Ceylinco Life’s products are designed to cater to a wide range of customer preferences and their evolving needs. The Company continues to develop new products and features to align with emerging needs. The organisation also aligns its portfolio with niche markets to ensure a competitive edge is maintained.

During the year, amid uncertainties in the market and the rising cost of healthcare, the focus was primarily on short-term policies and health-linked life insurance policies such as Medical Saver. The Company also provides solutions for those seeking long-term financial security and stability, with children’s insurance and education plans (Degree Saver/ Sipsetha), while retirement and pension plans (Pension saver/CRA) cater to the needs of an aging population.

As an organisation focused on inclusion and diversity, Ceylinco Life offers insurance solutions for largely untapped or emerging markets. For instance, micro insurance policies such as Pradeepa offer affordable, simplified insurance policies tailored to rural and underserved segments to provide basic financial protection. Similarly, with the aim of empowering women, the organisation offers Saubhagya, a women’s insurance plan designed with benefits for maternity care, women-specific health risks, and child education planning.

The impact of Sri Lanka’s economic crisis, inflation, and currency fluctuations continued to affect policyholder affordability and investment returns. Taxation and compliance requirements, in addition to the adoption of new standards such as SLFRS 17 SLFRS 09 impacts to the industry, underscored by stringent regulatory scrutiny regarding product pricing and policyholder protection, and Risk-Based Capital (RBC) requirements. Additionally,global inflation and risk factors have led to higher reinsurance costs for local insurers.

At present, life insurance penetration remains below regional averages amounting to approximately 0.6% of GDP, requiring increased awareness and accessibility. In response, Ceylinco Life conducts annual campaigns during life insurance week, and commenced outreach programmes to educate future generations on the importance of life insurance.

The organisation relied on a range of strategies encompassing digital transformation, enhancing the customer experience, and brand building and marketing. These collective strategies ensured that customers remained at the heart of Ceylinco Life’s decision making, while driving superior value to policyholders.

Ceylinco Life engaged in sales channel expansion via a hybrid distribution model that is built on digital and physical channels, strengthened by the launch of new distribution methods such as digital sales teams.

A longstanding reputation for trust is a vital component of strategy, and the Company therefore engaged in wide-ranging CSR programmes that contribute to social causes, such as health, education, and environmental protection, to foster goodwill and strengthen brand reputation. As in the past, the Company also maintained a robust financial position, which serves to instills trust and confidence among customers.

With a growing focus on the Gen-Z population, there are increased opportunities to build brand visibility, and strengthen brand popularity. Furthermore, with the migration of skilled workers, it is integral for insurance companies to focus on talent development and engagement.

In order to keep the pace with the changing landscape, and maintain customer loyalty, the highest standards of operational excellence, customer centricity and digital transformation will be key growth enablers in the year ahead.