Ceylinco Life first to cross Rs 10 bn in annual premium income

Ceylinco Life has become the first life insurer in Sri Lanka to achieve Rs 10 billion in premium income in less than a year, a milestone reached in December 2012.

“Being the first to cross the Rs 10 billion threshold is a fitting tribute to our dominance of the sector,” Ceylinco Life’s Managing Director and CEO R. Renganathan said. “Ceylinco Life was the last of the four private companies to commence operations with the opening up of the sector in 1987, but that was never a handicap. After our first 10 years in business, we were the first to cross Rs 2 billion in premium income, and have grown five fold in the next 14 years.”

Ceylinco Life celebrates its 25th anniversary on January 14.

Renganathan attributed the company’s consistent leadership of the sector to a steadfast focus on fundamentals, best practice, professionalism and ethics, and its empathy for the needs of the community. “Prudent management of our policyholders’ funds has also been key to our growth and stability,” he said. In 2012, Ceylinco Life’s investment portfolio comprised of Government Securities (45 percent); Licensed Private Banks (21 percent); State Banks (15 percent); Real Estate (10 percent); Corporate Debt (5 percent) and Others (4 percent).

All investments conform strictly with the investment guidelines stipulated under the Regulation of the Insurance Industry Act No 43 of 2000 for investments pertaining to Life Funds, and are subject to regular monitoring by the Insurance Board of Sri Lanka (IBSL), the government appointed regulator for the industry.

Independently rated as one of the country’s most valuable brands, Ceylinco Life has maintained its leadership of the country’s long term insurance sector from 2004 onwards.

The company operates the largest branch network among local life insurance companies, and has won multiple international and local awards for its commitment to the community and success in brand equity building.