Financial Times

Ceylinco Insurance says industry leadership in 2005
Ceylinco Insurance Co. Ltd said last week it has retained its position as market leader in the country’s insurance sector in 2005, with consolidated premium income of Rs 12.8 billion and a market share of more than 32 per cent in both Life and General insurance segments.

The company's Life Insurance Division Ceylinco Life consolidated its status as Sri Lanka's largest and most successful life insurer with premium income growth of more than 21 per cent to Rs 4.8 billion in the year under review, a growth rate which the company has described as "very satisfactory" in a period of economic and political uncertainty.

The statement said Ceylinco Life sold 145,139 new policies in 2005, achieving an average of more than 12,000 new policies a month. The company's Life Fund recorded a growth of 19 per cent to total Rs 12 billion as at December 31, 2005, demonstrating prudent financial management in a period of volatility in the investment markets.

Commenting on the results, Ceylinco Life's Chief Executive Director R. Renganathan said: "It is noteworthy that we have achieved a rate of growth that enabled us to increase our lead over the competition in a year during which much of our focus was on corporate social responsibility."

Describing the concluded financial year as "another milestone year for Ceylinco Life," he said it would be best remembered for the company's exemplary demonstration of leadership in the sphere of corporate social responsibility, and the international and local accolades it won for CSR and Brand Excellence.
The company invested in four new branches, in Batticaloa, Nelliady, Chunnakam and Gampaha, and with its regional and sub offices, now provides customers a sophisticated IT-enabled, fully integrated network of 115 outlets making this the largest branch network in the life insurance sector in Sri Lanka.

Ceylinco’s claim is set to trigger another round of ‘arguments” between the group and Sri Lanka Insurance as to which is the biggest insurer in Sri Lanka. Last year both sides took on each other in a series of media statements and advertisements with claims of “we are the best (in terms of assets)” and “we are the best (in terms of sales/revenue)”.

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