Life insurance giant AIA optimistic of future prospects in SL

 AIA Group Executive Director, Group Chief Executive and President Lee Yuan Siong says long-term prospects for insurance market in Sri Lanka very attractive

 Wants to contribute towards Insurance Regulatory Commission’s goal of doubling insurance market 

 Suggests SL consider rolling out policy initiatives to encourage public to buy insurance like in some other Asian neighbours 

By Nisthar Cassim

Life insurance giant AIA recently expressed optimism over future prospects in Sri Lanka and its intent to effectively contribute to the regulator, Insurance Regulatory Commission of Sri Lanka’s (IRCSL) goal of doubling the market in the next five years.

“We are very proud of what the team has achieved. Over the last three years, AIA Sri Lanka has grown significantly, and I have huge confidence in our team here,” AIA Group Executive Director, Group Chief Executive, and President Lee Yuan Siong told the Daily FT in an exclusive interview.

“I know that the IRCSL has an objective of doubling the insurance market in the next five years. AIA Sri Lanka, we want to be contributing towards the IRCSL to achieving their target,” Lee added.

With a presence in 18 markets and a history of over 100 years, AIA Group is the leading life insurer in the Asia-Pacific region.

Lee emphasised that long-term prospects for the insurance market in Sri Lanka are very attractive. 

“I believe the same structural drivers of growth that support the growth of the insurance industry in many of the Asian markets that we operate in, are also here in Sri Lanka. It is important that the insurance industry operates in a way that supports high-quality growth that is sustainable, built on exceeding customer expectations, high-quality sales processes, and built on trust,” he said.

He pointed out that the insurance industry is not focused on short-term results, but on long-term high-quality growth. “You can only have high-quality growth if you are treating your customers fairly and if you are delivering on what you promised customers,” said Lee, adding that AIA is much aligned with public policy objectives, which includes building society resilience.

The 30-year plus insurance industry veteran Lee, who is also Chairman of the Geneva Association, expressed hope that Sri Lanka would adopt initiatives to promote greater awareness of the importance of insurance amongst the public.

“I would hope that the Sri Lankan Government can consider taking even one step further to roll out policy initiatives to encourage the public to buy insurance, like we see in some of the other Asian neighbours,” he stressed.

In response to a question about how he viewed Sri Lanka between his first and latest visit, Lee quipped: “People smiling more, a lot more confidence in the future. That is something that really struck me coming to Colombo this time. Sri Lanka is a country that I really, really enjoy coming to. I really like and I have great hopes that Sri Lanka’s insurance market and the country as a whole will grow from strength to strength.”

During the visit, Lee, together with AIA Sri Lanka Chairman of the Board of Directors and AIA Group Chief Technology and Life Operations Officer Biswa Misra, AIA Sri Lanka CEO/ Director Chathuri Munaweera, and General Manager Sarath Chandrasiri called on Prime Minister Dr. Harini Amarasuriya to discuss AIA’s commitment to supporting Sri Lanka in terms of financial inclusion and long-term security for Sri Lankan families. 

During the visit, AIA Sri Lanka made a commitment to donate Rs. 50 million to the ‘Rebuilding Sri Lanka’ national initiative.

During his visit, Lee also visited IRCSL and met with Chairman Dr. Ajith Ravindra De Mel and other IRCSL functional Directors to share meaningful insights on the global insurance landscape and how AIA can support the IRCSL’s growth ambitions of Sri Lanka’s insurance industry. 

Separately, Lee engaged in a productive meeting with the AIA Sri Lanka Board of Directors, focusing on the company’s strategic priorities, performance, and future opportunities in the local market. 

As part of his engagements, he also met with the leaders of AIA Sri Lanka’s exclusive bancassurance partners: National Development Bank PLC Director/CEO Kelum Edirisinghe, DFCC Bank PLC Director/CEO Thimal Perera, and Commercial Bank PLC Chief Operating Officer and Executive Director S. Prabagar. These discussions reinforced AIA’s strong partnerships and explored new avenues to expand access to life insurance across Sri Lanka’s banking network.

The AIA Group Executive Director, Group Chief Executive and President also participated in a dynamic town hall discussion for AIA Sri Lanka’s employees and top sales achievers, where he conveyed his appreciation for their contribution to the company’s strong performance while inspiring them to continue driving AIA’s purpose of helping people live Healthier, Longer, Better Lives.