Ceylinco Insurance Company Ltd, on Friday, formally announced its overall market leader status in Sri Lanka’s almost Rs 30 bn insurance industry. Ceylinco Insurance Company Ltd, on Friday, formally announced its overall market leader status in Sri Lanka’s almost Rs 30 bn insurance industry. “We are now the market leaders in insurance,” Lalith Kotelawala, Chairman, Ceylinco Consolidated told journalists on Friday.
“What is most significant about this achievement,” said Kotelawala,” is that Ceylinco Insurance’s portfolio has been built up over 17 years and has surpassed the cumulative business built up over 40 years, with State patronage during most of that time, by Sri Lanka Insurance.”
Ceylinco emerged the market leader in both life and general insurance in 2004, in terms of premium income, putting the Sri Lanka insurance Corporation – the former government monopoly – in second place.
Total premium income of life and general came to Rs 9.542 bn by December 31, a 41 percent growth over 2003, representing 32 percent of the total insurance market.
The company sold 112,704 new life insurance policies in 2004 brining total life