- Retains 33rd position in Brand Finance 100 Most Valuable Brands in Sri Lanka with Brand Rating of AA
Ceylinco Life has once again been ranked the most valuable life insurance brand in Sri Lanka in 2021 in the 18th edition of the Brand Finance rankings of the country’s most valuable brands.
The world’s leading brand valuation consultancy assigned Ceylinco Life a Brand Value of Rs 3,508 million for 2021 and an overall Brand Value Rank of 33, a position that has been retained since last year, amongst the 100 most valuable brands in the country which include the largest banks, telcos and retail giants in Sri Lanka.
Sri Lanka’s life insurance market leader for the past 17 years, Ceylinco Life also received an ‘AA’ Brand Rating from Brand Finance this year.
Commenting on the brand’s leadership in its sector, Ceylinco Life General Manager Marketing Mr Samitha Hemachandra said: “We believe that the brand is very much more than a visual depiction of a company’s identity. It must evoke, in the minds of all stakeholders, the core values and ethos that the company lives by. This is achieved by ensuring that everything we do lives up to the promise of the brand, building trust and confidence that is then instantly associated with it. The Ceylinco Life brand is now entrenched as a representation of how Ceylinco Life helps de-risk the future of millions of people through the protection the company offers.”
According to Brand Finance, the Brand Value is computed on the basis of separate values assigned for Brand Strength, Business Performance and External Changes. It is described as a specific asset valuation which calculates the value of the transferable element of the brand, generally comprising the value of the trademarks and associated intellectual property.
Brand Finance calculates the values of the brands in its league tables using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
London headquartered Brand Finance is the world’s leading independent, value-based brand strategy consultancy, with offices in over 20 countries, including Sri Lanka. Brand Finance bridges the gap between marketing and finance by quantifying the financial value of brands. Brand Finance helped craft the internationally recognised standard on Brand Valuation – ISO 10668, and the standard on Brand Evaluation – ISO 20671.
Ceylinco Life ended 2020 with its total assets surpassing Rs 150 billion, total consolidated income of Rs 36.98 billion, gross written premium income of Rs 22.07 billion, a Life Fund of Rs 106.74 billion, an investment portfolio of Rs 133.7 billion, and net profit of Rs. 6.93 billion.
Voted the ‘Peoples Life Insurance Service Provider of the Year’ for a record 15th consecutive year in 2021, Ceylinco Life has been Sri Lanka’s leading life insurer for more than half of the 33 years it has been in existence. In 2020, the Company was certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work®, was named the ‘Best Life Insurer in Sri Lanka’ for the seventh consecutive year by World Finance, and accorded an ‘Honourable Mention’ as one of the ‘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), UK.
Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance sector for innovation, product research and development, customer service, professional development, sustainability, and corporate social responsibility.