Ceylinco Life has ended fiscal year 2003 achieving its declared goal of crossing the three billion rupee mark in premium income.
In results released this week, the company said premium income had grown 29 per cent to Rs.
3.042 bn in the year ended December 31, 2003.
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rnThis performance was made possible by a 51 per cent growth in sales of new policies, the company reported, disclosing that it had sold 89,000 new life policies in the year under review, at an average of more than 240 policies for every day of 2003.rn
rnCeylinco Lifes Life Fund grew at an annual rate of 26 per cent in 2003, to reach Rs. 8.676 bn.rn
rnCeylinco Lifes premium income for the year consolidated with that of its General Division ranks Ceylinco Insurance Co. as the second largest insurer in the industry, with an aggregate premium income of Rs 6.7 bn. rn
rnThe Life Division has reported that payments to policyholders in the year under review in the form of claims and maturities totaled Rs. 902 mn, a growth of 92 per cent