Ceylinco Life’s Life Fund tops Rs 20 billion
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Ceylinco Chairman Lalith Kotelawela |
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 by the company this week, Ceylinco
Life’s Life fund stood at Rs 20.4 billion as at September 30, 2008, an
increase of Rs 4.2 billion over the preceding 12 months. This
represented a growth of 26 per cent over the figure at the end of the
third quarter of 2007, and underlined the financial strength of the
company, despite the challenging macroeconomic environment and tougher
local market conditions, the company said. “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 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. Ceylinco Life’s
premium income of Rs 6.8 billion for the year ending December 2007 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 revealed.
Growth in premium income and market share has been consistent over
the four years since the company achieved leadership, indicating that
Ceylinco Life has earned and built on the trust and confidence of its
target market segments, Renganathan said.
According to figures published by the IBSL, Ceylinco Life’s market
share for 2004, 2005 and 2006 was 31.65 per cent, 32.36 per cent and
33.43 per cent respectively.
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