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| Sunday, 24 February 2002 |
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Ceylinco Life records Rs. 2b premium income Ceylinco Life has become the first private sector Life insurer in Sri Lanka to cross the Rs. 2 billion threshold in Life premium income, the company said in a news release. Releasing details of its performance for the year, the company said premium income had grown by 30 per cent to Rs. 2.157 billion, enabling Ceylinco Life to outperform its closest rival by nearly Rs. 500 million. This has also enabled Ceylinco Insurance to reach Rs. 4 billion in its total insurance portfolio, which includes the General Division's premium income, the company said. The company's Life Fund grew by Rs. 1.5 billion in the year under review, and stood at Rs. 5.2 billion on December 31, 2001, recording an increase of more than 40 per cent. This is the biggest Life Fund in Sri Lanka's private sector, the release said. Maturity benefits and advance payments during the year amounted to Rs. 261 million while a total of Rs. 53 million was paid out in claims. Ceylinco Life also disbursed Rs. 292 million as bonuses to policy holders in the final quarter of the year, on the basis of the company's performance in 2000. New products the company had introduced during the year includes the Ceylinco Investment Plan, a short-term investment product with in-built Life cover, Aahinsa a comprehensive protection scheme for women and Ceylinco Major Medical 500, a revolutionary benefit that covers policyholders against 500 types of surgery. It also launched the Ceylinco Pranama Scholarship scheme to reward academic performances and achievements in other fields by children of policy holders. The company made an initial allocation of Rs. 16 million to award four categories of scholarships. Ceylinco Life also commissioned a Cancer Detection Centre through the company's subsidiary Ceylinco Healthcare Services Limited. This centre is affiliated to the Washington Cancer Institute. 'e-Future', a project to promote the use of IT among its sales force, was also launched by providing regional sales managers and sales executives with laptop computers and mobile phones, creating an electronically-assisted sales force. Four more of the company's sales personnel qualified to sit at the Million Dollar Round Table conference an international forum for Life insurance sales professionals, in 2001. Six of the company's staff were also selected to participate in the Asia Pacific Life Congress in Thailand said to be the biggest Life Insurance congress in the world. |
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