New Deputy Chairmen of Ceylinco Insurance

Ceylinco Insurance PLC has appointed Messrs Rajkumar Renganathan and Ajith Gunawardena, Chief Executive Directors of the company’s Life and General Insurance divisions, as joint Deputy Chairmen of the country’s largest insurance company with immediate effect.

The two senior Directors have headed operations of the Life and General Insurance divisions since the inception of Ceylinco Insurance in 1988, and will continue to lead the management teams in their capacity of executive directors, the company said.

In a brief joint statement that followed their appointment, Messrs Renganathan and Gunawardena said, “Ceylinco Insurance remains the stable and financially sound institution that attained market leadership five years ago. The company is regulated by the Insurance Board of Sri Lanka and all investments conform to the Board’s guidelines.”

“As a Public Listed company, Ceylinco Insurance’s operations are also governed by the rules and regulations of the Securities and Exchange Commission of Sri Lanka,” the statement said.

“The prospects for both Life and General Insurance remain strong, even in the difficult macro economic environment, and we look forward to continuing to be the industry benchmark for innovation and best practice. We thank our policyholders for their fidelity and support,” Messrs Renganathan and Gunawardena said.

Ceylinco Insurance’s consolidated Gross Written Premium Income increased by 14.3 per cent to Rs 20 billion in 2008, with the General Division accounting for Rs 11.3 billion, and the Life Division Rs 8.2 billion.