Ceylinco Life crowned ‘Best Life Insurer in Sri Lanka’ by World Finance for 6th year
Ceylinco Life was declared the ‘Best Life Insurer in Sri Lanka’ for the sixth consecutive time at the ‘World Finance Global Insurance Awards’ that recognised companies that tread the fine line between prudence and profitability in an innovative and responsible way.
The accolade was presented in appreciation of Ceylinco Life’s performance in FY 2018, and its excellence across multiple aspects of operational performance by the UK-based international magazine that analyses the financial industry, international business and the global economy.
The judging panel brought to the table the expertise of over 230 years of financial and business journalism, supported by a research team that worked round the clock to ensure the award winners are the most deserving in their sector. Additionally, reader insight and experience was relied upon to provide nominations.
The assessment criteria included underwriting processes and process efficiency; policy maintenance – the process of reviewing clients’ policies, appropriateness of coverage and cost per policy; exposure to risk; customer retention rate; time taken to settle claims; new customer acquisition rate and financial stability – Premium Income, Market share, Life fund and company profits.
Notably, Ceylinco Life is the only life insurance company in Sri Lanka to win this award consistently over the years. It is a testament to the Company’s continuing commitment towards not just financial soundness, but innovation and dedication that sets it apart in efficiency, overall process management, and customer relationships.
“Consistency is a highly valued virtue in any business, but more so in financial services, where there invariably is pressure due to mercurial external conditions,” Ceylinco Life’s Managing Director Mr Thushara Ranasinghe said. “Our figures already affirm that Ceylinco Life is the market leader in Sri Lanka’s life insurance industry, but a stringent independent assessment of the qualitative aspects of performance, as conducted for this award, is of immense value not just to the company but to its policyholders too.”
Ceylinco Life concluded 2018 as Sri Lanka’s No 1 life insurer for the 15th successive year, with total assets worth Rs 118 billion, total income of Rs 28.7 billion, premium income of Rs 17.8 billion, a Life Fund of Rs 88 billion, an investment portfolio with a value in excess of Rs 103.7 billion and net profit of Rs 5.79 billion.
Begun in 2007, World Finance magazine’s award programmes are tailored to provide a comprehensive analysis of the very best in each market. The judging panel is required to avoid bias towards criteria such as depth of practice and size of company, in order to get an insight into different geographies and niche areas.
The market leader in Sri Lanka’s life insurance industry for 15 of the 31 years it has been in operation, Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility.
Ceylinco Life was adjudged Sri Lanka’s most valuable life insurance brand by Brand Finance in 2019, was ranked among the 10 ‘Most Admired Companies’ in the country by the ICCSL this year, and has also been declared the most popular life insurance company in the country for the past 13 years by SLIM-Nielsen.
