Ceylinco Life has been declared the ‘Best Life Insurer in Sri Lanka’ yet again by the prestigious World Finance magazine – the fifth consecutive year that the country’s leading life insurer has been honoured with this accolade.
This award is based on Ceylinco Life’s performance in the financial year 2017, and follows an in-depth assessment of key performance indicators by the UK-based international magazine that analyses the financial industry, international business and the global economy.
The World Finance Global Insurance awards celebrate companies that have stood out as clear industry leaders over the course of each year by remaining agile even in the face of rapid change.
Commenting on the receipt of the award, Ceylinco Life Executive Chairman Mr R. Renganathan said: “No other insurance company in Sri Lanka has been honoured with an award of this nature, five years in a row. An international award such as this is an important endorsement as it is based on an independent, expert third party assessment of key performance indicators.”
He added that the award emphasises Ceylinco Life’s continuous commitment towards improving its overall processes, efficiency and relationships to serve customers better.
This year too, the assessment for the award was conducted by a judging panel representing 230 years of cumulative financial and business journalism experience and covered the company’s 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.
Contributing to this award was the fact that Ceylinco Life ended 2017 as Sri Lanka’s No 1 life insurer for the 14th successive year, with Rs 25.6 billion in total income of which premium income accounted for Rs 15.7 billion. The company recorded net profit of Rs 9.467 billion for the year, grew its investment portfolio to Rs 92.2 billion, increased assets to Rs 106 billion and paid Rs 6.7 billion in net claims and benefits to policyholders.
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 sector since 2004, Ceylinco Life has close to a million lives covered by active policies. The company is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service, professional development and corporate social responsibility.