Wins Silver in two main awards categories
The strength of the Ceylinco Life brand has been emphatically reaffirmed by the Sri Lanka Institute of Marketing (SLIM) which presented the country’s life insurance leader with Silver awards in two of the top three categories recognised at the 2015 Brand Excellence Awards.
Ceylinco Life received the Silver in the Service Brand of the Year category encompassing all areas of business in the Services sector, and the Silver in the Local Brand of the Year category, underlining its status as one of Sri Lanka’s preeminent brands.
“We are delighted with the strong showing of Ceylinco Life at this year’s Brand Excellence awards, particularly so because this is a brand that has been consistently committed to its mission and vision in the face of many challenges,” Ceylinco Life’s Director/Deputy CEO Mr T. Ranasinghe said. “Not only has Ceylinco Life maintained its market leadership every year since 2004, the brand has repeatedly won international and local accolades over the years, underlining its intrinsic strength.”
The highly competitive SLIM Brand Excellence Awards recognise brand strengthin terms of financial performance and brand health based on consumer research, and follow an in-depth assessment of a company’s brand building processes.
Areas assessed by the panel of judges include Strategic Intent of the Brand: long term vision/mission; Brand Content: Brand values/Brand image projected to consumers; Brand Process: Brand value proposition, key points of difference against competitors/ strategic positioning/operationalising positioning strategy and brand communication strategy.
Brand performance is assessed on financials, which in respect of Ceylinco Life covers financial stability demonstrated by the Company’s Life Fund, its Solvency Margin, Claims and Benefits paid to policyholders, market share, volume and value growth of its business and profitability.
Brand health is established via consumer research covering Brand awareness, Brand recall, Brand image and Brand equity.
For the year ending 31st December 2014, Ceylinco Life reported total income of Rs 18.54 billion with premium income of Rs 12 billion and investment income of Rs 6.83 billion. The value of the company’s investment portfolio rose to Rs 57.2 billion, assets to Rs 71.07 billion and its Life Fund to Rs 60.02 billion.The company’s policyholders received more than Rs 4.8 billion in benefits during the year, including maturity and other survival benefits, claims, and annual bonuses.
This performance was recognised by World Finance, the respected UK-based magazine, which recently adjudged Ceylinco Life the ‘Best Life Insurance Company in Sri Lanka’ for a second consecutive year in 2015.
Ceylinco Life operates the largest network of 250 branches in Sri Lanka’s life insurance industry, giving it a physical presence in 142 cities, towns and villages in every one of the island’s 25 districts. The Company has more than a million lives covered by active policies and 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.