Ceylinco Life honours high flyers achievers
The important role life insurance can play in a modern economy was
emphasised by a top international economist when life insurance leader
Ceylinco Life recently honoured 250 top achievers who contributed to the
company's stellar growth in 2011.
Dr. Koshy Mathai, the IMF Resident Representative for Sri Lanka
and the Maldives presents an award to a Ceylinco Life top
achiever in the presence of the company’s Managing Director and
CEO R. Renganathan. |
Addressing the 23rd Ceylinco Life Achiever's Night, Dr. Koshy Mathai,
the IMF Resident Representative for Sri Lanka and the Maldives, said
life insurance contributed to risk pooling, mobilising savings and
capital market development, in addition to providing long term financial
protection against the uncertainties of the future. He explained that
with life insurance taking away the worry about the future, those
insured were free to get on with their lives and invest in other
avenues. The contractual savings element in life insurance was also
important, since it has been seen that high saving countries are also
high investment countries, while countries with low savings are low
investment countries, Dr. Mathai said.
Pointing out that many businessmen complain about the difficulty they
face in securing long term finance, he said life insurance provides
strong demand for long term assets like corporate bonds, since Life
Funds also invest in corporate debt. "Overall, there is a lot of
empirical evidence suggesting that the development of the life insurance
sector leads to increased economic growth," Dr. Mathai said.
In his address at this gala event, Ceylinco Life Managing Director
and CEO R. Renganathan stressed that the company believes that providing
long term financial protection to policyholders and their families is a
sacred trust, and that the company owes it to policyholders to ensure
that their hard-earned monies are managed with the utmost probity.
He said this approach, of steadfastly applying itself to the business
of Life Insurance and constantly seeking to improve the quality of the
traditional, core product continues to generate solid growth for
Ceylinco Life, and kept the company at the Number One spot in the sector
for the eighth consecutive year in 2011. "We have, in fact, increased
the gap in premium income between Ceylinco Life and the closest
competitor in 2011, delivering a strong message that we hope the
industry will heed," he said.
Ceylinco Insurance PLC Chairman Godwin Perera said the company's
focus on professionalism -- deploying a team of insurance specialists
rather than simple sales people -- would enable it to maintain its
leadership of the market despite the challenges posed by existing and
emerging competitors.
The Achiever's Night event was followed by five-star dining and
entertainment after each of the company's high flyers had been rewarded
with trophies, certificates and overseas trips to Bangkok and Singapore
including Star Cruises. Branch Sales Heads, Unit Heads and Sales
Consultants who have performed exceptionally well from all districts in
Sri Lanka participated in this year's Achiever's Night. Branches in the
Jaffna peninsula and the Eastern province, as well as many rural towns
featured prominently in the company's honours list.
The top award winners were: Best Branch Head - Platinum Category H.
M. J. Banda (Kaduruwela Branch); Best Unit Head - Platinum Category T.
Rajakopal (Nelliady Branch) Best Sales Consultant - Platinum Category A.
I. P. Manjula (Ambalantota Branch) and Best Sales Consultant Gold
Category N.A.J Fernando (Negombo Branch).
Ceylinco Life ended 2011 with a record Gross Written Premium Income
of Rs 9.816 billion and total income of Rs 13.698 billion. The Company's
Life Fund grew by 19.9 per cent to Rs 38.2 billion as at 31st December
2011. Independently rated as one of the country's most valuable brands,
Ceylinco Life operates more than 180 branches, the largest branch
network among local life insurance companies, and has won multiple
international and local awards for its commitment to the community and
success in brand equity building. The company's solvency margin, which
illustrates its financial strength and ability to honour all claims,
stood at eight times the minimum statutory requirement at the end of the
2011 financial year.
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