Arpico Insurance PLC, a fully-owned subsidiary of one of Sri Lanka’s largest blue-chip conglomerates, Richard Pieris & Company PLC, has seen a strong first quarter 2021 performance by increasing their market share to 2.7%, up from the 1.8% of the previous year.
Furthermore, the company recorded a massive Gross Written Premium (GWP) growth of 131% over the same period of 2020, in addition to posting the highest-ever monthly performance in its nine-year history during March 2021, surpassing all previous achievements, the company said in a media release.
Commenting on the milestone, Kelum Senanayake – CEO, Arpico Insurance said, “We are delighted with the exceptional performance and to have witnessed the best quarter of our company’s history, especially amidst the economic downturn caused by the pandemic. In terms of GWP, we have achieved a growth of 131% over the first quarter of 2020 – the highest GWP growth amongst the Top 10 Life Insurance Companies in Sri Lanka. In addition, we have also achieved a 104% growth in the Number of Policies (NOP) issued over the same period of 2020, becoming the only company in the industry to record triple-digit growth in GWP and NOP figures during this period. I am pleased to state that the company’s performance is even well above our previous estimates, setting us on a trajectory of aggressive growth and progress for the rest of the year”.
In a strategic move, the company recently established its fourth business sector comprising a gamut of industry veterans with extensive experience in the field of life insurance in a fresh bid to serve a larger section of customers across the island and to gain market share and customer preference. The company continues to strengthen its portfolio and presently offers a range of world-class insurance solutions such as endowment, health insurance, term assurance, education, investment, retirement, group assurance, loan protection and relief plans amongst others. Arpico Insurance has also tied up with several prestigious banks and financial institutions to bolster their product portfolio and provide innovative offerings to their valued customers.
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