Ceylinco Life Selects Bloomberg for Fixed Income Trading
Life insurance leader Ceylinco Life has announced that it is Sri Lanka’s first insurance company to trade government securities electronically over Bloomberg’s fixed income trading platform via FIQ.
FIQ is an electronic trading portal that enables qualified subscribers of the Bloomberg Professional service to execute trades in government and corporate bonds across regional and emerging markets.
An active participant in the secondary market of government securities in Sri Lanka, Ceylinco Lifeâ€™s government securities portfolio stood at Rs. 22.6 billion as of 31st December 2012. The company has used the Bloomberg Professional service since 2003 to help manage its policyholdersâ€™ fund, and publishes indicative government securities and repos prices at CELI on the Bloomberg Professional service.
“Optimising returns on our policyholdersâ€™ fund is clearly of paramount importance to our operations,” said Mr. R Renganathan, Managing Director and CEO of Ceylinco Life. “With this platform, any advancement in efficiency of the trade process can add significant value to our business.”
Ceylinco Life operates the largest branch network among local life insurance companies, and has been the market leader since 2004. The company has also won multiple international and local awards for its commitment to the community and success in brand equity building.
In December 2012, Ceylinco Life became the first life insurer in Sri Lanka to surpass Rs 10 billion in premium income in under a year.
Ceylinco Lifeâ€™s Director /CFO Palitha Jayawardana (3rd from left) and Rehan Ahmed – Fixed Income E-commerce Manager, Bloomberg South Asia exchange the agreement in the presence of (L to R) Milinda Gunawardana – Assistant Manager Investment, Ranga Abeynayake – Director / Deputy CFO, Dhanushka Kurukulasooriya – Manager Portfolio and Gayan Lakmal Alwis – Manager Portfolio of Ceylinco Life.3