LMD Readers’

MOST LOVED BRANDS

Q: Please provide the brand’s history and the progress it achieved in the last 12 months or so…

A: Enjoying a legacy that has come down to the present time over six decades, Sri Lanka Insurance has been the pioneer insurance solutions provider in the country. With the largest asset base and life fund, Sri Lanka Insurance Life stands out from its competition in terms of financial strength and stability.

As mandated by the Insurance Regulatory Commission’s Regulation of Insurance Industry (Amendment) Act, No. 3 of 2011, the brand has segregated the business into Sri Lanka Insurance Life and Sri Lanka Insurance General. This long overdue step for the growth of the organisation was officially taken on 1 February 2024.

However, we have been functioning as distinctive entities with separate profit and loss statements, and financial operations, as well as a strategic focus since 2018.

This legal segregation allows us to have a more focussed execution of the life insurance business strategies, ensuring enhanced efficiency and effectiveness in serving our life insurance customers.

Life insurance penetration in Sri Lanka is less than one percent, which is much lower than the regional life insurance penetration rate. And it is a clear indication that ample growth potential exists.

As for Sri Lanka Insurance Life, we are in the business of providing insurance solutions for all Sri Lankans; and today, we are a household brand in the country.

Q: How is Sri Lanka’s economic outlook impacting branding and brands in general?

A: At present, we see reasonable stabilisation of the economy; and as a result of this, businesses are also getting back on track. This is reflected in brands and their branding activities as they maintain their marketing spend and presence, in both traditional and digital media.

Against a backdrop of economic and legal reforms, political risk and the forthcoming elections, it is imperative that businesses navigate uncertainties with caution, ensuring that their messaging resonates with consumers all over the country.

As representatives of the business community in Sri Lanka, we have been resilient through all these types of situations – and it is all about adapting to such changes, which is crucial for brands to maintain their relevance, as well as enjoy consumer trust in Sri Lanka’s ever evol­ving market.
Q: In what ways should organisations maintain a balance between investments, innovation and financial performance – especially against the backdrop of the prevailing business environment?

A: Achieving a balance between investments, innovation and financial performance is imperative for sustained success. We prioritise prudent management of our investments that align with our long-term vision while remaining agile and adapt to the ever evolving business landscape.

As a result of this, Sri Lanka Insurance Life was able to increase its life fund to more than Rs. 180 billion in 2023.

Innovation is ingrained in our culture, driving us to continuously enhance our offerings to meet customer needs and stay ahead of the competition.

However, we are very vigilant about maintaining a strong financial performance, leveraging data driven insights to make informed decisions and ensuring sustainability.

Despite the numerous challenges that we faced in 2023, Sri Lanka Insurance Life was able to post a profit before tax of Rs. 5.3 billion, demonstrating its strong financial footing in the financial services industry.

In essence, Sri Lanka Insurance Life aims to strike a harmonious balance by allocating resources wisely, fostering innovation and delivering strong financial results, to drive growth and create value for all our stakeholders.

Q: How is your business infusing social responsibility into the brand?

A: As an insurance service provider, we are not merely here to sell insurance but protect the lives of all citizens in the country. We are here to engage in a social cause on a broader scale.

It is a responsibility we have taken to protect our customers and the trust we have built over the years, which reflects in our over 60 year longstanding brand.

Our CSR strategy focusses on children’s education, community development and safeguarding the Sri Lankan culture for future generations.

We have conducted numerous activities over the years under each of these pillars, which demonstrate greater empathy towards the larger community of all citizens in Sri Lanka while keeping to our brand promise: ‘Like a Father, Like a Mother.’ 

Telephone: 2357357 | Email: email@srilankainsurance.com | Website: www.srilankainsurance.com