Q: What was the purpose behind Ceylinco Life shifting focus to going green as a life insurance company?

A: At Ceylinco Life, our commitment to sustainability is deeply rooted in our long-term values, aligning with both customer expectations and the global trend towards environmental responsibility.

Recognising our role as a corporate citizen, we have adopted a comprehensive environmental strategy that not only enhances resilience against risks but also meets the growing demand for sustainable practices from customers, investors and regulators.

Our organisation has launched numerous green initiatives through the Ceylinco Life Green Club. In 2023, we undertook a reforestation project across 10 acres within the Rajawaka Forest Conservation area, investing Rs. 6 million to combat climate change and reduce greenhouse gas emissions.

Additionally, we conducted two beach cleanup projects – the first in 2023 at Crow Island Beach Park with 90 employees and a successful second cleanup at Jaffna’s Akkarai Beach was held recently. At Akkarai, we planted Casuarina saplings as part of a new initiative in line with this project.

We have also made significant strides in green infrastructure with 29 green compliant buildings and a 511 million rupee investment in 2023 to open four more such buildings.

The shift towards digitalisation, accelerated by the pandemic, has reduced our stationery use, thereby saving a substantial figure of Rs. 5.1 million within the first eight months of this year in comparison to 2023.

Looking ahead, we plan to digitalise our life insurance policy documents in line with Ceylinco Life’s environmental, social and governance (ESG) policy framework, developed in line with the new sustainability related accounting standards S1 and S2.

Ceylinco Life also became the first life insurer to invest two billion rupees in the country’s first ever issued listed green bond from DFCC Bank, acting as the anchor investor. This investment supports green projects while ensuring returns, and we make sure that all our investments and stakeholders adhere to environmentally sustainable practices.

In comparison to 2022, our carbon footprint achieved a 9.3 percent reduction in emissions in 2023. And we will continue to prioritise sustainability projects to achieve our long-term carbon credit goals.

Through our Green Club, we also introduced the Environmentally Sustainable Championship, an annual award recognising employees who achieve notable energy and water savings in their household bills.

Q: And what were some of the core objectives driving the decision?

A: Our focus on environmental sustainability is driven by customer preferences, as prospective customers increasingly favour organisations that are environmentally conscious. Key objectives include raising stakeholder awareness about our approach to sustainability, habitat conservation, reforestation, water and energy conservation, and practising the 7Rs – refuse, reduce, reuse, repair, recycle, regift and rethink.

Since its inception in 2016, Ceylinco Life’s Green Club – comprising 22 members – has actively engaged employees and provided valuable insights into the environmental attitudes of staff across various age groups, helping us align with global trends.

To achieve zero carbon emissions, the organisation has set up an environmental protection fund. Our long-term objectives include transforming into a plastic and polythene free workplace, becoming a zero carbon entity through reforestation, implementing paperless insurance proposals through e-submissions, and achieving sustainable business expansion and development.

Q: How does being green benefit both internal and external stakeholders?

A: Adopting environmentally sustainable practices provides numerous benefits for both internal and external stakeholders.

Internally, it has fostered a healthier work environment, boosted employee morale, enhanced retention and skill development, and helped us achieve Rs. 136 million in cost savings in 2023.

Our compliance with environmental laws as well as customer preferences for green initiatives have positively impacted our brand image. In 2023, Ceylinco Life won the accolade for being the best in the Finance Services and Insurance category at the Association of Chartered Certified Accountants (ACCA) Sri Lanka Sustainability Reporting Awards 2023, underscoring our dedication to sustainability. We anticipate that these benefits will extend to the community by reducing pollution, conserving resources, promoting biodiversity, contributing to a healthier environment and creating jobs in sustainable industries.

Q: And finally, how does Ceylinco Life intend on furthering its sustainability initiatives in future?

A: Ceylinco Life will continue advancing our sustainability efforts through the Green Club, which includes ongoing activities such as measuring our carbon footprint and installing solar roofs across our buildings.

We will persist in encouraging employee involvement in sustainable practices, and actively engaging policy makers and opinion leaders in our public initiatives.

Our commitment to the ethical disposal of e-waste is demonstrated by our recycling of over 2,700 kilogrammes since 2020, earning us green certificates for these efforts.

Our green buildings have generated 1,001 MWh of solar power and we have harvested 2.9 million litres of rainwater with an additional 1.1 million litres recycled internally.

Embracing a green approach has energised our insurance sales staff and employees, fostering a sense of belonging to a responsible corporate culture. Many staff members involve their families in our events, reflecting proactive participation.

– Compiled by Nirmali Ameresekere

 

COMPANY DETAILS

Telephone: 2461461 | Email: care@ceylife.lk | Website: www.ceylincolife.com