Ceylinco Life’s Life Fund surpassed a milestone Rs 20 billion at the end of the third quarter of the current financial year, achieving another stability benchmark for Sri Lanka’s life insurance leader.
According to figures released to the media by the company this week, Ceylinco Life’s Life fund stood at Rs 20.4 billion as at 30th September 2008, an increase of Rs 4.2 billion over the preceding 12 months.
This represented a growth of 26 % over the figure at the end of the third quarter of 2007. “Recent events have focussed greater attention on the strength and stability of financial sector companies,” Ceylinco Life’s Chief Executive Director R. Renganathan said. “The Life Fund is one key benchmark for gauging stability, and as the industry leader, we are extremely pleased to be a beacon of reassurance to our policyholders and shareholders.”
Pointing out that all insurance companies are supervised and regulated by the Insurance Board of Sri Lanka (IBSL), he said in the press release that according to the IBSL’s Annual Report for 2007, Ceylinco Insurance’s Life Division accounted for a market share of 33.03 per cent on the basis of Gross Written Premium in the year reviewed. |
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