IBSL confirms Ceylinco Insurance’s leadership in Life and General segments

Ceylinco Insurance PLC has been confirmed the market leader in both life and general insurance for the fourth consecutive year, by the Insurance Board of Sri Lanka (IBSL), an apex regulatory body for Sri Lanka’s insurance industry.

According to the IBSL Annual Report for 2007, Ceylinco Insurance's Life and General Divisions accounted for market shares of 33.03 per cent and 33.22 per cent respectively on the basis of Gross Written Premium in the year under review.

Ceylinco Life’s premium income of Rs 6.8 billion was Rs 2.3 billion or 53 per cent more than the second largest life insurance business in the market, and the company's market share was 11.43 percentage points higher, the IBSL report reveals.

In the General Insurance segment, Ceylinco Insurance's premium income of Rs 10.3 billion represented a lead of Rs 1.5 billion over the next insurer.

Commenting on the published figures, Ceylinco Insurance's Chief Executive Director (Life) R. Renganathan said: "As an authoritative public document, the IBSL's report is a credible source of information and authenticates our claim to be the market leader in Sri Lanka’s insurance sector."

"Ceylinco Life's consistency over four years in terms of industry leadership shows that the company has won people's hearts and minds by strengthening trust in life insurance and by educating the community and delivering on promises," Mr Renganathan added.

Chief Executive Director of Ceylinco Insurance – General Ajith Gunawardena said that the company is on an expansion programme to explore the untapped potential. "This would further consolidate our position as the market leader," he said, while paying tribute to the loyal clientele for the unstinted support extended to the company over the years. "For the second consecutive year we were recognized with a 'Power of People' (POP) Award as the People's Insurance Company of the Year and we were also awarded a rating of AA- which is the highest in the financial sector by Brand Finance Sri Lanka and speaks volumes," he said.

Ceylinco Life has achieved market leadership in life insurance in 2004 and sustained it in 2005 and 2006 reporting market shares of 31.65 per cent, 32.36 per cent and 33.43 per cent respectively. Similarly in General Insurance too, the company continues its market leadership since 2004.

The Life Division of Ceylinco had sold 165,796 new policies in 2007, achieving an average of more than 13,800 new policies a month. Its Life Fund grew by a noteworthy 21 per cent to reach Rs 16.83 billion as at December 31, 2007, following a transfer of more than Rs 2.9 billion in the year. Investments increased by 14 per cent to Rs 14.8 billion, while assets grew by 19 per cent to Rs 19.38 billion.

Sri Lanka’s largest and most successful insurer, Ceylinco Insurance is the benchmark for innovation in the local insurance industry including product development, customer service and professional development. The company’s islandwide branch network represents the widest presence in the industry. Ceylinco Insurance is internationally recognised for corporate citizenship, innovation and brand building.