Ceylinco Life was declared the ‘Best Life Insurer in Sri Lanka’ for the sixth consecutive time at the ‘World Finance Global Insurance Awards’ that recognised companies that tread the fine line between prudence and profitability in an innovative and responsible way.
The accolade was presented in appreciation of Ceylinco Life’s performance in FY 2018, and its excellence across multiple aspects of operational performance by the UK-based international magazine that analyses the financial industry, international business and the global economy.
The judging panel brought to the table the expertise of over 230 years of financial and business journalism, supported by a research team that worked round the clock to ensure the award winners are the most deserving in their sector. Additionally, reader insight and experience was relied upon to provide nominations.
The assessment criteria included 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.
Notably, Ceylinco Life is the only life insurance company in Sri Lanka to win this award consistently over the years. It is a testament to the Company’s continuing commitment towards not just financial soundness, but innovation and dedication that sets it apart in efficiency, overall process management, and customer relationships.
“Consistency is a highly valued virtue in any business, but more so in financial services, where there invariably is pressure due to mercurial external conditions,” Ceylinco Life’s Managing Director Thushara Ranasinghe said.
“Our figures already affirm that Ceylinco Life is the market leader in Sri Lanka’s life insurance industry, but a stringent independent assessment of the qualitative aspects of performance, as conducted for this award, is of immense value not just to the company but to its policyholders too.”
Ceylinco Life concluded 2018 as Sri Lanka’s No 1 life insurer for the 15th successive year, with total assets worth Rs 118 billion, total income of Rs 28.7 billion, premium income of Rs 17.8 billion, a Life Fund of Rs 88 billion, an investment portfolio with a value in excess of Rs 103.7 billion and net profit of Rs 5.79 billion.