IBSL confirms Ceylinco Insurance leadership

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," Renganathan said.

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.