Signals serious intent to enlarge footprint in healthcare sector
Says synergies will enhance long-term value creation for policyholders
Investment represents significant diversification of Company’s investment portfolio
Heralds the next growth phase for Kings
Ceylinco Life has entered into an exciting partnership with Kings Hospital (Private) Ltd, one of the newest and most modern private hospitals in Sri Lanka, through a major equity investment, thereby significantly enlarging the Company’s footprint in the healthcare sector and diversifying its investment portfolio.
The Company said this strategic investment has been made via a private placement with an option to further increase its holding in the 120-bed hospital.
Ceylinco Life will take up proportionate representation in the Kings Hospital Board which will catalyse its next growth phase. Synergies between Ceylinco Life and Kings will enhance value for all stakeholders, the Company said.
Ceylinco Life is the market leader in the country’s life insurance sector and is already a pioneer in the healthcare sector. The Company’s wholly-owned subsidiary Ceylinco Healthcare Services Limited (CHSL) set up the first private sector radiation therapy centre in Sri Lanka for the treatment of cancer, and installed the country’s first Linear Accelerator as well as the first TomoTherapy unit, which is to date the only facility of its kind in Sri Lanka. Ceylinco Life also manages the Golden Key Eye and ENT Hospital.
Commenting on this latest milestone in the Company’s evolution, Ceylinco Life Chairman Mr. Rajkumar Renganathan said: “Globally, life insurers and healthcare providers have established strategic partnerships with each other to reap the inherent and complementary synergies. This strategic investment capitalizes on synergies, thus creating additional value for all stakeholders including Ceylinco Life policyholders.”
“Ceylinco Life is already a leader in cancer treatment, with major investments in infrastructure and equipment and an impeccable record of success. We have established strong links, affiliations and collaborations with numerous healthcare institutions including Apollo Hospitals of India and now Kings Hospital, Colombo, to widen access to affordable treatment and diagnostics,” Mr Renganathan added. “The acquisition of equity in Kings Hospital signals our serious intentions to increase Ceylinco Life’s presence in healthcare for the benefit of the people of Sri Lanka and as an investment strategy.”
Dr Palitha Abeykoon, Chairman of Kings Hospital said: “We are delighted to welcome Ceylinco Life as a key partner in our Hospital and look forward to working closely with the Company’s management team to execute the next phase of our development. Kings Hospital was established with a vision of bringing high quality, value- based patient, family and community centric health care to the country. Ceylinco Life too is deeply involved in community-centric healthcare initiatives and hence we believe there is an excellent strategic and synergistic fit between our two institutions.”
“We hope to benefit from the extensive experience and expertise of Ceylinco Life in the establishment, expansion and management of healthcare facilities and in the marketing of such facilities and building strong brands. Additionally, the Ceylinco insures more than a million lives, and this would enable us to provide them with the best possible health care that is available to enrich the quality of their lives.”
Founded by a consortium of renowned medical practitioners and staffed by many of the leading medical specialists in the country including the founders, and a well-trained nursing care team, Kings Hospital is an ultra-modern multispecialty hospital located at Narahenpita in Colombo. It was established with the acquisition of the Oasis Hospital in March 2017 and was purpose-built with modern architectural designs, equipment and services. The Hospital opened to the public in August 2019 and prides itself of having 11 modular operating theatres, currently one of largest surgical facilities in the country.
The Hospital has the full spectrum of specialty departments that cover internal medicine, general surgery, dental sciences, renal medicine, orthopaedics including joint replacement, paediatrics and neonatology, surgery, cardiology and cardiac surgery, respiratory medicine and thoracic surgery, urology, gynaecology and obstetrics, transplant surgery, cosmetic surgery, ophthalmology and a Wellness Centre. Such services are backed by a modern diagnostic center equipped with a state-of-the-art Radiology department and a laboratory.
Adjudged the ‘Most Valuable Life Insurance Brand in Sri Lanka’ in 2022 by Brand Finance, Sri Lanka’s Service Brand of the Year by the Sri Lanka Institute of Marketing (SLIM) in 2021 and the winner of the SLIM Kantar Peoples Award as the Most Popular Life Insurance Company in Sri Lanka for the 16th consecutive year, Ceylinco Life has been the country’s leading life insurer for more than half of the 34 years it has been in existence. Other accolades won in respect of 2021 include the ‘Most Popular Service Provider’ in Sri Lanka’s Life Insurance industry in 2021 by LMD, the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance, one of the 10 Most Admired Companies in Sri Lanka by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), and one of the 10 Best Workplaces in Sri Lanka’s Banking, Financial Services and Insurance (BFSI) sector by Great Place to Work.
Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.