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| Sunday, 7 March 2004 |
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Ceylinco Life Fund tops Rs. 8.7 billion Ceylinco Life has ended fiscal year 2003 achieving its declared goal of crossing the three billion rupee mark in premium income, following a year which the company describes as "an unqualified success" in terms of sales performance. In results released this week, the company said premium income had grown 29 per cent to Rs. 3,042 billion in the year ended December 31, 2003, making Ceylinco Life the first life insurer to cross Rs. 3 billion in premium income. The performance was made possible by a 51 per cent growth in sales of new policies the company reported, disclosing that it had sold 89,000 new life policies in the year under review, at an average of more than 240 policies for everyday of 2003. Ceylinco Life's Life Fund grew at an annual rate of 26 per cent in 2003, to reach Rs. 8.676 billion. Commenting on these results, Ceylinco Life's Chief Executive Director, R. Renganathan said: "We believe this rate of growth surpasses by a significant margin, the industry's growth average for the year. This performance enabled us to remain firmly at the helm of companies in our segment of the industry". |
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