Financial Times

Ceylinco Insurance ousts SLIC as industry leader
Ceylinco Insurance Co. Ltd on Friday claimed overall market leadership in Sri Lanka's competitive insurance industry, ending four decades of dominance by the former state-owned Sri Lanka Insurance Corporation Ltd. (SLICL).

Ceylinco Consolidated Chairman Deshamanya Dr. Lalith Kotelawala told reporters that both Life and General Insurance Divisions of the company had emerged market leaders in their respective segments in terms of total premium income last year making the company the undisputed No. 1 insurer in the country.

In 2004, Ceylinco Life raised its total premium income to Rs 3.961 billion while the General Division's premium income for the year rose to Rs 5.581 billion "What is most significant about this achievement," Dr. Kotelawala said, "is that Ceylinco Insurance's portfolio has been built up over 17 years, and has surpassed the cumulative business built up over 40 years, with state patronage during most of that time, by Sri Lanka Insurance."

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