Ceylinco Life’s market share grows to 35 percent - IBSL Annual Report

Ceylinco Life’s growth of share of the market has been independently validated by an authoritative source, the Annual Report of the Insurance Board of Sri Lanka (IBSL).

In the recently released document, the sector regulator has confirmed that total premium income in the long term (life) insurance segment grew 13.9 percent to Rs 23.613 billion in the 12 months ending December 31, 2008, and that Ceylinco Life’s premium income, at Rs 8.257 billion, represents a 34.97 percent share of the market.

Figures in the report also confirm that Ceylinco Life recorded a growth of 20.6 percent in the year reviewed, 6.7 percentage points higher than the industry average, and that Ceylinco Life significantly increased its market share, by 1.94 percentage points.

The second largest life insurer in the country witnessed a decline of 2.56 percent in its market share, which fell to 19.05 percent at the end of 2008, giving Ceylinco Life a lead of nearly 16 percentage points in market share over its closest competitor.

Ceylinco Life Deputy Chairman R. Renganathan said, “Besides its role as a regulator, the IBSL provides a great service to the investing public in Sri Lanka by providing valuable information on the performance of all players in the sector.

This means that the public is able to verify the accuracy of numerous claims and statements that emanate from companies.” He said Ceylinco Life’s achievement of retaining its market leadership for the fifth consecutive year and the fact that the company has increased its lead over the competition, are clear indicators of the degree of trust it continues to enjoy among policyholders and potential customers alike, even in a challenging environment.