Sri Lankan consumers have chosen Ceylinco Life, which recently celebrated its 35th anniversary, as the most popular life insurance company in the country for an unprecedented 17th consecutive year, leading to the life insurance leader receiving the prestigious SLIM Kantar Peoples Award at the awards gala hosted by the Sri Lanka Institute of Marketing (SLIM) on 27th March 2023.
This award is based on consumer preferences as determined by the results of a survey instead of by a panel of judges, making it a true reflection of popular sentiment. Ceylinco Life is the only company in Sri Lanka’s life insurance sector to be accorded this honour every year since the inception of the awards programme.
This emphatic reaffirmation of Ceylinco Life’s popularity came hot on the heels of the announcement of the Company’s financial results for 2022, which confirmed its dominant status as the market leader in Sri Lanka’s life insurance industry for the 19th consecutive year. Ceylinco Life policyholders received a mammoth Rs 19 billion in net claims and benefits in 2022, and the Company recorded gross written premium income of Rs 29.16 billion for the year, reflecting growth of 14 per cent.
Commenting on this award, Ceylinco Life General Manager – Marketing Mr Samitha Hemachandra said: “We are naturally delighted to be chosen as the best life insurer in the country by a people-led jury that recognises Ceylinco Life for having won the hearts and minds of the consumers. By consistently winning this award, Ceylinco Life has established that it is a brand that is completely attuned to the voice of its customers and has invested in the lives of the people it serves, both by de-risking their futures and by adding value to their lives through multiple community initiatives.”
The purpose of the Peoples Awards is to reward and recognise brands and personalities that are closest to the hearts of the Sri Lankan people. A hallmark awards event of the Sri Lanka Institute of Marketing, the awards programme is the result of a collaboration between the Institute and Kantar Group, UK. The award winners are chosen solely by people’s votes, through country-wide research conducted by Kantar and honour the country’s top brands across multiple sectors each year, with respondents to the survey asked to mention their favourite brands and personalities across various categories. The theme for the latest edition of SLIM-Kantar People’s Awards was “Choices define us.”
The 2023 SLIM Peoples Awards presentation was the seventh year that the awards in the insurance sector were presented separately to Life and General Insurance companies, following the segregation of these segments of insurance by law in 2015. In the 10 years that preceded the segregation, Ceylinco Insurance PLC comprising of Ceylinco Life and Ceylinco General Insurance, won the award every year.
Ceylinco Life ended 2022 with assets of Rs 191.5 billion, consolidated income of Rs 45.63 billion, a Life Fund of Rs 134.9 billion and an investment portfolio of Rs 165.9 billion.
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 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 Life Insurance Brand in Sri Lanka’ by Brand Finance 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.