Ceylinco Life’s 2019 Annual Report was ranked among the 10Best Integrated Reports at the 6th edition of the ‘CMA Excellence in Integrated Reporting Awards 2020’ presented by the Instituteof Certified Management Accountants (CMA) of Sri Lanka.
Themed ‘Derisking the Future,’ this fifth integrated annual report of the life insurance leaderreflectedon the strength of its life insurance products, which enable its policyholders to achieve their potential and aspirations while the company safeguards them as they progress in life.
Ceylinco Life has adoptedthe Integrated Reporting Framework since 2015 subsequent to the segregationof Life and General Insurance into separate business entities under Section 53 of the Regulation of Insurance Industry (Amendment) Act No 3 of 2011, which came into effect that year.The Company said itsintention in Integrated Reporting is to provide a holistic view of how it createssustainable value for its diverse group of stakeholders.
Commenting on the award, Ceylinco Life Director/Chief Financial OfficerMrPalithaJayawardenasaid:“The annual report remains our principal medium of providing stakeholders with a complete picture of the business.
Every year, we intensify our effortsto meet and exceed the stipulated standards and to further enhance transparency and the quality of disclosures. This award will provide further encouragement to the team responsible for all the hard work.”
The companies that competed for the CMA Excellence in Integrated Reportingawards consisted mainly of public quoted companies including state and private commercial banks, finance and insurance companies and companies in manufacturing, diversified sectors, plantations, power and energy, education and construction.
The submitted reports were judged based on the Guiding Principles, ContentElementsand other fundamental concepts of the Integrated Reporting <IR> Frameworkissued by the International IntegratedReporting Council (IIRC) with special emphasis on criteria such as strategic focus and future orientation, connectivity of information, value creation, and reliability and completeness.
The CMA Excellence in Integrated Reporting Awardscompetition is organised annually by the Instituteof Certified Management Accountants of Sri Lankawhich is the national professionalmanagement accounting institute in the country. The purpose of the ‘Excellence in Integrated Reporting Awards’ is to encourage Sri Lankan companies both listed and unlisted and state-owned institutions to undertake integrated reporting which will be beneficial to investors and stakeholders. The evaluation takes intoaccount not only the accounting and financialinformation but also non-financial informationprovided in <IR>.
Sri Lanka’s leading life insurer for more than half of the 33 years it has been in existence, and certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work®, Ceylinco Life was ranked the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance in 2020 and declared the ‘Peoples Life Insurance Service Provider of the Year’ for the 14thconsecutive year at the 2020 SLIM-Nielsen Peoples Awards.
The Company was named the ‘Best Life Insurer in Sri Lanka’ for the sixth consecutive year by World Finance in 2019, and accorded an ‘Honourable Mention’ as one of the ‘Most Admired Companies in Sri Lanka’ in 2019-20 by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), UK.
Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance sector for innovation, product research and development, customer service, professional development and corporate social responsibility.