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| Sunday, 20 February 2005 |
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Ceylinco Insurance claims overall market leadership Ceylinco Insurance Co. Ltd., on Friday claimed overall market leadership in Sri Lanka's competitive insurance industry, ending four decades of dominance by the once state-owned Sri Lanka Insurance Corporation Ltd. (SLICL). Ceylinco Consolidated Chairman Dr. Lalith Kotelawala said both Life and General Insurance Divisions of the company had emerged market leaders in terms of total premium income in 2004, making Ceylinco Insurance the undisputed No. 1 insurer in the country. Ceylinco Life sold a record 112,704 new policies in 2004 (a growth of 26.6 per cent over 2003) bringing its total premium income to Rs 3.961 Billion and giving the company a corresponding market share of 31.5 per cent in the life insurance segment with a lead of Rs 629.4 million over its closest competitor. The General Division's premium income for the year grew 50 per cent to Rs. 5.581 Billion, giving Ceylinco Insurance a 32.6 per cent share of the general insurance market, with a lead of Rs. 229 million over the second placed player in general insurance. The consolidated premium income of the company's Life and General insurance businesses, at Rs. 9.542 Billion at December 31, 2004, (up 41 per cent over 2003) represents a 32.2 per cent share of a market worth nearly Rs. 30 Billion. "What is most significant about this achievement," Dr. Kotelawala said, "is that Ceylinco Insurance's portfolio has been built over 17 years, and has surpassed the cumulative business built over 40 years, with State patronage during most of that time, by Sri Lanka Insurance." He said the milestone achievement of industry-wide leadership was testimony to the trust that Ceylinco Insurance had built through the commitment of the company's management, the hard work of its sales force, innovation in the development of policies that respond to market needs and a highly developed sense of mission and caring for the well-being of the customers. Ceylinco Life Chief Executive Director Rajkumar Renganathan said Ceylinco Life had emerged as the industry-wide leader in new life business two years ago, after maintaining its leadership among the private sector life insurers for a decade. "Our record-breaking performance of 2004 took us to the position of market leader in cumulative premium income, which is a very significant achievement in the context of an industry where one player once enjoyed a virtual monopoly," he said. Chief Executive Director (General) Ajith Gunawardena said Ceylinco Insurance had made huge strides in the field of motor insurance in particular in 2004. Premium income from motor insurance had grown 71.5 per cent, giving
Ceylinco Insurance a market share of nearly 40 per cent in this segment, he
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