The new Ceylinco Insurance Head Office Building

Life insurance leader Ceylinco Life’s record of claim settlement has been confirmed to be the best among the country’s top five insurance companies by the sector regulator, the Insurance Board of Sri Lanka (IBSL).
Figures released by the Board for the year ending 31st December 2009 reveal that Ceylinco Life, the largest life insurer by a margin of more than Rs 2,705 million, had the lowest number of claims outstanding at the end of the concluded financial year.
The IBSL’s statistics show that Ceylinco Life, whose share of the life insurance market stood at 31.13 per cent with premium income of Rs 7,523 million at the end of 2009, was responsible for only 82 out of a total of 100,733 claims outstanding in the life insurance segment, just .08 per cent of the total.
“Paying claims is the business of an insurance company, and it is a strict policy at Ceylinco Life to settle every legitimate claim as quickly as possible,” Ceylinco Life Deputy Chairman R. Renganathan said. “The IBSL’s officially released data validates our position as the best in the business in the area of claims settlement.”
In value terms, claims outstanding at Ceylinco Life as at 31st December 2009 totaled Rs 102.4 million, as against a total of Rs 3,220 million for all life insurance companies.
Ceylinco Life’s Life Fund grew 20.3 per cent to Rs 25.6 billion in 2009, an increase of Rs 4,321 million during the year, while Investment Income grew 28.4 per cent to Rs 3,350 million. The company sold more than 159,000 new life policies in the year at an average of 13,250 per month, and paid Rs 2,756 million in customer benefits, inclusive of Rs 485 million paid as claims.
The company’s solvency margin, a key indicator of financial health, improved significantly in the year and stood at eight times the statutory requirement as at 31st December 2009.
Ceylinco Life was recognised on the global stage for brand excellence when the company was presented with the Overall Brand Leadership Award at the 2009 Global Awards of the World Brand Congress. The company also won the People’s Insurance Brand of the Year award at the SLIM-Nielsen People’s Awards 2010.

Ceylinco Insurance Company’s Hall of Fame entrants pose with Deputy Chairman Ajith Gunewardena (right). (From left): Upali Manukularatne, A.M.D. Alagiyawanna, Sathyajith Wijeyapura and Roshan Ranasinghe

The industry’s undisputed market leader for the sixth consecutive year running, Ceylinco Insurance (General), recently recognised and rewarded their dynamic and dedicated team at the Annual Sales Conference and Awards Ceremony 2010.
The glittering event showcased the company’s outstanding talent and acknowledged the accolades of their loyal staff whilst rewarding its top performers.
The gala event held under the theme “With you, our staff, we are stronger than ever before” was attended by over 1,200 sales personnel and also other members of the staff. Over 550 sales personnel received awards given on a specific criteria; the top achievers were categorized as Members, Certificate Members, Bronze, Silver and Gold going on to the coveted Hall of Fame.
Along with rewards based on these categories, five members were recognised and welcomed into the prestigious Hall of Fame while one of them qualified for a brand new house.
Deputy Chairman, Ajith Gunawardena  who in his speech paid a glowing tribute  to his staff for demonstrating unparalleled loyalty, also said, “In a year  of  tremendous  challenges, our  staff has displayed utmost loyalty and proven to be a constant source of strength, as they have helped the company overcome adversity and trying times. It was their effort, their commitment that helped the company sail through, unshaken and untouched by the turmoil around it. It was also their sense of allegiance that allowed us to continue with our position of established market dominance.”
Gunawardena also thanked the stake holders, saying “I thank the share holders for the confidence placed in the company and its management”.  “I also thank our regulator, the Insurance Board of Sri Lanka, the authorities, reinsurers and reinsurance brokers, agents and brokers, and all our loyal clients without whose support and belief in us, we could not have achieved anything. I salute their loyalty and steadfastness,” he added.
Deputy Chief Executive Director, Patrick Alwis in his address said “We achieved excellent results for 2009 due to the commitment, loyalty and team work of our staff and we deeply express our gratitude to all of them. We are confident of the same level of commitment in the future that will take us to even greater heights.”
Ceylinco Insurance announced an unparalleled dividend of 50 % for its shareholders as a sign of appreciation for the tremendous trust placed in the company by its shareholders and policy holders.
Ceylinco Insurance (General) team is recognised as the largest sales force in the industry – the company is confident of their high level of motivation and dynamism, able to deliver an outstanding level of service to their customers. The team is backed by the widest network of branches in the insurance industry in Sri Lanka, making them the industry’s most well equipped team. In keeping with the surge of economic activities in the north and east, the company expanded its northern network by opening three new branches in Manipay, Achchuweli and Chunnnakam last year.
In 2009, the overall premium income of the company stood at Rs 16.7 billion out of which the General Division contributed Rs 9.1 billion. Company’s profits grew by 14% recording a profit before tax of 835 million.
Additionally, in recognition of the exceptional level of customer service that has been the company’s hallmark, Ceylinco Insurance was feted as the People’s Insurance Company for the 4th successive year in 2009; the brand Ceylinco Insurance has stayed the highest ranked insurance brand in the country, speaking volumes for its well grounded stability and strength.

General Manager Marketing and Distribution, Rukman Weeraratne, receiving the AA Brand Rating Certification

Union Assurance was rated as one of the most valuable brands by Brand Finance PLC. The rational behind the valuation is that the UA brand has the power to influence customer demand, trade distribution, staff loyalty, supplier terms, investor sentiment, transforming business performance and business returns, and was endorsed by Brand Finance PLC by awarding Union Assurance with a “AA” brand rating.
General Manager Marketing and Distribution, Rukman Weerarathne stated that the Union Assurance brand has a rich history of more than 20 years. The brand has been able to win the hearts of its consumers, and the employees of the company have been its brand ambassadors. Union Assurance today is one of the most trusted insurance companies in Sri Lanka.
“Our new brand promise was created to deliver an unparalleled level of trust. Trust is the most important factor in our business since insurance is a long term agreement and the consumer looks for a trusted partner to work with,” explained Weerarathne.
“At Union Assurance, we have two lines of business. Our extensive internal and external research showed that in general insurance, the people primarily look for convenience, while in the life insurance sector, they look for transparency. We combined the values of transparency and convenience with respectfulness from the corporate level, which meant that the customer wanted policies that can be bought and claimed easily, along with those that were easy to understand.
“For life insurance, transparency was key, with customers needing the assurance that what they saw is what they got,” stated Weeraratne.
“Along with a respectful approach for all parties including our customers and shareholders, the three values within the core value of trust is what makes our new promise powerful and relevant.  This will undoubtedly make the UA brand stronger and more customer appealing,” said Weeraratne.
UA has won many accolades in the recent past. They were awarded Superbrand status by Brand Finance in the year 2009. They also won the most coveted Business Excellence award for their business practices and their annual reporting has won them many awards locally and internationally.

The Janashakthi Team

Janashakthi Insurance PLC recently flew 125 of its top sales performers to Pattaya in Thailand on an all-expenses-paid three-night four-day extravaganza in recognition of their exceptional performance during Q4 2009.
The top performers, both men and women came from all parts of the country including the North and the East and spent time indulging in shopping and exploring Pattaya. They also took time off to visit the Coral Islands and the famous Gem Museum.
A highlight of the tour was the Pattaya International Music Festival 2010 which was held during this period. This was an unrivalled opportunity to enjoy a weekend of listening and dancing to beautiful music performed by more than 100 musicians.
Visitors can choose their own style of music too from Pop, Hip-Hop, R&B, or Rock music. According to Pattaya’s City Hall it was revived to lighten the mood to give residents and tourists all the more reason to smile and enjoy the resort with great music and greater fun. And that’s just what the Janashakthi team did.
Head of Marketing Paddy Weerasekera said that Janashakthi was happy to reward its top performing staff with foreign trips of this nature. “Foreign tours have proved to be very successful motivational tools. It makes one big difference to get away from a home and work environment and relax overseas. The resultant bonding that takes place is invaluable. With the senior management also present, there was a great exchange of ideas in a general atmosphere of camaraderie”.
“These quarterly forays overseas in addition to our customary annual and mid-year awards make our sales staff feel part of one large family, which is what Janashakthi is really all about. In fact we’ve already launched our Q1 2010 promotion whose top performers will be flown on an all expenses paid tour to the celebrated Genting Highlands in Malaysia”, he further added.
Janashakthi has, in previous years, treated its award winning sales staff with cruises and fully-paid holidays to many countries such as Singapore, UK, US, Thailand, China, Dubai, Malaysia etc, in addition to many places in Sri Lanka too.

Managing Director, Shah Rouf

AVIVA NDB Insurance has recorded significant growth in consolidated group revenue amounting to LKR 2,731 million during the first three months ended 31 March 2010. This reflects a growth of 42% over the corresponding period in 2009.
Total Gross Written Premium income of LKR 2,080 million recorded a growth of 34% compared to the previous year reflecting a successful transformation of the company and its sales force who are now known as ‘Wealth Planners.’
The commendable top-line performance of the group was largely driven by the 33% growth in Life insurance and 36% growth in General insurance business compared to the corresponding period in 2009.  The Group reported a loss of LKR 80 million which was attributed to brand migration investment.
Profit before tax excluding brand migration spend amounted to LKR 119 million.  There was also a prudent increase of provision for incurred but not reported (IBNR) claims for the General insurance business arising from the increased volume and mix of new business.
The bottom line performance for the period is marginally higher than the business plan for the period.  The financial results for the quarter do not include a bottom-line contribution from the long-term insurance business as it is usual that this is determined at the end of the financial period, after the actuarial valuation is carried out.
Commenting on the Company’s performance, Managing Director, Shah Rouf said “Our results reflect a very successful transformation in line with the Aviva Group’s vision of creating ‘One Aviva – Twice the value.’  The transformed entity, AVIVA NDB, was readily accepted by all stakeholders and this became evident immediately. We are delighted that it has become an instantly recognizable brand.  Furthermore, our distribution capability was strengthened in the first quarter. Our Wealth Planners are now equipped with the expertise to meet both Life and General insurance needs which is a significant value addition to our customers and this is reaping positive results for the Company.”
Chairman, Bill Lisle pleased with the Company’s performance added: “We have had a great start with the Company’s transformation and are now well positioned and poised to become a driving force in the industry.  Aviva is committed to bring prosperity and peace of mind to all our stakeholders and I am confident that with the prudent strategies in place for the growth of the business, we will deliver on our ambitious plans by the end of this year.”
Aviva is the world’s fifth-largest insurance group, serving over 53 million customers across Europe, North America and the Asia Pacific. Aviva’s main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £45.1 billion and funds under management of £379 billion as at 31 December 2009.
NDB Group is one of the largest financial conglomerates in Sri Lanka, operating regionally in Maldives and Bangladesh. The Group offers project finance, corporate banking, SME lending, retail banking, investment banking, stock broking, wealth management and insurance solutions under one roof. Today, NDB bank, the commercial banking arm of the NDB Group is the highest capitalized Sri Lankan commercial bank.

First batch of AVIVA NDB Wealth Planners who received laptops recently

AVIVA NDB Insurance, in a forward thinking step has commenced empowering the first batch of its sales force known as ‘Wealth Planners’ by equipping them with laptops.  This will keep them abreast of rapidly advancing technology and enable the Wealth Planners to serve customers with greater speed and efficiency.
With the aid of a laptop, Wealth Planners would be able to instantly design the financial solution that meets the unique needs of a customer, using technology to strengthen their business relationships, enhancing their service beyond customer expectations.
AVIVA NDB Wealth Planners are trained to meet both Life and General insurance needs of customers and the laptops will help them to handle the entire spectrum of insurance solutions an individual is likely to require.
Using the specially developed user-friendly software installed in their laptops, AVIVA NDB Wealth Planners can instantly analyze and identify the financial planning requirements of a customer, immediately propose multiple solutions that fulfill those needs, and design a customized insurance plan to help customers to get the maximum benefit.
Explaining the advantages to both the Wealth Planner and the customer, Managing Director Shah Rouf said: “With the aid of a laptop, Wealth Planners are also able to maintain up-to-date profiles of their clients. This facilitates a closer and more effective business relationship that significantly helps to make customers feel special – fulfilling global Aviva’s brand promise ‘No one recognises you like Aviva.’ “
AVIVA NDB Wealth Planners receive training on a regular basis at the Company’s Centre for Excellence.  It is the first in-house training facility outside UK to be recognized by CIM-UK and the world-class training they receive motivates professionalism, integrity and dedication to customer care.

L to R: Manjula de Silva (Managing Director), Rienzie T. Wijetilleke (Chairman of HNB & HNB Assurance), B. Dissanthawanan (Best Sales Person), Lalith Fernando (General Manager – Marketing & Distribution), Niranjan Manickckam (General Manager – General)

HNB Assurance held its annual Sales Convention for the fifth consecutive year at the Oak Room of Cinnamon Grand, Colombo recently. The objective of this grand occasion was to reward the outstanding performers in the HNB Assurance field force and the distribution management who strived for excellence to pave the way for the company to achieve another successful year.
The Company had achieved a remarkable growth of 23% in profit after tax and 15% growth in turnover, by recording a profit after tax of Rs. 202 million and a GWP (Gross Written Premium) of Rs. 2.1 billion, living upto its reputation as the fastest growing insurance company in Sri Lanka.
Despite its tender age, the company has been able to gain the trust and recognition of the masses by delighting customers consistently, meeting the challenges posed by a highly competitive insurance industry.
Thus, this dazzling night is the most special occasion in the HNB Assurance calendar at which those who have emerged successful with the targets set by the company are rewarded and recognized. Field force members and staff from 47 branches spread islandwide to cater to all parts of the nation were represented at this grand award ceremony.
Ten of them were rewarded with Super Gold medals, 15 with Gold, 17 with Silver and 58 with Bronze.
B. Dissanthawanan of Colombo North Branch was awarded as the Best Sales Person and T.M.N.G Kumarasinghe of Colombo South Branch as the Best Field Manager together with W. Sunil C. Perera of Negombo Branch as the Best Group Field Manager.
Under the Best Field Leader category, N. Thirukumar of Colombo North Branch was recognized as the Best Team Leader and K.W. Priyadarshana of Galle Branch as the Best Group Leader.
The distribution network management was also represented and recognized. The Best Service Centre award was presented to Madusha Kulatunge of Embilipitiya, Best Development Centre to A. Ajith K Fernando of Kalutara, Best Regional Development Centre to B.G. Dhanawardhana, of Colombo South and Best Zonal Office to Hiran Fernandopulle of North Western
The Chief Guest, Chairman, Hatton National Bank PLC and HNB Assurance PLC, Rienzie T. Wijetilleke, Managing Director of HNB Assurance PLC, Manjula de Silva together with the Directors and General Managers attended  the ceremony.
Brand Ambassadors of HNB Assurance, Bhathiya and Santhush – two outstanding musicians who have touched the hearts of Sri Lankan youth, bewitched the audience with the splendour of their unique voices. The event was further adorned with the grandeur of the colourful performances of Channa – Upuli Dance Troupe.

Daya Rohana Athukorala at one of the seminars

AVIVA NDB Insurance regularly holds workshops and seminars to enhance knowledge and develop skills among various audiences as a part of the Company’s consistent Corporate Responsibility endeavour to uplift the community.  The most recent seminars were held in Ambalangoda and Hikkaduwa for preschool teachers and parents of preschool children.
Each seminar was attended by over 200 invitees and Daya Rohana Athukorala, the well known author on positive thinking and Head of Humanities Education at the University of Colombo, spoke on the topic “How to develop a talented child.”
“These regular events held in regional locations across the country help to enhance competencies and capabilities, particularly to ensure early childhood development by imparting knowledge to those who are eager to benefit from this endeavour,” commented AGM – Marketing, Amal Perera.
Workshops are also conducted to uplift young entrepreneurs, factory employees, and graduates.  AVIVA NDB also conducts ‘Samana’ training workshops for teachers of children with special needs and ‘Guru Pubuduwa’ training workshops for preschool teachers.  These regional events are eagerly attended by those who do not have easy access to formal training to develop their skills.

Ajit Gunewardene

Union Assurance reported positive results in both turnover and profits in the 1st quarter of 2010, following the successful launch of the company’s new brand promise.
Total revenue which comprises premiums (net of reinsurance) and investment income from both life and general insurance businesses increased by 17% from Rs. 1.5 billion as at March 2009 to Rs. 1.7 billion as at March 2010. Gross written premium increased by 6% from Rs. 1.5 billion to Rs. 1.6 billion during the same period.
Life insurance premiums reported an impressive growth rate of 23%, growing from Rs. 615 million as at March 2009 to Rs. 758 million as at March 2010. General insurance premiums reported a decline of 6% during the same period.
Profit before tax of Rs. 70 million as at March 2010 was 5% higher than the profit reported as at March 2009. Profit after tax of Rs. 51 million was in line with the profit reported in 2009. The profit figures do not include profits from the life business, which is computed at year end following an independent actuarial valuation.
The UA brand received an AA rating in terms of its “brand power” from Brand Finance (UK). The rating denotes a very strong brand strength which can be leveraged to deliver future revenue streams and exploit growth opportunities.
“We are pleased with the results UA has achieved in the 1st quarter following the brand initiative which was launched at the beginning of the year,” stated Chairman of Union Assurance, Ajit Gunewardene. “We are very positive that the new brand promise, combined with 20 years of heritage, will enable UA to exploit the significant opportunities in the financial services industry in the short to medium term.”
“The results of the 1st quarter reflect our commitment to maintain the growth momentum of our life business, while focusing on improving the profitability of our general insurance business,” concluded CEO of Union Assurance, Dirk Pereira.