Sri Lanka Ceylinco Insurance veterans promoted

March 03, 2009 (LBO) - Sri Lanka's Ceylinco Insurance said it has appointed Rajkumar Renganathan and Ajith Gunawardena, chief executive directors of the company’s Life and General insurance divisions, as joint deputy chairmen of the company with immediate effect. A company statement also said its funds were invested according to regulatory guidelines and that only 13 percent of the money in the company’s life fund was invested in the real estate sector, where prices have fallen sharply with the collapse of the credit bubble.

The two senior directors have headed operations of the Life and General insurance divisions since the inception of Ceylinco Insurance in 1988, and will continue to lead the management teams in their capacity of executive directors, the company said.

"Ceylinco Insurance remains the stable and financially sound institution that attained market leadership five years ago," Renganathan and Gunawardena said in a brief joint statement that followed their appointment.

"The prospects for both Life and General insurance remain strong, even in the difficult macro economic environment."

Ceylinco Insurance’s consolidated Gross Written Premium Income increased by 14.3 per cent to 20 billion rupees in 2008, with the General Division