February 19 (LBO) – Ceylinco Insurance Company said Monday its premium income had grown 19.5 percent to 15.3 billion rupees in 2006. It was promoted by the Ceylinco Group, whose Ceylon Insurance Co. Ltd was the first Sri Lankan company to be registered under the Companies Ordinance of 1938. General Insurance premiums had grown 19 percent to 9.6 billion rupees, while its life division had earned 5.7 billion rupees, which the company said was the highest in the country.
The company’s life fund had grown 21 per cent to 14.4 billion rupees by end-2006.
We are satisfied with the growth achieved, particularly in the context of the ever increasing levels of competition in the market,” Ceylinco Life’s Chief Executive Director R. Renganathan said in a statement.
“The momentum we have built up as the market leader and our commitment to continuous improvement in all spheres of activity enabled Ceylinco Insurance reinforce its market share in 2006, despite the challenging environment.
Renganathan said the firm had opened new branches in areas that they believed were under-serviced last year.
The company had sta