Union Assurance PLC A COLLECTIVE PASSION CONDENSED INTERIM FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER

Transcription

1 Union Assurance PLC A COLLECTIVE PASSION CONDENSED INTERIM FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2013

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3 STATEMENT OF FINANCIAL POSITION As at 31 December Note Rs. 000 Rs. 000 Assets Financial investments 10 24,297,498 20,802,309 Property, plant and equipment 1,454,973 1,318,225 Loans to life policyholders 515, ,688 Reinsurance receivables 502, ,627 Premium receivables 1,844,831 1,459,440 Receivables and other assets 1,087,585 1,055,006 Deferred acquisition cost 149, ,097 Cash and cash equivalents 466, ,634 Total assets 30,318,740 25,883,026 Equity and liabilities Equity Stated capital 1,138,433 1,133,305 Reserves 829, ,830 Retained earnings 3,149,766 2,454,923 Total equity 5,117,293 4,309,058 Liabilities Insurance contract liabilities - Life 11 17,518,016 15,356,340 Insurance contract liabilities - Unit linked 1,807,137 1,143,546 Insurance contract liabilities - Non life 3,440,249 3,200,838 Reinsurance payables 764, ,394 Deferred revenue 109,402 96,904 Employee benefits 186, ,572 Other liabilities 1,135, ,381 Current tax liabilities 59,199 87,907 Deferred tax liabilities 25,371 28,161 Bank overdraft 155,824 82,925 Total liabilities 25,201,447 21,573,968 Total equity and liabilities 30,318,740 25,883,026 The notes form an integral part of these interim financial statements. I certify that the above financial statements comply with the requirements of the Companies Act No. 7 of Sherin Cader Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed on behalf of the Board Ajit D. Gunewardene Chairman A. S. De Zoysa Director Colombo 25 February Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

4 STATEMENT OF INCOME For the year ended 31 December Change Note Rs. 000 Rs. 000 % Gross written premium 5 10,906,775 9,732, Net change in reserve for unearned premium (833,171) (218,231) 282 Gross earned premium 10,073,604 9,514,525 6 Premium ceded to reinsurers (1,536,723) (1,161,873) 32 Net change in reserve for unearned reinsurance premium 689,974 32,488 2,024 Net earned premium 9,226,855 8,385, Other revenue Net investment income 2,635,623 2,255, Net realised gains / (losses) 31,724 (53,874) 159 Net fair value gains 44,609 28, Other operating income 133, , ,845,320 2,333, Total net revenue 6 12,072,175 10,718, Benefits, losses and expenses Net benefits and claims (6,775,505) (5,892,875) 15 Underwriting and net acquisition costs (including reinsurance) (1,213,921) (1,169,233) 4 Other operating and administrative expenses (2,745,830) (2,504,658) 10 Depreciation on property, plant and equipment (154,315) (143,347) 8 Total benefits, losses and expenses (10,889,571) (9,710,113) 12 Profit before tax 7 1,182,604 1,008, Income tax expense 8 (59,199) (86,984) (32) Profit for the year attributable to equity holders of the company 1,123, , Earnings per share Basic (Rs.) Diluted (Rs.) Dividend per share (Rs.) The notes form an integral part of these interim financial statements. 2 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

5 STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December Rs. 000 Rs. 000 Profit for the year 1,123, ,268 Other comprehensive income, net of income tax Fair value reserve (available for sale financial assets) Net change in fair value of available for sale financial assets 4,746 (82,662) Net change in fair value of available for sale financial assets transferred to the statement of income 28-4,774 (82,662) Net change in liabilities of insurance contracts arising from fair value changes in available for sale financial assets 3,364 (126,196) Net change in fair value of available for sale financial assets of insurance liabilities transferred to the statement of income (1,612) (20,438) 1,752 (146,634) 6,526 (229,296) Net gain on revaluation of land and buildings 105,037 - Income tax effect on revaluation 2, ,827 - Actuarial loss on defined benefit plan (4,585) - (4,585) - Other comprehensive income for the year, net of income tax 109,768 (229,296) Total comprehensive income attributable to the equity holders 1,233, ,972 The notes form an integral part of these interim financial statements. 3 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

6 STATEMENT OF INCOME For the three months ended 31 December Change Rs. 000 Rs. 000 % Gross written premium 3,184,728 2,707, Net change in reserve for unearned premium (329,642) (192,508) 71 Gross earned premium 2,855,086 2,515, Premium ceded to reinsurers (603,528) (291,219) 107 Net change in reserve for unearned reinsurance premium 299,409 28, Net earned premium 2,550,967 2,252, Other revenue Net investment income 699, , Net realised gains / (losses) 4,731 42,615 (89) Net fair value gains / (losses) 56,091 (129,774) 143 Other operating income 41,392 33, , , Total net revenue 3,353,133 2,775, Benefits, losses and expenses Net benefits and claims (1,268,044) (909,435) 39 Underwriting and net acquisition costs (including reinsurance) (328,403) (316,946) 4 Other operating and administrative expenses (861,099) (772,272) 12 Depreciation on property, plant and equipment (40,685) (37,624) 8 Total benefits, losses and expenses (2,498,231) (2,036,277) 23 Profit before tax 854, , Income tax expense (22,757) (40,206) (43) Profit for the year attributable to equity holders of the Company 832, , Earnings per share Basic (Rs.) Diluted (Rs.) The notes form an integral part of these condensed interim financial statements. 4 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

7 STATEMENT OF COMPREHENSIVE INCOME For the three months ended 31 December Rs. 000 Rs. 000 Profit for the year 832, ,563 Other comprehensive income, net of income tax Fair value reserve (available for sale financial assets) Net change in fair value of available for sale financial assets 7,714 2,277 Net change in fair value of available for sale financial assets transferred to the statement of income - - 7,714 2,277 Net change in liabilities of insurance contracts arising from fair value changes in available for sale financial assets 15,662 16,878 Net change in fair value of available for sale financial assets of insurance liabilities transferred to the statement of income - (23,313) 15,662 (6,435) Net change in liabilities of insurance contracts arising from revaluation of land and buildings 105,037 - Income tax effect on revaluation 2, ,827 - Actuarial gain loss on defined benefit plan (4,585) - (4,585) - Other comprehensive income for the year, net of income tax 126,618 (4,158) Total comprehensive income attributable to the equity holders 958, ,405 The notes form an integral part of these condensed interim financial statements. 5 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

8 STATEMENT OF CHANGES IN EQUITY Reserves Other Reserves For the year ended 31 December Stated Revaluation Reserve on Available Other Retained Total capital reserve merger for sale capital earnings reserves Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 As at 1 January , ,304 16, ,138-1,903,587 3,247,214 Profit for the year , ,268 Other comprehensive income for the year Net change in fair value of available for sale financial assets (82,662) - - (82,662) Net change in liabilities of insurance contracts arising from fair value changes in available for sale financial assets (146,634) - - (146,634) Transfer from revaluation reserve to retained earnings - (5,068) ,068 - Total other comprehensive income, net of income tax - (5,068) - (229,296) - 5,068 (229,296) Total comprehensive income for the year, net of income tax - (5,068) - (229,296) - 926, ,972 Transactions with owners, recorded directly in equity Issue of share capital 744, ,872 First and final dividend (375,000) (375,000) Total contribution by and distribution to owners 744, (375,000) 369,872 Balance as at 31 December ,133, ,236 16,752 11,842-2,454,923 4,309,058 Profit for the year ,123,405 1,123,405 Other comprehensive income for the year Net change in fair value of available for sale financial assets , ,774 Net change in liabilities of insurance contracts arising from fair value changes in available for sale financial assets , ,752 Net gain on revaluation of land and buildings, net of tax - 107, ,827 Actuarial loss on defined benefit plan (4,585) - (4,585) Transfer from revaluation reserve to retained earnings - (5,137) ,137 - Total other comprehensive income, net of income tax - 102,690-6,526 (4,585) 5, ,768 Total comprehensive income for the year, net of income tax - 102,690-6,526 (4,585) 1,128,542 1,233,173 Transactions with owners, recorded directly in equity First and final dividend (428,571) (428,571) Share based payments ,633-3,633 Transfer of share issue expenses 5, (5,128) - Total contribution by and distribution to owners 5, ,633 (433,699) (424,938) Balance as at 31 December ,138, ,926 16,752 18,368 (952) 3,149,766 5,117,293 6 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

9 STATEMENT OF CASH FLOWS For the Year ended 31 December Note Rs. 000 Rs. 000 Cash flows from operations Insurance premium received 10,521,384 9,509,615 Reinsurance premium paid (876,046) (959,783) Insurance benefits and claims paid (4,217,878) (3,492,121) Reinsurance claims received 314, ,628 Payments to intermediaries to acquire insurance contracts (1,484,510) (1,292,476) Cash paid to and on behalf of employees (1,088,554) (1,037,383) Dividends received 63,771 43,661 Interest received 2,302,849 2,009,010 Other operating cash flows (1,645,858) (1,043,860) Cash generated from operating activities A 3,889,609 3,986,291 Retiring gratuity paid (21,139) (16,114) Income tax paid (4,564) (25,018) Net cash from operating activities 3,863,906 3,945,159 Cash flows from investing activities Acquisition of investments (13,870,869) (11,967,874) Proceeds from sale of investments 10,650,807 7,779,075 Acquisition of property, plant and equipment (188,649) (208,910) Proceeds on sale of property, plant and equipment Net cash used in investing activities (3,408,323) (4,397,243) Net cash (used in) / inflow before financing activities 455,583 (452,084) Cash flows from financing activities Net proceeds from issue of share capital - 744,872 Dividends paid to equity holders of the parent (383,148) (338,652) Net cash from / (used in) financing activities (383,148) 406,220 Net increase / (decrease) in cash and cash equivalents B 72,435 (45,864) 7 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

10 Statement of Cash Flows Contd. For the Year ended 31 December Note Rs. 000 Rs. 000 Notes to the cash flow statement A. Reconciliation of profit before taxation with cash generated from operating activities Profit for the year 1,182,604 1,008,252 Adjustment for: Depreciation on property, plant and equipment 154, ,347 (Reversal) / losses on impairment of reinsurance receivable (1,413) (1,639) Reversal of provision for premium receivable - (425) Provision for employee benefits 39,060 23,457 Net realised (gains) / losses (31,724) 53,874 Fair value gains (44,609) (28,782) (Gain) / loss on sale of property, plant and equipment 2,230 (369) Amortisation of deferred acquisition expenses (net) 9,450 (6,039) Unrealised exchange gains (5,436) (14,235) Share based payment expenses 3,633 - Cash flows from operations 1,308,110 1,177,441 Net change in operational assets C (592,491) (17,262) Net change in operational liabilities D 3,173,990 2,826,112 Cash generated from operating activities 3,889,609 3,986,291 B. Increase / (Decrease) in cash and cash equivalents Cash and cash equivalents 466, ,634 Bank overdraft (155,824) (82,925) Net cash at bank and in hand and cash equivalents 310, ,709 Effect of exchange rate fluctuations on cash held (19,669) (14,235) Net cash and cash equivalents for the current year 290, ,474 Net cash and cash equivalents for the previous year (218,474) (264,338) Increase / (decrease) in cash and cash equivalents 72,435 (45,864) C. Net change in operational assets Net change in reinsurance assets 249, ,786 Net change in premium receivables (385,391) (223,142) Net change in receivables and other assets (456,151) 59,094 (592,491) (17,262) C. Net change in operational liabilities Net change in life insurance contract liabilities 2,825,267 2,398,643 Net change in non life insurance contract liabilities 239, ,862 Net change in other liabilities 109, ,607 3,173,990 2,826,112 The notes form an integral part of these condensed interim financial statements. 8 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

11 STATEMENT OF FINANCIAL POSITION - LIFE FUND SUPPLEMENTARY INFORMATION As at 31 December Rs. 000 Rs. 000 Assets Financial investments 18,614,252 15,552,781 Property, plant and equipment 1,175,902 1,098,258 Loans to life policyholders 515, ,688 Reinsurance receivables 87,481 44,186 Premium receivables 114, ,089 Receivables and other assets 342, ,670 Cash and cash equivalents 238, ,294 Total assets 21,089,060 17,945,966 Reserves and liabilities Reserves Other reserves 346, ,381 Total reserves 346, ,381 Liabilities Insurance contract liabilities - Life 17,518,016 15,356,340 Insurance contract liabilities - Unit linked 1,807,137 1,143,546 Reinsurance payables 112,184 64,570 Employee benefits 116, ,820 Other liabilities 1,137, ,758 Deferred tax liabilities 12,286 15,076 Bank overdraft 38,724 24,475 Total liabilities 20,742,639 17,701,585 Total reserves and liabilities 21,089,060 17,945,966 9 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

12 NOTES TO THE INTERIM FINANCIAL STATEMENTS 1. REPORTING ENTITY Union Assurance PLC is a public limited company ( The Company ), incorporated and domiciled in Sri Lanka. The ordinary shares of the company are listed on the Colombo Stock Exchange. The registered office of the company is at Union Assurance Centre, No. 20 St. Michael s Road, Colombo 03. The company is primarily involved in the life and non life insurance business. The company s ultimate parent undertaking and controlling entity is John Keells Holdings PLC which is incorporated in Sri Lanka. 2. APPROVAL OF FINANCIAL STATEMENTS The interim financial statements for the twelve months ended 31 December 2013 were authorised for issue by the Board of Directors on 25 February BASIS OF PREPARATION The interim financial statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2012, and changes to accounting policies as given in Note 4 to these financial statements. Further, provisions of the Companies Act No.7 of 2007 have been considered in preparing the interim financial statements of the company. The presentation and classification of the financial statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current year. 4. CHANGES IN ACCOUNTING POLICIES In accounting for employee remuneration in the form of shares, SLFRS 2 - Share Based Payments, is effective for the Company, from the financial year beginning Employees of the Company receive remuneration in the form of share-based payment transactions, whereby employees render services as consideration for equity instruments (equity - settled transactions). The cost of the employee services received in respect of the shares or share options granted is recognised in the statement of income over the period that employees provide services, from the time when the award is granted up to the vesting date of the options. The overall cost of the award is calculated using the number of share options expected to vest and the fair value of the options at the date of grant. The employee remuneration expense resulting from the John Keells Holding PLC s (Company s ultimate parent) share option scheme to the employees of Union Assurance PLC is recognised in the Statement of Income of the company. This transaction does not result in a cash outflow to the company and the expense recognised is met with a corresponding equity reserve increase, thus having no impact on the Statement of Financial Position (SOFP). The fair value of the options granted is determined by John keells Holding PLC using an option pricing model. This takes into account the exercise price of the option, the current share price, the risk free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. 10 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

13 5. GROSS WRITTEN PREMIUM GWP Non GWP Non excluding motor excluding motor non motor SRCC/ non motor SRCC/ SRCC/TC TC* Total SRCC/TC TC* Total Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Rs. 000 Non life insurance Accident and liability 1,489,525 43,871 1,533,396 1,369,609 39,783 1,409,392 Fire 649, , , , , ,700 Marine 323,426 1, , ,304 1, ,230 Motor 2,711,341-2,711,341 2,328,111-2,328,111 5,173, ,419 5,391,712 4,436, ,382 4,626,433 Life insurance Conventional 4,702,710 4,267,936 Unit linked 812, ,387 5,515,063 5,106,323 Total Gross Written Premium 10,906,775 9,732,756 * Non motor Strike Riot and Civil Commotion Cover (SRCC) and Terrorism Cover (TC) premiums are collected on behalf of the National Insurance Trust Fund (NITF). 6. TOTAL NET REVENUE Rs. 000 Rs. 000 Non life segment 4,650,220 4,136,070 Life segment 7,421,955 6,582,295 12,072,175 10,718,365 Non life segment net revenue consists of net earned premium, income from financial instruments and other operating income. Life segment net revenue consists of net written premium, income from financial instruments and other operating income. 7. PROFIT BEFORE TAX Rs. 000 Rs. 000 Non life segment 391, ,433 Life segment 790, ,819 Total 1,182,604 1,008, Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

14 Notes to the Interim Financial Statements Contd. 8. INCOME TAX EXPENSE Rs. 000 Rs. 000 Statement of income Current tax expenses 58,222 87,907 Adjustments in respect of current income tax of previous year 977 (923) Total income tax expense for the period 59,199 86, PROFITS FROM LIFE INSURANCE The valuation of life insurance fund as at 31 December 2013 was made by Mr. Poopalanathan of Actuarial & Management Consultants (Pvt) Limited, who recommended a sum of Rs 612 million to be transferred from life fund to the shareholder s fund for the year. 10. FINANCIAL INVESTMENTS Rs. 000 Rs. 000 Held to maturity financial assets Debt securities - fixed interest rate: 14,408,803 14,355,333 Loans and receivables Debt securities - fixed interest rate: 3,992,502 2,285,832 Available for sale financial assets Equity securities - unlisted: 100, ,625 Debt securities - fixed interest rate: 3,430,255 2,271,949 Financial assets at fair value through profit or loss Equity securities - listed: 1,994,288 1,571,891 Debt securities - fixed interest rate: 371, ,679 Total 24,297,498 20,802, INSURANCE CONTRACT LIABILITIES - LIFE Rs. 000 Rs. 000 Insurance contract liabilities 17,235,833 15,017,647 Unclaimed benefits 282, ,693 Total 17,518,016 15,356, Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

15 12. LIABILITY ADEQUACY TEST (LAT) As per SLFRS 4, the company is required to assess whether its recognised insurance liabilities are adequate. As at the reporting date, liability adequacy test performed by the internal actuary concluded that, the liability value is sufficient to meet future benefits and expenses. Hence no provision was made for premium deficiency. 13. AUDIT OF THE INTERIM FINANCIAL STATEMENTS Cumulative figures of the condensed interim financial statements were derived from the audited financial statement for the year ended 31 December COMPARATIVE INFORMATION The presentation and classification in the financial statements are amended where appropriate to ensure comparability with the current year. 15. CAPITAL COMMITMENTS There were no significant capital commitments as at the reporting date other than the following. As at 31 December Rs. 000 Rs. 000 Capital commitments contracted 219, ,783 Company has contracted for eleven units of residential property being constructed by John Keells Residential Properties (Pvt) Ltd and above payment is due in October Operating lease The company does not have any non cancellable operating lease as at the reporting period 16. EVENTS AFTER THE REPORTING PERIOD There have been no events subsequent to the reporting date, which would have any material effect on the company, other than the following; The Board of Directors of the company has declared a first and final dividend of Rs. 6 per share for the financial year ended 31 December Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

16 Notes to the Interim Financial Statements Contd. 17. RELATED PARTY TRANSACTIONS The nature of the related party transactions in the current period is similar to those reported in the audited financial statements for CONTINGENCIES There has been no significant change in the nature of the contingencies, which were disclosed in the annual report for the year ended 31 December 2012, other than the followings; 18.1 Income tax assessment relating to the year of assessment 2010/11 The Department of Inland Revenue has raised an assessment on Union Assurance PLC for the year of assessment 2010/11, assessing the life insurance business to pay an income tax liability of Rs. 132 million along with a 50 % penalty totaling to Rs. 198 million and UA has lodged a valid appeal against the said assessment. Department of Inland Revenue has issued a letter of acknowledgement on the 03 February 2014, accepting the holder over of the tax liability and penalty. Directors are of the view that it has followed due process and acted in accordance with the prevailing laws in its tax submissions for year of assessment 2010/11 and therefore the above assessment has no rationale or basis in law. 19. SHARE INFORMATION Rs. Rs. Market Price Per Share Last traded Highest price per share for the period Lowest price per share for the period Net Assets Per Share STATED CAPITAL Number of Shares as at Ordinary shares 85,714,286 85,714, Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

17 21. TWENTY LARGEST SHAREHOLDERS As at 31 December 2013 Name of Shareholder No of Shares % 1 John Keells Holdings PLC 75,643, Whittall Boustead Limited 6,345, Waldock Mackenzie Ltd / Mr. S.N.P.Palihena and Mrs A.S.Palihena 600, Waldock Mackenzie Ltd / Hi - Line Trading (Pvt) Ltd 212, Corporate Holdings (Private) Limited 149, Dr. (Mrs) V. Bandaranayake 120, Dr. A. C. Visvalingam 89, Mr. H. A.D. Ratnapala 56, Mr. J. W. Nanayakkara 56, Mrs. R. Z. Wikramanayake 53, Dr. N. I. Wikramanayake 53, Mr. A. A. Mashoor 45, Waldock Mackenzie Limited / Dr. Hennedige Srinath Dilanjan Soysa 41, Mr. G. M. Abdulhussein 39, Mr. N. D. Kurukulasuriya 39, Waldock Mackenzie Limited/Mr.L.P. Hapangama 38, Mr. H. A. Rehmanjee 36, East India Holding (Pvt) Ltd 35, Mrs. L. Amaradasa 33, Mr. A.N. Esufally 32, ,722, Others 1,991, Total 85,714, Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

18 Notes to the Interim Financial Statements Contd. 22. DIRECTORS SHAREHOLDINGS No. of Shares As at Mr. A. D. Gunewardene (Chairman) 8,562 8,562 2 Mrs. D. C. Alagaratnam Nil Nil 3 Mr. S. Rajendra Nil Nil 4 Mr. A. S. De Zoysa Nil Nil 5 Mr. G. F. C. De Saram Nil Nil 6 Mr. H. A. J. De Silva Wijeyeratne Nil Nil 23. CHIEF EXECUTIVE OFFICER S SHAREHOLDING As at Mr. Dirk Pereira Nil Nil 24. PUBLIC SHAREHOLDING The percentage of shares held by the public as at 31 December 2013 was 4.34% (31 December %). 16 Union Assurance Condensed Interim Financial Statements Year Ended 31 December 2013

19 CORPORATE INFORMATION Name of Company Union Assurance PLC Legal Form A public limited liability company incorporated in Sri Lanka on 8th January 1987 and registered under the Companies Act No. 7 of 2007 and quoted on the Colombo Stock Exchange since 1988 Company Registration Number PQ12 Tax Payer Identification Number (TIN) VAT Registration Number Directors A. D. Gunewardene - Chairman D. C. Alagaratnam A. S. De Zoysa G. F. C. De Saram S. Rajendra H. A. J. De Silva Wijeyeratne Secretaries and Registrars Keells Consultants (Private) Limited 117, Sir Chittampalam A. Gardiner Mawatha, Colombo 02 Auditors Messrs. KPMG (Chartered Accountants) 32A, Sir Mohamed Macan Marker Mawatha, Colombo 3 Consultant Actuaries Actuarial & Management Consultants (Pvt) Ltd 434, 1st Floor, R A De Mel Mawatha, Colombo 3 NMG Financial Services Consulting Limited Suite Tower 2 Lippo Centre Admiralty Hong Kong Lawyers Julius & Creasy Attorney-at-Law, Solicitors & Notaries Public 41, Janadhipathi Mawatha, Colombo 1 Bankers Bank of Ceylon Citibank, N.A. Commercial Bank of Ceylon PLC Deutsche Bank AG DFCC Bank PLC DFCC Vardhana Bank PLC Hatton National Bank PLC Housing Development Finance Corporation Bank of Sri Lanka National Development Bank PLC National Savings Bank Nations Trust Bank PLC Pan Asia Banking Corporation PLC Peoples Bank Sampath Bank PLC Seylan Bank PLC Standard Chartered Bank The Hongkong and Shanghai Banking Corporation Union Bank of Colombo PLC Reinsurance Panel Munich Reinsurance Company Swiss Reinsurance Company Ltd SCOR Reinsurance Asia Pacific Pte Ltd The Toa Reinsurance Company Ltd Lloyds Asia Capital Reinsurance Group Pte Ltd Hannover Re General Insurance Corporation of India Sirius Reinsurance Trust Re Korean Re Mapfre Arig Partner Re Registered Office of the Company Union Assurance Centre 20, St Michaels Road, Colombo 3 Investor Relations All investor queries should be directed to the investor relations hotline number

20 Union Assurance Centre 20, St. Michael s Road, Colombo 3, Sri Lanka.