Ceylinco Life won the joint Silver Award in the ‘Insurance Companies’ category for its 2020 Annual Report at the recent CA Sri Lanka awards that recognise the best financial reports produced in the country.
Titled ‘Derisking the Future,’ Ceylinco Life’s Integrated Annual Report 2020 won the Company its first CA Sri Lanka Award at this competition that encourages transparency, corporate governance, sustainability and social responsibility in annual reporting practices.
Commenting on this achievement, Ceylinco Life Director and CFO Mr Palitha Jayawardena said: “The Annual Report remains the single most important medium for any organisation that is serious about presenting its shareholders a comprehensive and transparent review of its operations. We are therefore proud to have our Annual Report recognised by the foremost professional accountancy body in Sri Lanka, as this is a testament to the company’s professionalism, integrity and commitment to disclosure to our stakeholders.”
Ceylinco Life’s Annual Reports have won local and international recognition in recent years. These include being ranked among the ‘10 Best Integrated Reports’ at the 2020 ‘CMA Excellence in Integrated Reporting’ awards of the Institute of Certified Management Accountants (CMA), and a total of five awards won at the ARC Awards presented by MerComm Inc. in Tokyo (2017) and New York (2016).
The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) conducted the 56th edition of the prestigious Annual Reports Awards competition this year, incorporating new concessions on account of COVID-19, while also automating the marking system for the first time in the competition’s history. The competition on-boarded the Colombo Stock Exchange (CSE) as its official strategic partner for the seventh consecutive year.
According to CA Sri Lanka, a fundamental benefit of the Annual Reports Awards competition is that it enables organisations producing annual reports to transform their reporting methodology and style, helping investors and other stakeholders gain better insight into the organisations’ operations and achievements.
The Annual Reports Awards aims to encourage effective communication to stakeholders through the publication of informative annual reports, to promote effective presentation of financial and non-financial information, and to promote compliance with legislative requirements and generally accepted accounting best practices. The competition was open to organisations across 26 categories representing banks, diversified holdings, finance & leasing, insurance, trading, investment banks, food and beverage, healthcare, hotels, land & property, manufacturing, motor companies, service organisations, telecommunications, unit trusts, media and entertainment, state corporations & statutory bodies, plantations, construction, power & energy, SMEs, NPOs and NGOs.
In 2021, Ceylinco Life was ranked the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance, named one of the 10 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) and was voted the ‘Most Popular Service Provider’ in Sri Lanka’s Life Insurance industry in an online survey conducted by LMD. The Company was also voted the ‘Peoples Life Insurance Service Provider of the Year’ for a record 15th consecutive year and was certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work®. Ceylinco has been Sri Lanka’s leading life insurer for more than half of the 33 years it has been in existence and was named the ‘Best Life Insurer in Sri Lanka’ for the seventh consecutive year in 2020 by World Finance.
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.