Wins ‘Peoples Life Insurance Service Provider of the Year’ title at 2024 SLIM Kantar Peoples Awards
Ceylinco Life was crowned the most popular life insurance company in Sri Lanka for a record 18th consecutive year in 2024 at the SLIM Kantar Peoples Awards presented by the Sri Lanka Institute of Marketing (SLIM) on 19th March.
The coveted title was conferred on Ceylinco Life just days after the announcement of the Company’s financial results for 2023, reaffirming its market leadership in the life insurance sector for the 20th successive year.
The SLIM Kantar award is based on consumer preferences as determined by the results of a survey instead of by a panel of judges, making it a true reflection of popular sentiment. Ceylinco Life stands out as the only company in Sri Lanka’s life insurance sector win the award every year since the inception of the awards programme.
Commenting on this award, Ceylinco Life Deputy Chief Operating Officer Mr Samitha Hemachandra said: “Customer sentiment is the most important element in the success of any business, and to be the people’s choice for 18 years in a row is an amazing achievement in consistency. Our two decades of market leadership is based on the trust and confidence of our customers, and it is logical that Ceylinco Life has been the winner of the Peoples Award in that period. This award attests to the fact that Ceylinco Life exceeds the expectations of its customers and the community, and is looked up to as a corporate inspiration.”
The purpose of the Peoples Awards is to reward and recognise brands and personalities that are closest to the hearts of the Sri Lankan people. A hallmark awards event of the Sri Lanka Institute of Marketing, the awards programme is the result of a collaboration between the Institute and Kantar Group, UK. The award winners are chosen solely by people’s votes, through country-wide research conducted by Kantar and honour the country’s top brands across multiple sectors each year, with respondents to the survey asked to mention their favourite brands and personalities across various categories.
The 2024 SLIM Peoples Awards presentation was the eighth year that the awards in the insurance sector were presented 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 comprising of Ceylinco Life and Ceylinco General Insurance, won the award every year.
Ceylinco Life ended 2023 with gross written premium income of Rs 33.41 billion and investment and other income of Rs 28 billion, recording consolidated income of Rs 61.4 billion. Policyholders received a record Rs 23 billion in net claims and benefits in 2023, and the company’s Life’s Fund grew to Rs 157.5 billion at the end of the year. Total assets grew to Rs 224.7 billion while the Company’s investment portfolio increased to Rs 198.1 billion as at 31st December 2023.
Adjudged Sri Lanka’s Brand of the Year for the second successive year in 2023, Ceylinco Life was named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), and was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance.
The 2022 Annual Report of Ceylinco Life won the joint Gold Award for ‘Best Presented Annual Report’ in the Life Insurance sector at the South Asian Federation of Accountants (SAFA) Awards and was adjudged the best in the ‘Finance Services and Insurance’ category at the Sustainability Reporting Awards presented by the Association of Chartered Certified Accountants (ACCA).
Ceylinco Life has been the country’s leading life insurer for 20 of the 36 years it has been in existence and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
