Ceylinco Life Director Palitha Jayawardena (second from left) accepts the CMA Integrated Reporting award on behalf of the company
Ceylinco Life’s 2019 Annual Report was ranked among the 10 Best Integrated Reports at the sixth edition of the ‘CMA Excellence in Integrated Reporting Awards 2020,’ presented by the Institute of Certified Management Accountants (CMA) of Sri Lanka.
Themed ‘Derisking the Future,’ this fifth integrated annual report of the life insurance leader reflected on the strength of its life insurance products, which enable its policyholders to achieve their potential and aspirations while the company safeguards them as they progress in life.
Ceylinco Life has adopted the Integrated Reporting Framework since 2015 subsequent to the segregation of Life and General Insurance into separate business entities under Section 53 of the Regulation of Insurance Industry (Amendment) Act No 3 of 2011, which came into effect that year. The company said its intention in Integrated Reporting is to provide a holistic view of how it creates sustainable value for its diverse group of stakeholders.
Commenting on the award, Ceylinco Life Director/Chief Financial Officer Palitha Jayawardena said: “The annual report remains our principal medium of providing stakeholders with a complete picture of the business. Every year, we intensify our efforts to meet and exceed the stipulated standards and to further enhance transparency and the quality of disclosures. This award will provide further encouragement to the team responsible for all the hard work.”
The companies that competed for the CMA Excellence in Integrated Reporting awards consisted mainly of public quoted companies, including state and private commercial banks, finance and insurance companies, and companies in manufacturing, diversified sectors, plantations, power and energy, education and construction.
The submitted reports were judged based on the Guiding Principles, Content Elements and other fundamental concepts of the Integrated Reporting Framework issued by the International Integrated Reporting Council (IIRC), with special emphasis on criteria such as strategic focus and future orientation, connectivity of information, value creation, and reliability and completeness.
The CMA Excellence in Integrated Reporting Awards competition is organised annually by the Institute of Certified Management Accountants of Sri Lanka, which is the national professional management accounting institute in the country. The purpose of the ‘Excellence in Integrated Reporting Awards’ is to encourage Sri Lankan companies, both listed and unlisted, and state-owned institutions to undertake integrated reporting which will be beneficial to investors and stakeholders. The evaluation takes into account not only accounting and financial information, but also non-financial information provided in IR.
Sri Lanka’s leading life insurer for more than half of the 33 years it has been in existence and certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work, Ceylinco Life was ranked the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance in 2020 and declared the ‘People’s Life Insurance Service Provider of the Year’ for the 14th consecutive year at the 2020 SLIM-Nielsen Peoples Awards. The Company was named the ‘Best Life Insurer in Sri Lanka’ for the sixth consecutive year by World Finance in 2019 and accorded an ‘Honourable Mention’ as one of the ‘Most Admired Companies in Sri Lanka’ in 2019-20 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 and corporate social responsibility.