SANASA LIFE INSURANCE
RANK 99
“With Sri Lanka’s economy regaining momentum, we view the current environment as a positive catalyst for future expansion”
Chief Executive Officer
Q: What long-term strategic priorities will enable your company to stay ahead of Sri Lanka’s rapidly evolving financial landscape?
A: Sustained organisational growth depends on a company’s ability to adapt to changing market realities. With Sri Lanka’s economy regaining momentum, we view the current environment as a positive catalyst for future expansion. SANASA Life Insurance remains committed to outperforming each preceding year by continuously unlocking new opportunities for progress.
A core pillar of our long-term strategy is broadening financial inclusion. We focus on underserved and previously overlooked market segments that may not have been prioritised by traditionally operating insurers. This approach allows us to deliver accessible and meaningful protection to more Sri Lankans while strengthening our business foundation.
Technology and operational excellence also play a vital role in our future readiness. By advancing digital transformation, enhancing efficiency and leveraging data driven insights, we are improving both agility and decision making across the organisation.
At the same time, innovation remains central to our product philosophy. We are dedicated to designing differentiated insurance solutions that reflect the evolving risks, aspirations and lifestyles of our customers.
Above all, our people are our greatest asset. With a strong islandwide presence of over 130 branches, our dedicated teams continue to deepen customer relationships and elevate service standards. Their commitment ensures high customer satisfaction and enables us to meet – and exceed – the expectations of both current and prospective policyholders.
Q: What key challenges does SANASA Life encounter in the corporate sector as it navigates Sri Lanka’s current economic transition?
A: Life insurance plays an essential role in protecting families from financial hardship, particularly when the primary income earner is no longer present. Yet, despite this well-established value, Sri Lanka continues to experience relatively low life insurance penetration and limited awareness of its long-term benefits.
Only around 15 percent of the population currently holds life insurance, which poses a major challenge to sector growth. For SANASA Life Insurance, closing this gap is a top priority. We remain committed to educating communities about financial protection and expanding access to meaningful coverage.
In addition, the broader macroeconomic and regulatory landscape continues to introduce uncertainties. High inflation, elevated interest rates and currency fluctuations have a direct impact on customer affordability, premium structures and investment returns. Navigating these market pressures while maintaining stability and high customer value is a delicate balance requiring constant strategic alignment.
Expanding our presence in the corporate segment presents further challenges. Unlike retail insurance, corporate insurance demands different distribution strategies, specialised sales competencies and products that address complex organisational needs. As we scale, strengthening our corporate acquisition channels and developing tailored solutions remain key focus areas.
Operationally, rapid growth also requires ongoing investment in talent and infrastructure. While our expanding islandwide branch network enhances accessibility, it also increases the need for trained personnel capable of delivering exceptional service.
While some challenges stem from external economic forces, those within our control are being addressed proactively. Through targeted awareness efforts, innovation and organisational capability building, SANASA Life Insurance is strategically positioning itself for long-term resilience and leadership in the corporate sector.
Q: What key trends are shaping the future of the life insurance sector?
A: The life insurance sector continues to demonstrate strong growth potential, particularly in markets where penetration remains low. Sri Lanka is a clear example with life insurance penetration at approximately 0.61 percent of GDP in 2024, one of the lowest rates in Asia. This indicates a substantial untapped market, signalling a major opportunity for insurers to expand awareness, accessibility and financial inclusion.
A second defining trend is the ongoing digital transformation within the sector. Technology has revolutionised core functions such as underwriting, distribution and customer service. Data driven tools, automation and digital onboarding have significantly enhanced efficiency – enabling faster processing times, reduced operational costs and improved customer experiences.
Advanced capabilities such as AI, machine learning and big data analytics now allow companies to deliver more personalised solutions while strengthening risk assessment. Digital ecosystems are becoming indispensable, particularly as regulatory frameworks increasingly support digital distribution and microinsurance adoption.
Product preferences are also evolving. While endowment and whole life policies remain important, there is a clear shift toward protection focussed products that offer pure risk coverage. Growing consumer awareness, coupled with recognition of the financial vulnerability families face during life’s uncertainties, is influencing this trend.
Broader demographic and socioeconomic dynamics are further shaping demand. An expanding middle class, rising disposable incomes and a progressively ageing population across emerging markets are driving the need for comprehensive financial protection and long-term health security.
Q: What key challenges does SANASA Life Insurance face and how is the company addressing them?
A: We understand both operational realities and the evolving needs of our customers. Challenges are not setbacks for us – they are catalysts for innovation and progress.
One of the most significant sector wide challenges is Sri Lanka’s low life insurance penetration and limited consumer awareness with many families remaining financially unprotected. To address this gap, we have intensified awareness initiatives and introduced accessible solutions tailored to underserved segments.
A notable success is our pioneering daily premium collection scheme, designed especially for small-scale business owners. By converting monthly premiums into small daily payments of around Rs. 100, this model has made insurance more affordable and encouraged consistent protection among low income earners.
To strengthen engagement and awareness, we recently launched Heenalanthaya, the largest consumer promotion in SANASA Life’s history. Running from September 2025 to August 2026, it offers monthly, quarterly and grand prizes including international travel – creating added incentive for families to adopt and continue life insurance coverage.
Digital transformation represents another challenge turned opportunity. We are strategically investing in technology to elevate operational efficiency, customer convenience and decision making.
Through digital onboarding, mobile based premium collections, automated receipting and GPS enabled field monitoring, our processes are now faster, more transparent and increasingly customer friendly.
Q: Has SANASA Life Insurance integrated environmental, social and corporate governance (ESG) standards into its operations?
A: Yes, we have firmly embedded ESG principles into our corporate framework and reporting practices. SANASA Life issued fully integrated reports for both 2023 and 2024, incorporating nonfinancial information covering economic performance, as well as environmental, social and corporate governance impacts, along with year on year comparisons.
ESG is reinforced through a board approved policy on environmental, social and corporate governance sustainability, implemented across all branches and operational levels. This demonstrates that ESG is systematically embedded in strategy and decision making rather than being an ad hoc initiative.
We also highlight our ongoing efforts to align with international sustainability standards – particularly SLFRS S1 and SLFRS S2, issued by the International Sustainability Standards Board (ISSB) – which will strengthen our climate related and sustainability linked financial reporting.
Our progress is already being externally recognised. SANASA Life received the Sustainable Brand of the Year 2023 award in Mumbai for its sustainability achievements.
Additionally, being certified a Great Place To Work in 2024 affirms our focus on employee wellbeing, ethical governance and positive workplace culture – key elements within the social and governance pillars of ESG.
The company also prioritises social inclusion through market outreach and micro-insurance initiatives that extend protection to rural and underserved communities.
While environmental disclosures are still developing as is typical within the life insurance sector, SANASA Life has begun formal reporting in this area, marking a proactive step toward a more comprehensive sustainability agenda.
Together, these initiatives demonstrate that ESG is a strategic priority, shaping SANASA Life’s role as a responsible and forward-looking insurer in Sri Lanka.
Telephone 2002021 | Email info@sicl.lk | Website www.sicl.lk
