Feb. 16 (LBO) – Sri Lanka’s Ceylinco Insurance Co. Ltd. said Thursday that they retained their market leadership in the insurance sector last year, with consolidated premium income of Rs 12.8 billion and a 32 percent market share in both Life and General insurance segments. Ceylinco Life saw premium income rise 21 percent to Rs. 4.8 billion in the year under review, a growth rate which the company has described as “very satisfactory” in a period of economic and political uncertainty.
According to figures released this week, Ceylinco Life sold 145,139 new policies in 2005, achieving an average of more than 12,000 new policies a month. This represents a growth of 28.7 percent in new business during the year.
The company’s Life Fund grew 19 percent to Rs 12.0 billion as at December 31, 2005, demonstrating prudent financial management in a period of volatility in the investment markets.
Set up in 1988 after the government allowed private sector to enter the field in 1987, Ceylinco Insurance is the successor to Ceylon Insurance Co. Ltd.
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