Ceylinco Life has been crowned the ‘Best Life Insurer in Sri Lanka’ by World Finance for the fourth consecutive year in 2017, on the basis of the company’s performance in FY 2016.
The authoritative UK-based global magazine scrutinises multiple aspects of operational and financial performance before awarding this coveted accolade.
The assessment for this year’s award by a judging panel representing 230 years of cumulative financial and business journalism covered the company’s 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.
“The in-depth audit done for this award goes far beyond market share, and examines the quality of the company’s engagement with its policyholders and its adherence to best practices in key areas,” Ceylinco Life Managing Director/CEO R. Renganathan said. “It looks at the company from the viewpoint of multiple stakeholders, and is therefore a valuable endorsement for policyholders, shareholders, employees and regulators.”
Ceylinco Life ended 2016 as Sri Lanka’s No 1 life insurer for the 13th consecutive year, with Rs. 23.43 billion in total income of which premium income accounted for Rs. 15 billion. The company recorded net profit of Rs. 3.1 billion for the year, grew its investment portfolio to Rs. 80.75 billion, increased assets to Rs. 96.45 billion and paid Rs. 6.8 billion in gross claims and benefits to policyholders.
Begun in 2007, World Finance magazine’s award programmes are tailored to provide a comprehensive analysis of the very best in each market. The judging panel is required to avoid bias towards criteria such as depth of practice and size of company, in order to get an insight into different geographies and niche areas.
Ceylinco Life commenced operations in January 1988 and has close to a million lives covered by active policies. The company 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.