Sri Lanka’s life insurance market leader for the past 15 years, Ceylinco Life is also one of the Top 40 consumer brands overall in the ranking of the 100 most valuable brands in the country, a list that includes the largest banks, telcos and retail giants.
Brand Finance assigned Ceylinco Life a brand value of Rs 3.8 billion, 5 per cent higher than the Rs 3.6 billion valuation of 2018, and upgraded the Company’s brand rating to AA+ from AA.
Commenting on this ranking, Ceylinco Life Chairman Mr R. Renganathan said: “Trust is the most valued element in the financial services sector and particularly so in life insurance which involves a customer relationship spanning decades and encompassing families and loved ones.
The Ceylinco Life brand has represented trust not just visually, but in terms of demonstrated core values, from the Company’s very inception. Being in the business of life insurance is a responsibility that we take very seriously because our true service comes in to play when our customers find themselves in a distressful situation.
We have always been close and empathetic with our customers which is what has enabled us to grow this brand over the years.”
Richard Haigh, the UK-based Managing Director of Brand Finance plc. Said:
“The long-standing Ceylinco Life brand has been a leader due to its pioneering initiatives over many decades.
The brand has been skillfully positioned in the long term financial planning category rather than being a pure life insurer.
By defining a future view for the brand, Ceylinco Life has been able to strategically build it over time.
Creating brand value is a long term initiative involving all aspects of the business from new product introductions to employee engagement, which ultimately results in delivering the brand experience to customers.”
Brand Finance measures the values and strength of brands listed on the Colombo Stock Exchange using a method based on the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668 and used by the company globally.
The world’s leading independent brand valuation consultancy, Brand Finance advises strongly-branded organisations on maximising their brand value through effective management of their brands and intangible assets.
Founded in 1996, Brand Finance has performed thousands of branded business, brand and intangible asset valuations worth trillions of dollars.
Its clients include international brand owners, tax authorities, intellectual property lawyers and investment banks.
Brand Finance is headquartered in London and has a network of international offices including its Colombo office which is a subsidiary company and has been operating in Sri Lanka since 2004.
Ceylinco Life ended 2018 with assets of Rs 118 billion, total income of Rs 29.21 billion, premium income of Rs 17.8 billion, a Life Fund of Rs 88.05 billion, an investment portfolio with a value in excess of Rs 103 billion and net profit of Rs 5.79 billion.
Adjudged Sri Lanka’s Best Life Insurer in 2018 for the fifth consecutive year by World Finance, and the most popular life insurance company in the country for 13 consecutive years by SLIM-Nielsen, Ceylinco Life has been the market leader in Sri Lanka’s life insurance industry for 15 of the 31 years it has been in operation.
The Company has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility.
Photo caption - Ceylinco Life Chairman Mr R. Renganathan (2nd from left) receives the Brand Finance award from Brand Finance Lanka Managing Director Mr Ruchi Gunewardene in the presence of Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe (extreme left) and General Manager – Marketing Mr Samitha Hemachandra.