Ceylinco Life has announced the acquisition of a major equity stake in Kings Hospital (Private) Ltd., one of the newest and most modern private hospitals in Sri Lanka, significantly enlarging the Company’s footprint in the healthcare sector and diversifying its investment portfolio.
The Company said this strategic investment has been made via a private placement with an option to further increase its holding in the 120-bed hospital.
Ceylinco Life will take up proportionate representation in the Kings Hospital Board to enable the latter to progress to its next growth phase, while generating synergies between Ceylinco Life and the Hospital, thereby enhancing value for all stakeholders, the Company said.
Ceylinco Life is the market leader in the country’s life insurance sector and is already a pioneer in the healthcare sector. The Company’s wholly-owned subsidiary Ceylinco Healthcare Services Limited (CHSL) set up the first private sector radiation therapy centre in Sri Lanka for the treatment of cancer, and installed the country’s first Linear Accelerator as well as the first TomoTherapy unit, which is to date the only facility of its kind in Sri Lanka. Ceylinco Life also manages the Golden Key Eye and ENT Hospital.
Commenting on this latest milestone in the Company’s evolution, Ceylinco Life Chairman Mr Rajkumar Renganathan said: “Globally, life insurers and healthcare providers have established strategic partnerships with each other to reap the inherent and complementary synergies. This strategic investment capitalizes on synergies, thus creating additional value for all stakeholders including Ceylinco Life policyholders.”
“Ceylinco Life is already a leader in cancer treatment, with major investments in infrastructure and equipment and an impeccable record of success. We have also established strong links, affiliations and collaborations with other healthcare institutions including Apollo Hospitals of India and Kings Hospital, Colombo, to widen access to affordable treatment and diagnostics,” Mr Renganathan added. “The acquisition of equity in Kings Hospital signals our serious intentions to increase Ceylinco Life’s presence in healthcare for the benefit of the people of Sri Lanka and as an investment strategy.”
Dr Palitha Abeykoon, Chairman of Kings Hospital said: “We are delighted to welcome Ceylinco Life as a major investor in our Hospital and look forward to working closely with the Company’s management team to execute the next phase of our development. Ceylinco Life has extensive experience and expertise not only in the establishment, expansion and management of healthcare facilities but in the marketing of such facilities and building strong brands. Additionally, the Company insures more than a million lives, and is deeply involved in community-centric healthcare initiatives. We believe there is an excellent strategic and synergistic fit between the two institutions.”
Founded by a consortium of renowned medical practitioners and staffed by the founders as well as leading medical specialists, Kings Hospital is an ultra-modern multispecialty hospital located at Colombo 5. It was established with the acquisition of Oasis Hospital in March 2017 and was revamped with modern equipment. The Hospital opened to the public in August 2019 and prides itself of having 11 modular operating theatres, currently one of largest surgery facilities in the country.
The Hospital has specialty departments that cover dental sciences, renal medicine, orthopaedics and joint replacement, paediatrics and neonatology, surgery, cardiology, respiratory medicine, urology, internal medicine, gynaecology and obstetrics and a Wellness Centre.
Adjudged the ‘Most Valuable Life Insurance Brand in Sri Lanka’ in 2022 by Brand Finance, Sri Lanka’s Service Brand of the Year by the Sri Lanka Institute of Marketing (SLIM) in 2021 and the winner of the SLIM Kantar Peoples Award as the Most Popular Life Insurance Company in Sri Lanka for the 16th consecutive year, Ceylinco Life has been the country’s leading life insurer for more than half of the 34 years it has been in existence. Other accolades won in respect of 2021 include the ‘Most Popular Service Provider’ in Sri Lanka’s Life Insurance industry in 2021 by LMD, the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance, one of the 10 Most Admired Companies in Sri Lanka by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), and one of the 10 Best Workplaces in Sri Lanka’s Banking, Financial Services and Insurance (BFSI) sector by Great Place to Work.
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.
