Matching popularity with performance, the coveted award came less than three weeks after it became evident that Ceylinco Life had retained its market leadership in Sri Lanka’s life insurance industry for the 16th successive year with the release of the Company’s annual results for 2019.
Incidentally, 2020 was the fourth year that the Peoples Insurance Service Provider of the Year was awarded separately to Life and General Insurance companies, following the segregation of these segments of insurance by law in 2015.
In the 10 years that preceded the segregation, Ceylinco Insurance PLC won the award every year.
Considered the hallmark awards event of the Sri Lanka Institute of Marketing (SLIM), the SLIM-Nielsen Peoples Awards honours the country’s top brands across multiple sectors each year.
The selection of winners is based on a nationwide quantitative face-to-face survey covering males and females between the ages of 15 to 60, over a period of five months using a structured questionnaire.
Respondents are asked to mention their favourite brands and personalities across various categories, with those receiving the highest nominations being declared as the winners.
“Life insurance is all about relationships with people from all walks of life, and this award reflects the trust and empathy that Ceylinco Life has earned from the people over more than three decades of de-risking the lives of millions,” the Company’s Managing Director/CEO Mr Thushara Ranasinghe said.
“There can be no better affirmation of our corporate credo – A Relationship for Life – than this award, because while market leadership is determined by figures, another aspect that sets us apart from our peers is our passion for building our relationship with our policyholders and the community at large.”
Ceylinco Life was also adjudged Sri Lanka’s most valuable life insurance brand by Brand Finance in 2019, and in the same year was ranked among the 10 ‘Most Admired Companies’ in the country by the ICCSL, named the Best Life Insurer in Sri Lanka for the sixth consecutive year by World Finance, and ranked sixth overall in the Business Today ranking of the country’s top 30 companies.
The Company ended 2019 with assets of Rs 133.4 billion, total income of Rs 32.1 billion, premium income of Rs 18.7 billion, a Life Fund of Rs 96.2 billion, an investment portfolio with a value in excess of Rs 116.9 billion and pre-tax profit of Rs 8.2 billion.
The market leader in Sri Lanka’s life insurance industry for 16 of the 32 years it has been in operation, Ceylinco Life 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.
The SLIM-Nielsen Peoples Awards recognise brands and personalities that have made a profound impression in the minds of the people of Sri Lanka and are one of the most awaited marketing events in the corporate calendar as the nominees and awardees are chosen by the voice of the people, through a comprehensive nationwide research conducted by Nielsen Sri Lanka.
Photo caption - Ceylinco Life representatives led by Director Mr Ranga Abeynayake accept the award at the 2020 SLIM-Nielsen Peoples Awards.