service structure, and all of them combine to ensure the fulfillment of the Company’s larger goal – that of providing Ceylinco Life customers with the best service experience in the industry.
Established in 2004 with a team of just four people, our Call Centre today has expanded to a near 40 member team, made up of dedicated individuals who are committed to maintaining the excellence in order to fulfil its function as the Company’s primary ‘service arm’.
Apart from our multilingual staff who have been trained to handle a wide range of inquiries, complaints and issues; our Call Centre’s chief advantage is its multichannel availability. Customers can contact the Call Centre via phone or can explore on line options including Viber, Whatsapp, Skype, Chat and other quick, convenient and cost effective methods.
The Call Centre operates in four (4) key areas, servicing management centres dedicated to Life, Health Care, Group and Agent Care services.
Life Call Centre has received 112,716 calls and has maintained a service level of staggering 95%. Group and Agent Care Center has received 44,515 calls in total and achieved a service level of 75%. Healthcare Call Center has received 39,115 inquiries and has maintained 90% service level. Our Call Centre received 3,761 customer complaints during 2016. A total of 3,846* complaints were resolved in-house. The details are as follows:
Details of total customer complaints
|Brought Forward from 2015||527|
|Number of Complaints Received||3,761|
Number of Complaints Resolved In-House
by the Company
Number of Complaints not Resolved
and Escalated to Disputes
|Carried Forward to 2017||442|
Customer Retention Unit was established in 2011 to handle a broad spectrum of responsibilities, including Orphan Policy Management and Lapsed Policy Activation, as well as servicing Dormant Ceylinco Retirement Account (CRA).
The Unit’s Orphan Policy Management is particularly noteworthy since we are the only company in the local insurance sphere to provide this service. Customer Retention Unit is involved in reviving lapsed policies after 125 days from the initial lapse in payment. After the revival, the Unit works with the policyholder to ensure that terms and conditions are renegotiated to minimise future lapses.
Over the years, the Customer Retention arm of Ceylinco Life has expanded and performed exceptionally, making a significant contribution to the Company. In 2016, the Unit exceeded expectations by posting a remarkable annual premium income
of Rs. 277 Mn.
This Unit was established in 2015 with the recognition of the tremendous market potential that existed for on line products.
The primary service provided by the Company’s innovative on line marketing channel is the promotion of on line Retirement and life insurance policies for local and overseas customers. This is done via call, Skype, Whatsapp and Viber. However it must be noted that the Unit is not just focused on its on line function, it also lends its strength to more traditional direct marketing methods.
In 2016, the Online Marketing Unit made great strides, exceeding the annual GTP income it posted in 2015 by a significant 65% to contribute Rs. 29 Mn.
As much as we make every effort to support our customers, we also look within, constantly searching for ways to strengthen and improve our offering by empowering our sales force. Thus, in 2013, we established the Sales Support Centre. This Unit exists exclusively as an internal source of support to the Company’s island wide branch network and sales team.
The Unit plays an invaluable role, helping to ensure that our branches and sales force deliver the strongest possible performance, by providing them with consistent support from within.
Established in 2007, the CRM is dedicated to the retention and maintenance of high value customers. Exceptional service standards are mandatory for this Unit, as they service the members of the Ceylinco Life Premium Club.
Constant engagement, value addition and loyalty building exercises are designed to ensure the satisfaction of these clients, and the team is supported in this endeavour with the best possible communication and technology based tools.
The Unit is responsible for ensuring that Ceylinco Life Premium Club members enjoy numerous benefits including the convenience of being able to manage their multiple policies on line with the utmost ease and security; annual gifts and other benefits as well as a Loyalty Card that includes passes to special events as one of its most integral and interesting advantages.
In addition, the introduction of mPOS, a mobile payment mechanism launched by Ceylinco Life together with Global Payments Asia – Pacific Limited, allows the sales team to collect life insurance premiums via credit and debit cards at the customers door step.
This user friendly, cost effective method ensures auto settlement and wide reach while enabling the team to offer its customers the ultimate convenience. Customers are saved the hassle of carrying cash, receive an instant receipt of payment and can rest assured that their customer information is absolutely secure. mPOS joins other cashless payment options including the eZ Cash and mCash facilities operated by Dialog and Mobitel.
Excellent customer service is one of our key areas of focus. We always invest in capacity building processes and performance measures to drive growth, customer retention and customer satisfaction.
In order to provide an excellent customer service, we obtain customer feedback about our service standards through a customer feedback system. This system was launched in 12 branches initially and we will launch it to our entire branch network in the next few years. According to the customer satisfaction statistics, our customer satisfaction score is above 80%.
We conducted a mystery shopper audit through a reputed research partner in five branches for a period of two months from July and August 2016. The objectives were to assess and track current service levels of each touch point and to identify areas of improvement.
The research covered the first impressions of the customer, inquiry process, payment procedure and overall feedback on the service offered. We are happy that our customers have given an 81% score on our service standard of the five branches.
The 15th Annual Pranama Scholarship presentation was held in 2016. The scheme recognises academic as well as extracurricular achievements of policyholders’ children. Those who achieve best results status in their respective districts at the year 5 scholarship examination, the GCE Ordinary Level and the GCE Advanced Level as well as children who excel at national level in sports, culture, arts, drama or invention, are awarded cash rewards.
A total of 154 young Sri Lankans were awarded scholarships to the tune of Rs. 10 Mn. To date, this scheme has rewarded over 2,000 young adults and children with scholarships worth over Rs. 110 Mn.
A certificate is presented to every preregistered student who passes the year 5 scholarship examination as a special recognition of the child’s potential and to motivate recipients to continue to strive for academic excellence. All preregistered students that are placed within the top 10 island wide, will be presented cash prizes of Rs. 25,000/- each, whilst the top 10 children in the island of the policyholders would receive cash prizes of Rs. 50,000/- each.
The Ceylinco Diabetes Centre, offered discounted medical checks for diabetes and associated health complications. This was combined with several other attractive offers throughout May 2016, in commemoration of the Centre’s 12 anniversary.
Two health packages were designed specifically to make a definitive assessment of each individual’s risk factors. The health package included discounts ranging from 20% to 25% on medical consultation, complete physical examination and tests. A 50% discount was offered to purchase a glucometer from the Centre of those who availed themselves of this healthcare package.
The Family Savari programme epitomises our commitment and passion to promote awareness of the value of life insurance in the local market and reward our policyholders as well. This is one of the largest interactive promotions conducted by a corporate entity in Sri Lanka and is the largest promotion in the local life insurance industry with over 17,000 beneficiaries to date.
Under ‘Family Savari 9’ mega promotion in 2016, families of five policyholders were taken on a four day tour to Germany. The all-expenses-paid holiday included visits to the BMW Museum, the Zugspitze Mountain with lunch at the peak and Neuschwanstein Castle, and a day of shopping and sightseeing. In addition, another 60 policyholder families were taken on holidays to Dubai and Singapore, whilst 500 families enjoyed a full day of fun at the Leisure World theme park in Sri Lanka. Over the past three years, we have presented our grand prize winners with holidays in Japan (2014), Switzerland (2015) and Germany (2016).
In 2016, we declared the highest annual bonus in the history of our Company to our policyholders, amounting to a staggering Rs. 2.9 Bn. Over 300,000 policyholders enjoyed this year’s annual bonus in respect of the surplus generated by our Life Fund during the financial year 2015. Every policyholder who purchased their policies in December 2015 was eligible to receive this bonus, in line with our Company’s policy of declaring bonuses from the very first year of issue of a policy. Annual bonus certificates reached entitled policyholders by post during April and May, whilst 6,000 policyholders received immediately encashable cheques to the value of Rs. 66.2 Mn by post during early April.
Members of the Premium Club and their families were invited to view the spectacular Kandy Perahera from our branch office in Kandy with refreshments and dinner. Accordingly, a group of nearly 100 people from Negombo, Anuradhapura, Hambantota, Ambalantota, Kalutara and Wellampitiya were rewarded for their loyalty this year. In addition, Ceylinco Life’s Premium Club members received attractive gifts and benefits annually, such as dining vouchers, hotel accommodations, power banks and many more.
Ran Daru Charika is an event linked to our annual distribution of school timetables for the new academic year. More than 300 children, aged four to twelve years from every district of Sri Lanka embarked on an educational tour of places of interest in Colombo under the 3rd edition of our Ran Daru Charika programme. Each child accompanied by a parent or guardian, was taken to Diyatha Uyana Water Park at Battaramulla, the Colombo Harbour, the BMICH, Sri Lanka Rupavahini Corporation and the Nelum Pokuna theatre. Complimentary meals and refreshments were provided to all participants.
There were no incidents of non-compliance with regulations and voluntary codes concerning product and service information and labelling, marketing communications, breach of customer privacy and losses of customer data. Likewise, there were no fines imposed for non-compliance with laws and regulations concerning the provision and use of products and services.
Developing products to cater to the changing market requirements is a challenge. In particular, there is a great need for retirement planning on account of the rising aging population.
There is also an emerging affluent younger generation who require specific long term insurance products.
In addition, exploiting alternate distribution channels to increase product reach and promoting products on line has become an acute need to deliver greater convenience to customers.
The Call Centre faced several challenges during the year under review including managing rising customer demands and expectations, as well as meeting the need for trilingual team members capable of dealing with customers efficiently in the customer’s preferred language.
The most significant challenge was that of customer accessibility. Customers tend to have several contact numbers, and use numerous devices. Thus, staying up-to-date with the customers’ primary contact number is a sizable challenge since contact information becomes obsolete regularly and rapidly.
More initiatives will be launched to generate increased value to our customers. In line with our tagline ‘A Relationship for Life’, several customer centric activities will be implemented to address each stage of customers’ lives. These will strengthen customer relationships and also increase customer satisfaction.
In particular, the fund transfer system will be expanded to other products as well. New products and services will be launched to cater to specific customer requirements.
The Customer Relationship Unit has put an extensive expansion programme in place, looking to increase manpower and enable new work patterns that will ensure better labour utilisation and time management. This expansion will be completed by mid 2017. IT related improvements, including a Cisco Systems upgrade, will ensure that all customer service departments manage their resources in a better manner, thereby meeting demand and increasing customer satisfaction.
Business partners are an important link in our value chain. Our main business partners are independent contractual agents, reinsurers, consulting actuaries and industry associations. Over the years, we have developed strong relationships that support and enhance our ability to create value.
Supply chain management is crucial for the smooth and efficient functioning of our business operations. The selection of our suppliers and procurement of goods and services are done in a fair, transparent and economically effective manner. Selection of suppliers is through a rigorous evaluation process, which, inter alia, takes into account the price, quality, after sales support, timely delivery and technical capacity.
Whilst we support small-scale suppliers through regular procurement, we work with large-scale suppliers on large-scale projects. We mainly work with local suppliers. Through prompt payment and maintaining long term relationships with our suppliers, we have built a trusted supplier base. The qualities of the products are assured through regular sample checks. Distribution of our materials is outsourced to a courier company.
Reinsurers provide additional financial protection to primary insurers, and technical support to underwrite complicated risks. The financial strength and financial flexibility of our reinsurers, coupled with our strength, facilitates profitable business growth, within the boundaries of our risk appetite and risk tolerance.
We have a long-standing association with top two reinsures, namely Swiss Re of Switzerland and Munich Re of Germany. We maintain close relationships with them and meet frequently to discuss matters that are relevant to both parties. In addition to reinsurance protection, both reinsurers provide underwriting services, portfolio management, product development and training for our staff.
Our association with Munich Re Retakaful, helps to develop innovative Takaful solutions. Munich Re Retakaful’s branch based in Malaysia, is entirely devoted to Retakaful business.
We have entered into a treaty reinsurance contract with our reinsurers, to cover a large pool of similar risks. Proportional reinsurance enables us to share risks and claims proportionally with our reinsurers.
Through a catastrophe reinsurance cover, we share risks with the reinsurer and thereby limit the accumulated total loss in the case of disaster.
Gross premium ceded to reinsurers reached Rs. 374 Mn in 2016. Ceded premium is a portion of risk in insurance policies that is transferred from a primary insurer to reinsurer, in exchange for a predefined premium.
|Premium Income Excluding CRA and
Investments (Rs. Mn)
|Reinsurance Gross Premium Ceded Including Catastrophe Cover (Rs.)||376.5|
|Reinsurance Ratio (%)||3.4|
Willis Towers Watson is a leading global advisory, broking and solutions company, with its roots tracing back to 1828. They design and deliver solutions to clients across four business segments: corporate risk and brokering, exchange solutions, human capital & benefits, investment risk and reinsurance.
We have obtained actuarial advisory services from this actuarial consultancy firm from our founding years on the long term insurance business.
Wills Towers Watson has 39,000 employees in over 120 countries.
Ceylinco Life is a member of the Insurance Association of Sri Lanka (IASL). The IASL Executive Committee functions as the apex forum that takes up for discussion, matters of relevance to the member companies pertaining to the insurance industry. This forum formulates joint industry initiatives, takes up important issues that come up from the Sub-Committees and coordinate correspondence with the Insurance Board of Sri Lanka (IBSL).
Seven Sub-Committees function under the stewardship of this Executive Committee. Ceylinco Life actively participates through nominees in its Committees and forums.
Thushara Ranasinghe (Director/Deputy CEO)
Alternate: Palitha Jayawardena (Director/CFO)
Samitha Hemachandra (Senior Deputy General Manager – Marketing)
Asoka Sirisena (Deputy General Manager – Technical)
Alternate: Saman Kumara (Senior Manager –Technical)
Kushan Weththasinghe (Senior Manager – Legal)
Alternate: Saman Premarathne (Legal Officer)
Ranga Abeynayake (Director/Deputy CFO)
Sudharshana Jayathilake (Senior Manager – Human Resources)
H A Suraweera (Assistant General Manager – Agency Administration)
Upamalika Rathnayake (General Manager – ICT/CIO)
Alternate: Chandana Herath (Senior Assistant General Manager – ICT/Deputy CIO)
Sujeewa Kumrapperuma (Deputy General Manager – Actuarial)
Alternate: Roshan Menaka (Assistant Manager – Actuarial)
The progress we have achieved over the past years came about as a result of the efforts of the Company’s management and strong sales force. We have over 3,900 independent sales consultants who are highly motivated and engaged. They follow the Company’s values and do their best to provide our policyholders with an excellent service every day. We have a gender representation of 51% male sales consultants and 49% female sales consultants. These consultants serve customers from over 272 branches island wide. Over 1,400 consultants are deployed in the Western Province, where we have the widest coverage of 119 branches.
As the market leader in the life insurance industry employing nearly a 4,000 sales force, it is important to continuously communicate and interact with our independent contractual agents to motivate, develop and empower them. This results in a high level of customer service. Our sales force makes a significant contribution to the Company by bringing in a considerable amount of new business and collecting 29% of the Company’s premium income. We have initiated several measures to interact with our sales force.
The main event of our Company’s annual event calendar is held with the participation of over a 1,500 sales force to honour and reward top achievers who have contributed to the growth of our Organisation. The award winners receive plaques, medals, certificates, cash prizes and overseas tours. Winners are selected on categories, such as the best branch head, unit head and consultants.
This year, we sent 53 sales officers to Singapore, Malaysia, Bangkok and the UK on training and vacation.
This is a biannual event organised in July each year to reward outstanding sales officers for their half yearly performance. The winners were awarded with plaques, medals, certificates and
Ceylinco Life encourages sales officers to take part in the sports meet organised regionally as well as for the Company annually.
Sales force and their families are encouraged to take part in this annual outing organised by the Company.
It is compulsory for every independent contractor recruited to the Organisation, to undergo a five-day training programme and thereafter sit for a pre-contract examination before being absorbed into the Company. In addition, they are required to obtain the licence to sell Life Insurance, after sitting for an exam conducted by the Insurance Association of Sri Lanka.
We have also introduced various training modules to facilitate our independent contractual agents to enhance their knowledge on areas such as, life insurance, customer service, selling policies and best management practices. An examination is conducted at the end of each training programme and the successful participants are rewarded.
Independent contractual agents are required to follow mandatory training courses, prior to being promoted as team leader, agency supervisor and agency head.
We also engage professional trainers within and outside the industry and overseas trainers to coach our sales force on selling and best management practices. Our commitment to training and development has been a key factor for the success of our Company.
Five sales officers of our Company received recognition as the most outstanding sales professionals at the NASCO (National Sales Congress) awards ceremony organised by SLIM (Sri Lanka Institute of Marketing) in 2016. Mrs. Kumari Dhanapala of Ceylinco Life was awarded the Gold award for the most outstanding female sales officer in the insurance industry.
MDRT is the world’s premiere association for financial professionals and recognised internationally as the standard of sales excellence. A total of 44 Company’s sales officers qualified for membership of the MDRT in 2016.
We have empowered our sales officers by enabling all sales process functions to be handled remotely through the use of technology. The officers are able to access all the required information via Laptops, Tabs and Smartphones provided by the Company, resulting in faster sales process times and cost efficiencies. The first batches of Tabs were presented to 173 sales officers during the year 2016.
Approximately, 35% of our sales officers are IT enabled in order to offer efficient and reliable services to policyholders.
According to the Department of Census and Statistics of Sri Lanka, Sri Lanka’s unemployment rate is decreasing. This would create a challenge in recruiting suitable, qualified agents to the Organisation in the future.
There is a trend of competitors poaching agents rather than recruiting and developing new agents. This practice is detrimental to the insurance industry and will not contribute to the growth of the industry and create new job opportunities.
Rapid digitalisation of the industry has created a need to keep our sales force updated on using smart devices and our internal systems updated as well. On the other hand, customers are moving onto digital channels to purchase life insurance products. Therefore, there is a pressing need to allocate resources and use digital tools and technology to generate increased value in innovative ways.
Delivering an exceptional service and building long-lasting customer relationships are crucial to the sustainability of our Organisation. Therefore, we will ensure a high level of customer service at each of our customer touch points and ensure proper systems are in place to provide an excellent service all the time.
Nurturing a motivated and engaged team is critical for an excellent service delivery and to achieve superior results. Our human resource strategy is geared to attract, develop and retain the best talents by defining a strong corporate identity, creating a culture of excellence, empowering our employees to excel in their roles and promoting a well-balanced life.
We have 910 people and they are the heart of our business. Their commitment, expertise and diversity are keys to the success of
The Company’s employee value preposition (EVP) is executed through well designed, transparent HR policies and procedures. They are designed to attract, engage and retain employees of the highest calibre by making Ceylinco Life a great place to work. Through integrated processes we successfully attracted 68 individuals of the highest calibre to our Organisation in 2016, whilst maintaining high employee retention as evidenced by the low employee turnover rate of 9.4% per annum.
Nurturing an engaged and motivated workforce, who makes an outstanding contribution to the growth of our Company, has made us the leader of Sri Lanka’s Life Insurance industry for 13 consecutive years.
Since we consider our people to be the most valuable asset in the Company, we understand the success of our business depends entirely on the strength of our people and our ability to identify, develop and retain our key talent. Hence, we strive to attract, develop, mobilise and retain talented and engaged employees from diverse backgrounds and cultures to provide solutions to our customers.
Accordingly, HR planning, talent acquisition, training & development and talent development form key strategic HR functions, which add value to our employees.
The employee capital model illustrated below is a strategic component that contributes to the success of our Company.
It is important to ensure that our Organisation is appropriately sized with people of the right calibre to achieve the Company’s strategic objectives. In this context, HR planning entails identifying current and future human resource requirements to achieve corporate goals. Proper HR planning enables the Company to remain flexible and effectively adapt to changes in the business environment.
This starts with our strategic resourcing function of recruiting the right people, at the right time, to the right location, at the right cost, to provide us with a flexible, diverse, talented and mobile workforce. Our HR Department has developed a system to attract, recruit, train, motivate and retain the best talent. This includes setting clear job descriptions, setting up effective interviewing & screening processes, job orientation, training and developing an employee evaluation mechanism and reward schemes.
We seek to treat our employees fairly, offer meaningful professional development and reward employee performance. We have in place a biannual performance appraisal process to evaluate, recognise and reward employee performance.
Having employees who are well-trained and know how to respond in a wide range of situations are strengths to a company. Hence, we provide extensive training and development opportunities through well-planned internal and external training programmes. Promoting a culture of learning, all our employees are encouraged to undertake training to achieve professional qualifications and keep up to date with developments in their specialised areas. The training needs of our employees are reviewed and discussed annually to provide opportunities for career progression. Providing development opportunities enables our employees to realise their potential, whilst our customers gain from an increasingly experienced and stable workforce.
Building a pipeline of talented future leaders, remains a strategic intent for our business. Whilst sourcing new talent externally to bring fresh ideas and expertise, we also strive to promote within the Organisation. This helps to develop the knowledge and capabilities of our employees, so that we retain our competitive advantage in the marketplace.
The end result of the Company’s HR process is a high performance culture, where employees are recognised and promoted based on performance.
Ceylinco Life employed a total of 910 employees at end 2016. This excludes our extensive sales force who are independent contractual agents included under Business Partner Capital on pages 90 to 93.
There has been a reduction in our staff numbers, compared to the previous financial year; from 937 in 2015 to 910 in 2016. This is because we made a conscious decision, not to replace our manpower on account of increased automation of our processes. By recruiting multi-skilled associates, we were able to significantly reduce the additional staff requirement at our branches as well. In particular due to centralisation of many branch operational functions, we minimised one to one recruitments.
All employees are entitled to the statutory benefits. Special contract employees are retired employees who are given an opportunity to plan their post retirement. 65% of contract appointments represent retired employees who are on post retirement orientation.
|Employment Type||Contract||Permanent||Probation||Special Contract||Total|
81% of our workforce is male. Female cadre is comparatively less due to the nature of the business activities and the demand.
Employee dispersion is positively correlated to branch dispersion in each province. This in return, reflects market size and prevailing business prospects. The total workforce in the Western Province is comparatively high as the Head Office and many key branches are located in this Province.
|Category||Central||Eastern||North||North Central||North Western||Sabara- gamuwa||Southern||Uva||Western||Total|
A total of 68 employees were added to our staff cadre during 2016. The highest number of new recruitments were from the Western Province in line with business opportunities supported by branch expansion.
Highest number of recruits were from the 18 – 25 age category. This is in line with the Company’s policy of attracting young talents with the objective of developing them to senior positions. Females accounted for 29% of new recruitments in 2016.
Only female employees are entitled to parental (maternity) leave, as per the Sri Lankan labour laws.
|Employees on Maternity Leave||5|
|Employees who have Returned to Work||3|
|Employees Due to Return in 2017||2|
A biannual performance appraisal is conducted for the entire staff of our Organisation. This is used to identify employee contribution towards organisational objectives and recommend salary increase and promotions. Additionally, employee competency development plans are formulated, based on identified skills gap and career development goals of each employee. Following the biannual appraisals, 88 career upgrades were effected in 2016, of whom 55 were executives, 20 managerial and 13 in other staff categories. This was also an aspect of the Organisation’s employee empowerment and motivation plan.
Training and career development are important aspects of a sustainable and progressive organisation. Through training and development, we equip and empower our employees to serve our customers at the highest level, whilst they progress in their careers.
Given below is the training summary for the financial year 2016.
|Key Areas Focused||
|Soft Skills Development||14||100|
|Health and Safety||6||87|
As a part of our Company’s succession planing, a leadership development programme was initiated for 24 Senior Managers to develop them as the future leaders of our Organisation. The programme is conducted by a reputed professional consultant. The programme includes many residential activities and practical workshops.
We have a compensation and benefit policy geared to attract
and retain high calibre employees, who are motivated and engaged, enabling the Company to achieve its corporate objectives. Apart from maintaining an equitable remuneration structure that recognises employee contributions, we have a range of benefits to reward and motivate. These include bonuses based on performance, medical benefits, wellness programmes, opportunities for career development and many more.
In addition, we encourage our employees for a long tenure of service through implementing service-based employee oriented pension schemes and retirement benefit schemes. All employees are given two comprehensive Life Insurance Policies, apart from the staff health insurance cover and the contributory medical fund. In addition, employees have the option of enhancing their life and critical illness covers at a concessionary rate. Accordingly, we provided Rs. 81 Mn as financial assistance at zero interest rate in year 2016. Employee contributions were recognised by way of annual bonuses and profit incentives as well.
During the year, 29 employees who completed 15 years of service were given the opportunity to visit Singapore, whilst 47 employees were recognised with Merits at the Annual Award Ceremony under the Company Reward and Recognition Scheme.
A record 492 awards were presented for performance excellence at the ‘Trailblazers of Life Insurance’ ceremony at BMICH. Over 250 sales team members, executives, Unit and Branch Heads received awards which comprised trophies, overseas trips, cash rewards and holiday packages.
As per our tagline “A Relationship for ‘life’” we consider employee well-being, health & safety as key priorities. We have made improvements to our health and safety across the business and as part of our effort to evolve the safety culture of our Company. Our employees were granted a special health check-up package at a concessionary rate, to assess their health and take necessary preventive measures. Further, we have trained, equipped and empowered appropriate number of staff members as fire fighters and first aiders to handle any emergency.
The Health and Safety Committee, which comprises representatives from the management and executive staff, executes first aid, fire fighting and evacuation and psychological assistance to ensure a hazard free and safe working environment.
In addition, the Company cafeteria maintains high hygiene standards, whilst our employees can avail themselves to a modern fully-equipped company maintained gymnasium.
A motivated and satisfied workforce is an asset to any company. Therefore, we continually assess whether we are delivering our commitments to our employees and maximising their levels of engagement. Through a range of employee benefits and career progression opportunities, we strive to maintain a high level of employee satisfaction.
There were no grievances about labour practices filed, through formal grievance mechanisms during the year 2016. Further, there were no reported incidents of discrimination or violations of human rights filed, during the year in review. In addition,
there were no cases filed against Ceylinco Life at the Labour Tribunal on any employment related issues during the year.
All employees of the Company are covered by the terms and conditions of collective bargaining agreements of the Ceylinco Insurance Employees Union. All operational changes are executed, based on business requirements after discussion
and concurrence of key stakeholders.
|1.||Attrition||Turnover as a Percentage of Average Employees (%)||9.67||6.33||8.30|
|2.||Employee Tenure||Average Service Period of an Employee (%)||12.37||11.44||10.92|
|3.||Knowledge and Skills Development||Average Training Hours Per Employee (Hours)||13||–||–|
|4.||Internal Job Hires||Internal Promotions as a Percentage of Average Employees (%)||9.55||16.25||12.94|
|5.||Work-Family Balance||Percentage of Vacation Days Used (Annual Leave) (%)||59||68.05||63.13|
Attrition refers to reduction in employees due to retirement and resignation etc. This is a key attribute to measure the health of a company’s workforce; moderate attrition rates reflect a healthy workforce. Our Organisation’s attrition rate has been increasing slightly over the three-year period from 8.30% in 2014 to 9.67% in 2016. This is due to the expiry of special contracts which were offered as post-retirement orientation. As per industry norms maintaining an attrition ratio less than 1% per month indicates the level of employee engagement and the strength of Company’s Reward and Training and Development policies.
|Category||Central||Eastern||North||North Central||North Western||Sabara- gamuwa||Southern||Uva||Western||Total|
Employee tenure ratios over the past three years clearly indicate that our employee retention is extremely healthy. This is further confirmed by the average tenure of employees which is 12.37 years. These measures reflect the effective orientation programmes and the successful career planning and succession planning processes in place.
The average training hours per employee is a key determinant of the effective and adequate employee development process of a company. On average, an employee is provided 13 hours of training per annum, both foreign (3%) and local (97%) in our Company. This is a healthy level, which indicates our commitment to developing and empowering our people.
Ceylinco Life Toastmasters Club is one of the salient development modules, which creates leaders and competent communicators. The Club has progressed with 32 members and a speech craft programme, achieving many awards and recognitions even at District level in 2016.
Except for positions filled through succession planning all other vacancies are notified internally by the HR Department through the ‘Ceylife Ladder’ concept. We strive to promote within and develop knowledge and capabilities of our employees so that we retain our competitive advantage in the market place. During the year, 9.55% of our employees were given promotions.
We have instituted policies, procedures, actions, and expectations that enable our employees to easily pursue more balanced family lives. Therefore, our employees are encouraged to utilise their annual leave on a pre-planned basis. The percentage of annual leave that has been utilised by employees, has been increasing over the years.
We have implemented a 5 day 8 hour work plan, encouraging all employees to vacate their workplaces by 5.00 p.m. every weekday.
We also organised several events during the year, to promote a healthy work-life balance and encourage employee engagement. These included the Annual Sports Meet at Diyagama and the annual Bhakthi Gee and Christmas Carols, which encouraged volunteerism and camaraderie. The family day outing to Villa Ocean View, Wadduwa was another event, which promoted bonding among associates and their families. The provision and maintenance of a holiday bungalow in Nuwara Eliya, allows employees to spend quality time with their family members.
Several challenges were faced in conducting employee training in particular. Withdrawing of employees from routine work for cross-functional training, organising centralised training programmes for executives dispersed island wide and designing tailor-made training programmes to meet diverse training needs of the employees were some of them. In addition, selecting the best training consultants and calculating the absolute return on investment on training were challenging.
HRD as a strategic partner is aligning its core functional activities to achieve the corporate strategies. Mainly developing a second tier to the Senior Management with next three years under the talent review exercise is critical area. Recruitment of high calibre graduates for essential vacancies in branches will definitely elevate the customer service levels, whilst developing them in a clear succession plan to be the immediate successors.
Life insurance promotes capital formation and economic development of the country. This is due to the long term nature of the life insurance business. The premiums collected from policyholders are accumulated in a Life Insurance Fund, which is an investment vehicle that targets both the private and public sectors. Most of the investments are made through risk free, long term financial instruments that provide a long term yield. These include Government Securities, deposits in State-owned banks and non-speculative real estate and infrastructure development projects.
Our support to the long term capital markets leads to social and environmental benefits such as better infrastructure facilities, new employment opportunities and a cleaner environment for all. It also generates equitable returns for the Company, which is passed on to the policyholders in the form of claims and benefits with residual profit for shareholders.
We believe in making a positive difference in the communities in which we operate. Therefore, we consciously work on a structured CSR programme that includes business operations, volunteerism and philanthropy. Our commitment extends to uplifting underprivileged communities through Ceylinco Life Social Responsibility projects. In particular, we are committed to creating a sustainable business environment even in the most remote areas of our country through meaningful interventions in areas such as healthcare and education for needy people.
We are acutely aware of the health issues that confront our people, and the challenge of providing under served communities adequate access to medical care. With the objective of building a healthy nation, we carried out the ‘Waidya Hamuwa’ (meet the doctor) project.
Nearly 3,000 people received free medical checks this year under this project, which has benefited approximately 81,700 people in 10 years. The programme is carried out by a team of doctors, medical and ophthalmic technicians and nurses that travel across the country, offering communities the facility of free consultancy and diagnostic checks. Among the areas in which the medical camps were conducted during the year were Bibile, Panduwasnuwara, Aralaganwila, Anamaduwa, Nattandiya and Nikaweratiya.
Ceylinco Life focuses on developing and educating youth in rural communities and providing them access to quality educational infrastructure.
A vast majority of children in Sri Lanka are dependent on free education provided by State schools. But many schools in remote areas desperately need aid to develop basic facilities. To date, Ceylinco Life has assisted many rural schools by reconstructing classrooms and donating furniture and other basic amenities. This project was executed in Mannar and Kilinochchi in 2016 bringing the total to 66 to date.
Environmental capital relates to the natural resources on which we depend to create value for all our stakeholders. Due to the nature of our business, the direct environmental impact of our operations is relatively limited. Our primary energy footprint consists of carbon emissions and waste generation. Therefore, reducing our environmental footprint by making our operations more sustainable remains one of our priorities. To achieve this, we focus on increasing efficiency, eliminating waste and raising productivity.
Year 2016 was dedicated to the ‘Go Green’ sustainability initiative under three elements – ‘Reuse,’ ‘Reduce’ and ‘Encourage’. The campaign launched on the first working day for the year 2016 was aimed at reducing the carbon footprint of our Company and engaging our employees in environmental friendly initiatives. The concept entailed a series of environment-related initiatives across our 250 plus island wide branch network, in a year-long sustainability drive. Several initiatives that promote environmental sustainability have been implemented, including building green branches, reducing wastage, optimising the use of resources and encouraging our staff members to be Green Ambassadors to their families and friends.
The key highlight of the ‘Go Green’ initiative was the tree planting campaign implemented in January, August and November. The campaign was launched in three stages, engaging all the staff members and their families, the leadership team and the sales officers. Approximately 400 trees were planted in one week in January 2016. Every staff member was required to plant a tree and submit a photographic evidence of it. The island wide campaign was introduced to schools, hospitals and police stations with the involvement of the communities as well. As a part of the leadership training programme, 1,000 trees were planted in Gampaha. In addition, sales force planted approximately 3,000 trees in selected schools in their respective areas of operations giving the school children the opportunity to be a part of this initiative. A dedicated portal was created to track participation and progress of the campaign.
As a part of our commitment to ‘Go Green’ all new branches constructed on company-owned land are designed as green buildings powered by solar energy, making optimal use of natural light and rainwater harvesting facilities. During the year 2016, three green branches were declared open in Horana, Wennappuwa and Panadura.
Among the branches already using solar power are Kurunegala, Batticaloa, Ratnapura, Trincomalee, Bandarawela and Wennappuwa. These contribute to a reduction of 52.5 tons of CO2 per year.
We also minimised the use of timber in the Horana branch by fixing aluminum doors and non-timber floor.
Even though we do not consume as much electricity as a manufacturing company, we have made a firm commitment to maximise the use of renewable energy. Therefore, as part of our obligation to the principle of sustainability, we broke new ground in the sphere of eco-friendly operations with the installation of the biggest solar electricity system in Colombo.
Our head office building in Colombo 5 was converted to solar power, with a system capacity of 63.18kW. The power plant would generate a saving of 7,200 units of electricity per month resulting in an annual reduction of 65 tonnes of CO2 emitted to the environment.
Additionally, all our new branches are equipped with this technology. The other energy saving measures include the replacement of old air conditioners with energy efficient air conditioners, curtailing printing of documents leading to less consumption of paper and toners, and the installation of LED lighting in the head office and the branches.
We also repair and reuse furniture and enter into long term lease agreements which have resulted in cost saving for the Company. All branch interior has been standardised to optimise space, save energy and costs as well.
Branches with high electricity consumption were analysed over six months. Thereafter, necessary measures were effected to optimise electricity consumption. This was implemented in Akuressa, Negombo, Tissamaharama, Galle, Kalutara, Kaduwela and Maradana branches during 2016.
We continually strive to optimise the use of water. Therefore, we have installed a rainwater harvesting system to our green branches in Horana and Panadura. We have also implemented several water conservation measures, including the sewerage water recycling plant in our Bandarawela and Panadura branches and installation of sensor-controlled valves for urinals at the Wennappuwa and Panadura branches. Additionally, branches in Wennappuwa, Horana and Panadura are installed with flow controlled, flushing system, valves and taps as well. Branches with high water consumption were analysed over six months. Thereafter, necessary measures were effected to reduce wastage and consumption of water. This was implemented in our branches in Akuressa, Negombo, Tissamaharama, Galle, Kalutara, Kaduwela and Maradana during 2016 .
We make conscious efforts to reduce paper consumption throughout our Organisation. Waste paper is sent to a recognised recycler. During the year, a total of 18,708 kgs of paper were recycled, contributing to avoiding 17.2 tCO2e in GHG emissions and saved 1,358 fully grown trees, 32,833 litres of oil, 74,832 kWh of electricity, 594,540 litres of water and 56 m3 of landfill.
Being a service organisation, Ceylinco Life does not have processes that impact the environment in an adverse manner.
The Company’s e-waste is stored in a suitable site and when the bulk builds up, tenders are called for its safe disposal.
A total of 4,056 kgs of e-waste was prevented from being dumped into land filling through our e-waste collection campaign launched during the year.
This translates into prevention of approximately 26,970 lbs of carbon emissions from entering the atmosphere, saving of 1,040 trees and recycling 39,047 plastic bottles.
As a part of our environmental stewardship, we measure and disclose our greenhouse gas (GHG) emissions on a voluntary basis. The computation is based on the GHG Protocol Corporate Standard and uses the most recent emission factors.
|Scope 1 (Direct)||Stationary Combustion||8.69||0.40||22.3||1.1|
|Total Scope 1||695.79||32.08||536.0||27.5|
|Scope 2 (Indirect)||Purchased Electricity (CEB)||851.46||39.26||874.7||45.0|
|Total Scope 1 and 2||1,547.25||71.33||1,410.7||72.5|
|Scope 3 (Indirect)||Purchased Electricity (CEB)||493.45||22.75||503.7||25.9|
|Employee Air Travel||128.34||5.92||30.9||1.6|
|Total Scope 3||621.79||28.67||534.6||27.5|
|Total Scope 1,2 and 3||2,169.04||100.0||1,945.3||100.0|
Our computation on Scope 1 is complete except for fugitive emissions from air conditioning plant and equipment (which are relatively negligible), while Scope 2 is complete. Scope 3 disclosure, which is optional, is limited to data availabilityand materiality.
Thus, for benchmarking purposes, our GHG emissions for 2016 arising from Scopes 1 and 2 is 1,547 tonnes carbon dioxide equivalent (tCO2e).
As will be seen in the analysis given above, purchased grid electricity accounts for a large 62% slice of our total GHG emissions of 2,169 tCO2e. This is a reduction of 9% compared to last year. Hence, our efforts on energy efficiency and switching to renewable energy sources are positive steps towards reducing our carbon footprint.
We use petrol and diesel as fuel from non-renewable sources. Total usage for the year 2016 is 302,423 litres.
43,000 litres of fuel were saved during the year under review and this is a 12% reduction compared to last year.
In order to reduce fuel consumption from non-renewable sources, we encourage our employees to use hybrid vehicles.
Total electricity consumption for rented and Company owned buildings for 2016 is 2,481,371 kWh. This is a 2% saving compared to last year.
Electricity is used for lighting, cooling and equipment of our premises. It is reasonably assumed (as accepted in Sri Lanka) that 80% of the total electricity consumption is for cooling purposes. The estimated figure is given below:
We actively promote the use of solar panels to produce electricity in our buildings. All our new branches are equipped with this technology. In particular, we broke new ground in the sphere of eco-friendly operations with the installation of the biggest solar electricity system in the city of Colombo to date. This has resulted in an annual reduction of 65 tons of CO2 emitted to the environment as a result of consumption of power from the National Grid and thermal power generators.
In addition, several energy saving measures were adopted in our Organisation. These included the replacement of old air conditioners with energy efficient air conditioners, curtailing printing of documents leading to less consumption of paper and toners and the installation of LED lighting in the head office and the branches.
Additionally, we repair and reuse furniture and also enter into long terms lease agreements which have resulted in cost saving for the Company. All branch interior arrangements have been standardised to optimise space, save energy and costs as well.
Company’s total expenditure for environmental protection in 2016 amounted to Rs. 20.7 Mn. The expenses were largely on account of the eco-friendly endeavours such as fixing solar panels and installing rain water harvesting systems in our green buildings.
Given below is the breakdown of the expenses:
|Installing Solar Energy at the Head Office||13.7|
|Eco-Friendly Initiatives in the Horana Branch||3.4|
|Eco-Friendly Initiatives in the Panadura Branch||3.6|
We will continue to reduce our environmental footprint by making our operations more sustainable by increasing efficiency, eliminating waste and raising productivity whilst continuing our commitment to the ‘Go Green’ initiative. The ‘Waidya Hamuwa’ and schools’ development project will be extended to benefit a wider community in the upcoming year. In particular, a new green branch will be opened in Kadawatha in 2017 and more initiatives will be introduced to reduce paper wastage throughout the branch network.