Employee-owned Ceylinco Insurance continues its success story

Tuesday, 21 January 2014 00:01 - - {{hitsCtrl.values.hits}}

Ceylinco Insurance concluded yet another remarkable year on a high note, recording a premium income of Rs. 22.7 billion, as at 31 December 2013, standing stronger than ever before, with stronger results and sound financial stability. Today, the majority of the shares of the company are owned by its employees; a model that is unique to Ceylinco Insurance. “It is a noteworthy and a commendable factor, the tremendous support extended by the staff, who rally around us always, giving us unprecedented strength, which is also a great encouragement,” said Ceylinco Insurance Managing Director and Chief Executive Officer Ajith Gunawardena who steered the company with diligence and unsurpassed vision towards its present fame, adding: “With the employees holding a majority of the shares, their commitment to the company and its success is even greater. This is a good case study for the corporate sector.” “We humbly acknowledge that our strong performance over the years was only possible due to the steadfast faith, confidence and trust our loyal clientele placed in us. We express our gratitude to our customers, who made it all possible, and we reiterate that we will make every effort to give the very best to our customers, who form the core of our business. Further, we also wish to extend our gratitude to the Chairperson and the officials of the Insurance Board of Sri Lanka and the Governor and the officials of the Central Bank of Sri Lanka, and all our stake holders who have played a pivotal role in our performance throughout the years,” Gunawardena, went on to say. During the year 2013, shares of the company traded at an average of Rs. 1,116, with the highest trading point being Rs. 1,400, indicative of the confidence and trust placed in the company by the public and shareholders. Today, Ceylinco Insurance and Ceylinco VIP are widely acclaimed as some of the most powerful and valuable brands in the country, that continue to evolve, keeping pace with the changing times and the needs of the Sri Lankan populace. Over the past years, Ceylinco Insurance has set many benchmarks for the insurance industry in Sri Lanka to follow; including the innovative On The Spot claim settlement process, based on a concept put forward by Ajith Gunawardena ten years ago, which forever changed the landscape of the insurance industry in Sri Lanka, benefiting millions of vehicle users around the country. In the era prior to the On the Spot concept was introduced, it took nearly three months to obtain a vehicle insurance claim. Today, many industry players attempt to emulate the Ceylinco VIP On the Spot claim settlement methodology, which has benefited the insuring public at large. Moreover, Ceylinco Insurance has maintained an undisputed leadership position as the only company committed to settling all claims On The Spot, which reflects the company’s commitment towards ensuring timely claim settlement to customers. Ceylinco Insurance also offers its unique solutions internationally through strategic alliances with several companies operating in the Middle East, including the United Arab Emirates, Bahrain, Kuwait, Oman and Qatar. Further, Ceylinco Insurance operates in Nepal and the Maldives, through joint venture partnerships. Incidentally, all such international ventures have recorded exponential growth in the last few years, prompting Ceylinco Insurance to consider several other Asian markets in its expansion drive. Ceylinco Insurance is the only insurance company to win the much coveted “Innovative Insurance Company In Asia” award twice over, a feat unmatched by any insurance company the world. Ceylinco Insurance maintains its position as the highest ranked insurance company amongst the respected LMD rankings since that magazine’s inception. In its rankings announced in December 2013, LMD Magazine once again placed Ceylinco Insurance as the highest ranked insurer for the 20th consecutive year. Ceylinco Insurance was the only insurance company to be selected amongst the “Business Today” top 25 Companies in Sri Lanka for the second consecutive year; selected on the basis of impressive financial performance. Ceylinco Insurance was also recognised as the “People’s Insurance Brand of the Year 2013” for the seventh consecutive year: where the People’s Award is unique, as Sri Lankan citizens are the primary and only source of deciding who the winners are, across brands, organisations and personalities they value and respect.