Ceylinco Life only insurer among Sri Lanka’s 10 ‘Most Admired’ companies
Ceylinco Life has been honoured once again as one of the ‘10 Most Admired Companies in Sri Lanka’ by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA).
Ceylinco Life is the only insurance company among the prestigious ‘Top 10’ and the five other companies accorded ‘Honourable Mentions’ in the latest edition the ‘MAC Awards’ presented on 18th August 2023. This is the fourth occasion that Ceylinco Life has been recognised as one of the country’s Most Admired companies.
“Admiration, like respect, is hard earned, and is based on both objective and subjective metrics,” Ceylinco Life Managing Director Mr Thushara Ranasinghe commented. “At Ceylinco Life we have always believed that quantitative indicators like financial performance must be perfectly balanced with qualitative indicators like empathy, social responsibility and good governance. We are therefore delighted to be recognised as one of Sri Lanka’s most admired companies via a comprehensive third-party assessment of multiple aspects of performance and conduct.”
Sri Lanka’s Most Admired Companies Awards have become a cornerstone of recognition within the country’s business landscape, acknowledging organisations that have made remarkable strides in fostering excellence across various domains. These awards underline the importance of responsible corporate citizenship and cover both listed and unlisted companies that are honoured not just for financial performance but the value they create for shareholders, customers, employees, and the wider community in general.
Ceylinco Life ended 2022 with assets of Rs 191.5 billion, consolidated income of Rs 45.63 billion, gross written premium income of Rs 29.16 billion, a Life Fund of Rs 134.9 billion and an investment portfolio of Rs 165.9 billion. In May this year the Company achieved several noteworthy milestones in financial performance with total assets surpassing the Rs 200 billion mark, total equity topping Rs 50 billion, and investments in financial assets exceeding Rs 175 billion.
The ICCSL-CIMA Most Admired Companies list is based on a stringent evaluation conforming to globally-accepted criteria by a distinguished panel of judges. Companies are ranked according to financial soundness, long-term investment value creation, earnings growth and dividend pay-out, as well as quality of management, quality of products and services, competitiveness, ability to attract, develop, and keep talent, innovation, and environmental, social and corporate responsibility, including the track record of integrity and business ethics. The selection process included a financial evaluation done by a team of CIMA members, after which a team from KPMG ratified the scoring and selected the Top 20 organisations for the next round. The second round included a presentation by the companies to the panel of judges.
Companies that had been in business for over five years as of 30th June 2023 and are 30% or more Sri Lankan owned were eligible to enter this year’s awards competition.
Adjudged Sri Lanka’s ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life was conferred the ‘Peoples Life Insurance Service Provider of the Year’ title at 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence. The Company was also ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories by Brand Finance in 2023 and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022. Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
