CHIEF EXECUTIVE OFFICER’S AND CHIEF FINANCIAL OFFICER’S STATEMENT

The Financial Statements of Ceylinco Life Insurance Limited as at 31 December 2024 are prepared and presented in conformity with the requirements of the following:

▶ Sri Lanka Accounting Standards (SLFRS/LKAS) issued by The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka);

▶ Companies Act No. 07 of 2007 and amendments thereto;

▶ Regulation of Insurance Industry Act No.43 of 2000 (as amended) ;

▶ Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995;

▶ SEC and CSE regulations pertaining to Corporate Governance and the functions of the Audit Committee.

The Accounting Policies used in preparation of the Financial Statements are appropriate and consistently applied, except unless otherwise stated in the Notes accompanying the Financial Statements. There are no deviations from the prescribed Accounting Standards in their adoption. Comparative information has been re-classified whenever necessary to comply with the current presentation. Application of Significant Accounting Policies and estimates that involve a high degree of judgement and complexity were discussed with the members of the Board Audit Committee and External Auditors.

We confirm that to the best of our knowledge, the Financial Statements, Significant Accounting Policies and other financial information included in this Annual Report, fairly present in all material respects the financial position, results of the operations and the Cash Flows of the Company during the year under review. The estimates and judgements relating to the financial statements were made on a prudent and reasonable basis. We also confirm that the Company has adequate resources to continue in operation and have applied the Going Concern basis in preparing these Financial Statements.

In order to ensure this, the Company has taken proper and adequate care in installing a system of internal control and accounting records, which are reviewed, evaluated and updated on an-ongoing basis.

All accounting controls are continuously updated to ensure prudence and completeness, prevention and detection of fraud and other irregularities. This ensures accounting records are free from error and omission. The internal control system in place functions properly and it is regularly evaluated. All procedure manuals are updated whenever necessary and are accessible to all the staff.

The Internal Auditors of the Company have conducted periodic audits to provide reasonable assurance that the established policies and procedures of the Company have been consistently followed. However, there are inherent limitations that should be recognised in weighing the assurances provided by any system of internal controls and accounting.

The Financial Statements of the Company as at 31st December 2024 were audited by Messrs. Ernst & Young and their Report is given on pages 273 to 274.

The Audit Committee of the Company meets on a quarterly basis. Internal Auditors and the External Auditors join the meeting on invitation when necessary to review the manner in which these Auditors execute their audit procedures and to discuss major variations or observations, internal control and reporting issues. To ensure complete independence, the Independent External Auditors and the Internal Auditors have full and free access to the members of the Board Audit Committee to discuss any matters of substance.

We confirm that to the best of our knowledge:

▶ The Company has complied with all applicable laws, regulations and prudential requirements;

▶ There are no material noncompliances; and

▶ There is no material litigation that is pending against the Company.

E T L Ranasinghe

Managing Director/ Chief Executive Officer

P A Jayawardena

Senior Executive Director/ Chief Financial Officer

20th February 2025
Colombo