Ceylinco Life has been declared the ‘Best Life Insurer in Sri Lanka’ for a third consecutive year, following an in-depth assessment of key performance indicators by World Finance, the authoritative UK-based international publication.
The magazine’s eminent panel of international experts analysed multiple aspects of sector-specific performance in FY 2015 before naming its country winners for 2016.
Among the areas looked at were average time to underwrite and to issue a policy, how risk exposure is assessed and accommodated, achievements in the 12 months reviewed, how appropriate cover is ensured for new and existing clients, customer retention rate, average time in claim settlement, new customer acquisition rate, average cost per policy and net premium.
“These are indicators that provide an accurate picture of the quality of products and service as well as the operational soundness of a life insurance company,” Ceylinco Life Managing Director/CEO R. Renganathan said.
“Such a rigorous examination of performance by independent luminaries is good for any company. We are delighted not only to pass with flying colours, but to be adjudged the best in Sri Lanka for a third year running.”
He said the Word Finance accolade while being an important benchmark for Ceylinco Life, is also a strong endorsement of the strength and stability of the company that will carry weight with the existing and prospective policyholders.
Ceylinco Life ended 2015 as Sri Lanka’s No 1 life insurer for 12th successive year, with a characteristically robust performance that generated total income of Rs.19.89 billion, of which premium income accounted for Rs.13.4 billion. The company recorded net profit of Rs.2.060 billion for the year, grew its investment portfolio to Rs.67.1 billion, increased assets to Rs.80.2 billion and paid Rs.5.9 billion in benefits to policyholders.
The World Finance judging panel boasts represents more than 200 cumulative years of financial and business journalism, supported by a research team that works round the clock to ensure its award winners are the most deserving in their respective sectors and countries.
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.