Also rated strongest insurance brand in the country by Brand Finance
Ceylinco Life has been ranked the most valuable life insurance brand in Sri Lanka and listed among the country’s 10 strongest brands before the COVID-19 pandemic by Brand Finance in its 17th edition of the country’s most valuable brands.
Ceylinco Life retained the title of Sri Lanka’s most valuable life insurance brand, with a brand value of Rs. 3,658 million and with a brand rating of AA+, making it the strongest insurance brand. Ceylinco Life also moved up to No 33 in the overall brand value ranking.
Commenting on this ranking, Ceylinco Life Managing Director Mr Thushara Ranasinghe said: “A brand should be seen to encapsulate the core values associated with the business it represents. In the case of Ceylinco Life, trust, dependability, integrity, strength and stability are core values. We believe the Value and Strength score assigned by Brand Finance reflect the extent to which the brand lives up to these core values and contributes to performance.”
Brand Finance calculates the values of the brands in its league tables using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
In addition to measuring overall brand value, Brand Finance determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. According to these criteria, Ceylinco Life’s Brand Strength Index (BSI) score of 78.22 out of 100 corresponded to an AA+ brand strength rating.
Brand Finance is the world’s leading independent brand valuation consultancy, with offices in over 20 countries including Sri Lanka. Brand Finance bridges the gap between marketing and finance by quantifying the financial value of brands. Brand Finance helped craft the internationally recognised standard on Brand Valuation – ISO 10668, and the recently approved standard on Brand Evaluation – ISO 20671.
Ceylinco Life ended 2019 with a consolidated income of Rs 32.1 billion reflecting top line growth of 9.9 per cent. The Company reported gross written premium income of Rs 18.7 billion, retaining its status as the market leader for life insurance in Sri Lanka for the 16th consecutive year.
Sri Lanka’s leading life insurer for the second half of the 32 years it has been in existence, Ceylinco Life was declared the ‘Peoples Life Insurance Service Provider of the Year’ for the 14th consecutive year at the 2020 SLIM-Nielsen Peoples Awards, was ranked among the 10 ‘Most Admired Companies’ in the country by the ICCSL in 2019 and in the same year was 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.
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.