This is the Company’s second Integrated Annual Report following the segregation of the life insurance business from Ceylinco Insurance PLC. The report is carefully structured to present a comprehensive yet concise account of how the Company created value to its stakeholders through performance and conformance in the financial year 2016.
Value is created through the Company’s business model, which takes inputs from the capitals and transforms them through business activities and interactions to produce outputs and outcomes that create value over time for its diverse stakeholders.
The Company’s Annual Report 2016 covers the 12-month period from 1 January to 31 December 2016, which is the annual reporting cycle. The most recent report of the Company for the year ended 31 December 2015 is available on the website: http://www.ceylincolife.com. There are no significant changes from previous reporting periods in the scope and aspect boundaries.
The Annual Report 2016 discusses several aspects of the business in a holistic manner. These include strategy, governance, financial and non-financial performance and future prospects in the context of the value creation process.
Ceylinco Life Insurance Limited together with its three subsidiaries – Serene Resorts Limited, Ceylinco Seraka Limited and Ceylinco Healthcare Services Limited and associate company – Citizens Development Business Finance PLC, which are in unrelated businesses are collectively referred to as ‘Group’ in this Annual Report. The key financial aspects are discussed in the context of the Company as well as the Group. The non-financial aspects are discussed from the perspective of the Company.
The Company’s Financial Statements and related notes and disclosures published in this Report have been audited by Independent External Auditors, Ernst & Young, Chartered Accountants. The Independent Auditors’ Report is given on page 186. The non-financial content of this Report has been audited by Ernst & Young within the Global Reporting Initiative (GRI) Sustainability Reporting Guidelines. The Assurance Statement on non-financial reporting is given on page 287.
The precautionary principle is applied by the Company in relation to its social and environmental sustainability. Being mindful of the impact of its actions, necessary measures have been taken to mitigate the risks caused to society and environment. These are detailed under Social and Environmental Capital on page 106.
The financial information has been prepared in accordance with the Sri Lanka Accounting Standards (SLFRS/LKAS) issued by The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). The reported financial and non-financial information complies with all the laws applicable, in particular with the Companies Act No. 07 of 2007, the Regulation of Insurance Industry Act No. 43 of 2000 and Rules and Regulations issued by the Insurance Board of Sri Lanka (IBSL).
There were no restatements of information of the previous year’s Annual Report. In preparation of this report, we have drawn on the concepts and principles of the GRI G4 Sustainability Reporting Guidelines (www.globalreporting.org) under the core criteria option, the International Integrated Reporting Framework (www.theiirc.org) and the Smart Integrated Reporting Methodology™.
For governance-related matters, where applicable, the Company voluntarily complies with the Code of Best Practice on Corporate Governance issued jointly by The Institute of Chartered Accountants of Sri Lanka and the Securities and Exchange Commission of Sri Lanka.
We welcome your comments on this Report. Please contact our Company Secretarial Department:
Ms. Chalana Waidyasekara