Ceylinco Life selects Bloomberg for fixed income trading

Life insurance leader Ceylinco Life has announced that it is Sri Lanka’s first insurance company to trade government securities electronically over Bloomberg’s fixed income trading platform via FIQ<GO>.

FIQ is an electronic trading portal that enables qualified subscribers of the Bloomberg Professional service to execute trades in government and corporate bonds across regional and emerging markets.

An active participant in the secondary market of government securities in Sri Lanka, Ceylinco Life’s government securities portfolio stood at Rs. 22.6 billion as of 31 December 2012.

The company has used the Bloomberg Professional service since 2003 to help manage its policyholders’ fund, and publishes indicative government securities and repos prices at CELI<GO> on the Bloomberg Professional service.

“Optimising returns on our policyholders’ fund is clearly of paramount importance to our operations,” said R. Renganathan, Managing Director and CEO of Ceylinco Life. “With this platform, any advancement in efficiency of the trade process can add significant value to our business.”

Ceylinco Life operates the largest branch network among local Life insurance companies, and has been the market leader since 2004.

The company has also won multiple international and local awards for its commitment to the community and success in brand equity building.

In December 2012, Ceylinco Life became the first Life insurer in Sri Lanka to surpass Rs. 10 billion in premium income in under a year.