Offers additional protection to policyholders by increasing life cover in event of a claim
Ceylinco Life has distributed more than Rs 6 billion in annual bonuses, including a one-time special bonus to commemorate the Company’s 35th anniversary, to 197,131 loyal policyholders.
An increase of Rs 1.7 billion or a whopping 37.27 per cent or over the bonuses declared in respect of 2021, the recent pay-out reflects the growth and strength of the company and represents another example of customers benefitting from the success of Ceylinco Life, which celebrated its 19th consecutive year of market leadership in 2022, the Company said.
“Our ability to substantially increase our bonus pay-out in times as challenging as these, underlines the depth of the Company’s investment management expertise and provides a significant confidence booster to existing and prospective customers,” Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe said. “These bonuses also provide additional protection to the policyholders by increasing their life cover in the event of a claim.”
Including the special anniversary bonus and the regular annual bonus, Ceylinco Life declared a total of Rs 6.254 billion in bonuses for 2022, comprising of Rs 1.518 billion in interim bonuses, Rs 2.368 billion in new reversionary bonuses, and Rs 2,368, in new terminal bonuses.The special one-time bonus that was distributed to policyholders was based on the type of plan, duration of the policy and the basic sum assured, the Company said, and was meant as a token of appreciation of the loyal patronage of its policyholders. Meanwhile, the annual bonuses are designed as a value addition scheme for active with-profit life insurance policies, and rewards policyholders for their continued trust and support.
To promote sustainability and reduce paper waste, Ceylinco Life used digital communication to send the annual bonus certificates, including the 35th anniversary bonus certificates, as e-statements via SMS. Physical statements were only posted to policyholders who could not be reached via SMS.
Ceylinco Life ended 2022 with assets of Rs 191.5 billion, consolidated income of Rs 45.63 billion, gross written premium income of Rs 29.16 billion, a Life Fund of Rs 134.9 billion and an investment portfolio of Rs 165.9 billion.
Adjudged Sri Lanka’s ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life was conferred the ‘Peoples Life Insurance Service Provider of the Year’ title at 2023 SLIM Kantar Peoples Awards for the 17th consecutive year. Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence. The Company was also ranked the ‘Most Valuable Life Insurance Brand in Sri Lanka’ by Brand Finance and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022. 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.