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Annual Report 2018

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TRANSFORMATION AN ERA UNFOLDING Sri Lanka Insurance Corporation Ltd. Annual Report 2018 SLIC is moving along a trajectory of change and transformation anchored by a comprehensive three-year strategic plan. Across policy, process and infrastructure, we are evolving in step with the times and customer expectations, continuing to lay claim to our leadership positioning in the insurance industry. Sri Lanka Insurance Corporation Ltd. Annual Report 2018 1 CONTENTS SRI LANKA INSURANCE CORPORATION FINANCIAL REPORTS 4 – About this Report 104 – Annual Report of the Board of Directors of the Company 5 – About Sri Lanka Insurance Corporation 108 – Statement of Directors’ Responsibility 8 – Highlights 109 – Chief Financial Officer’s Statement of Responsibility 10 – Message from the Chairman 110 – Certificate of Actuary of the Insurer 12 – Managing Director’s Review 111 – Liability Adequacy Test 16 – Chief Executive Officer‘s Review 112 – Certificate of Incurred But Not (Enough) Reported Claims 113 – Independent Auditors’ Report STRATEGIC REPORT 116 – Statement of Financial Position 20 – Operating Environment 118 – Statement of Profit or Loss and Other Comprehensive Income 22 – Strategy 120 – Statement of Changes in Equity 24 – Business Model 126 – Statement of Cash Flows 26 – Stakeholders 128 – Segmental Review: Statement of Income 28 – Materiality 130 – Segmental Review: Statement of Financial Position 132 – Notes to the Financial Statements MANAGEMENT DISCUSSION AND ANALYSIS – Financial Capital 30 SUPPLEMENTARY INFORMATION 39 – Institutional Capital – Statement of Financial Position of the Life Insurance 44 – Customer Capital 252 – Notes to The Financial Statements – Life Insurance Fund 51 – Business Partner Capital 253 – Ten Year Summary 52 – Employee Capital 264 – Branch Network 60 – Social and Environmental Capital 268 274 – GRI Content Index 278 – Notice of Annual General Meeting GOVERNANCE AND INTERNAL CONTROLS 64 – Board of Directors Enclosed – Form of Proxy 67 – Leadership Team Inner Back Cover – Corporate Information 81 – Corporate Governance Report 85 – Audit and Compliance Committee Report 87 – Statement of Internal Control 89 – Investment Committee Report 91 – Risk Management Sri Lanka Insurance Corporation Ltd. Annual Report 2018 SRI LANKA INSURANCE CORPORATION 4 – About this Report 5 – About Sri Lanka Insurance Corporation 8 – Highlights 10 – Message from the Chairman 12 – Managing Director’s Review 16 – Chief Executive Officer‘s Review Sri Lanka Insurance Corporation Ltd. Annual Report 2018 3 SRI LANKA INSURANCE CORPORATION ABOUT THIS REPORT This Integrated Annual Report serves as a disclosure of the PRECAUTIONARY PRINCIPLE strategies, governance, performance, and prospects for SLIC applies a stringent precautionary principle with regards Sri Lanka Insurance Corporation and how they help to create to social and environmental sustainability. We recognise sustainable value within our operating environment. the impact that our operations can have on the society and environment we operate in, and take all necessary actions REPORT BOUNDARY AND COMPLIANCE and precautions to address and minimise such risks. This Annual Report for Sri Lanka Insurance Corporation covers the 12-month period from 1 January 2018 to 31 December QUERIES 2018. The overall boundary of this Annual Report comprises We welcome your comments and questions about this Report. Sri Lanka Insurance Corporation and its subsidiaries, identified as “SLIC” or “Company” individually and “Group” collectively. B A Ruwani Dharmawardana, Respective entities are identified where applicable. Company Secretary/DGM – Compliance SLIC’s business is comprised two principal segments: Sri Lanka Insurance Corporation Ltd. General Insurance and Life Insurance. The two segments “Rakshana Mandiraya”, are treated and identified separately or as part of the No. 21, Vauxhall Street, Colombo 02. overall business where appropriate and identified as such. Phone: +94 11 235 7741 The information contained herein is in compliance with all applicable laws, regulations, and standards. In preparing this Report, we have drawn on concepts, principles, and guidance given in the following where applicable: y Global Reporting Initiative (GRI) Sustainability Reporting Guidelines GRI Standards y International Integrated Reporting Framework (IIRC) y Smart Integrated Reporting Methodology™ 4 Sri Lanka Insurance Corporation Ltd. Annual Report 2018 ABOUT SRI LANKA ABOUT SRI LANKA INSURANCE Corporation INSURANCE CORPORATION Sri Lanka Insurance Corporation (SLIC) is the pioneering insurer in Sri Lanka, boasting the most experienced technical knowledge base in the country. The financial stability and strong reinsurance arrangements have led to many SRI LANKA INSURANCE CORPORATION historical milestones being achieved in the Sri Lankan insurance sector, such as the largest claim ever paid of LKR 39.5 Bn. and the largest bonus ever declared to its policyholders of LKR 7.6 Bn. SLIC’s total assets are worth LKR 199 Bn. and in the Sri Lankan insurance sector, accounts for the largest Shareholders’ Fund of LKR 61.0 Bn. and the highest Life Fund of LKR 105 Bn. Today, SLIC serves the people of Sri Lanka with expertise and several decades of trust. What do we aspire to be? Why are we in business? Our Vision Our Mission y To be the Nation’s first choice y We provide risk protection and for Risk Protection and life investment optimisation, Life Investment Optimisation that will deliver value to our customers y Through a team of committed professionals, whose contribution we recognise and value y Leading to superior shareholder value, whilst being a responsible corporate citizen Sri Lanka Insurance Corporation Ltd. Annual Report 2018 5 ABOUT SRI LANKA INSURANCE Corporation SLIC GROUP As at the end of December 2018, the Government of Sri Lanka was the majority stakeholder of SLIC, holding 99.97% of shares of the Company vested with the Secretary to the Treasury, SRI LANKA INSURANCE CORPORATION on behalf of the Government of Sri Lanka. THE SLIC GROUP STRUCTURE Sri Lanka Insurance Corporation Ltd. The Lanka Hospitals Litro Gas Lanka Ltd. Litro Gas Terminal Corporation PLC Lanka (Pvt) Ltd. 54.61% 99.94% 100% SLIC is the largest SLIC is the primary Litro Gas Terminal is a shareholder of Lanka shareholder of Litro fully-owned subsidiary Hospitals with 54.61% Gas Lanka with of SLIC and is involved of shares. Lanka 99.94% shareholding. in storing LP Gas for Hospitals is a public Litro Gas Lanka domestic, commercial quoted company is the leading LP and bulk customers. involved in providing Gas importer and healthcare services to distributor in Sri Lanka. the public. Lanka Hospitals Diagnostics (Pvt) Ltd. 100% 6 Sri Lanka Insurance Corporation Ltd. Annual Report 2018 ABOUT SRI LANKA INSURANCE Corporation The SLIC Group encompasses three fully-owned subsidiaries and three partially-owned subsidiaries. The fully-owned subsidiaries of the Group are Litro Gas Terminal Lanka (Pvt) Ltd., Canowin Hotels and Spas (Pvt) Ltd., and Management Services Rakshana (Pvt) Ltd. The SRI LANKA INSURANCE CORPORATION partially-owned subsidiaries are Litro Gas Lanka Ltd. (99.94% ownership), The Lanka Hospitals Corporation PLC (54.61% ownership), and Canwill Holdings (Pvt) Ltd. (45.95% shareholding). Canowin Hotels and Canwill Holdings Management Services Spas (Pvt) Ltd. (Pvt) Ltd. Rakshana (Pvt) Ltd. 100% 45.95% 100% A fully-owned SLIC has a 45.95% Management subsidiary of SLIC, stake in Canwill Services Rakshana was the Company owns Holdings (Pvt) Ltd., set up as a fully-owned and manages the which is in the subsidiary to provide rest-stop facility on the business of managing/ payroll management Southern Expressway investing in hotel services for SLIC and that provides projects. is not involved in miscellaneous services the provision of any to commuters who use services or products the Expressway. for the external market or external parties. Sinolanka Hotels & Helanco Hotels & Spa (Pvt) Ltd. Spa (Pvt) Ltd. 100% 100% Sri Lanka Insurance Corporation Ltd. Annual Report 2018 7 HIGHLIGHTS 2018 2017 LKR Mn. LKR Mn. Results for the year Total revenue 44,380 39,399 Gross written premium 31,738 31,437 Net earned premiums 28,004 25,937 SRI LANKA INSURANCE CORPORATION Investment and other income 16,375 13,462 Profit before tax (PBT) 7,150 5,890 Profit after tax (PAT) 5,245 4,569 Benefits/Claims, operating, admin and other expenses 29,147 25,835 General Insurance General Insurance Fund 17,806 17,128 Net claim ratio 66 66.9 Expense ratio 30 28.3 Life Insurance Life Insurance Fund 105,459 98,580 Expense ratio 51 46 Face value bonus 7,697 6,830 TOTAL ASSETS 2018 2017 LKR 199,272 Mn. LKR 190,543 Mn. FITCH RATING TOTAL REVENUE 2018 2017 2018 2017 AA+(lka) AA+(lka) LKR 44,380 Mn. LKR 39,399 Mn. PBT GWP 2018 2017 2018 2017 LKR 7,150 Mn. LKR 5,890 Mn. LKR 31,738 Mn. LKR 31,437 Mn. BONUS DECLARED LIFE FUND 2018 2017 2018 2017 LKR 7,697 Mn. LKR 6,830 Mn. LKR 105,459 Mn. LKR 98,580 Mn. 8 Sri Lanka Insurance Corporation Ltd. Annual Report 2018 HIGHLIGHTS SRI LANKA INSURANCE CORPORATION Three year strategy plan will help to position SLIC for future success SLIC serves over 1.7 million policyholders and growing SLIC launched a fresh new corporate identity in late 2018 Awarded Commendation Certificate for second consecutive year at National Quality Awards New B-Connect app connects SLIC advisors across all channels Ranked among Top and departments to better Five Most Loved serve customers Brands in Sri Lanka in 2018 Brands Annual LKR 24.3 Mn. invested in staff training and development Redesigned SLIC Web Portal puts SLIC's services at customers' fingertips Sri Lanka Insurance Corporation Ltd. Annual Report 2018 9 MESSAGE FROM THE CHAIRMAN MESSAGE SRI LANKA INSURANCE CORPORATION FROM THE CHAIRMAN 10 Sri Lanka Insurance Corporation Ltd. Annual Report 2018 MESSAGE FROM THE CHAIRMAN It gives me immense pleasure to assume duties as Chairman of Sri Lanka Insurance Corporation. I am aware of the onerous We have all the elements in responsibilities that come along with the appointment for place to be a true market providing leadership to the Board in setting the Company’s direction and strategy.
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