Ceylinco Life retained its market leadership for the fifth consecutive year and increased its lead over the competition, according to a company press release. Quoting the latest Annual Report of the Insurance Board of Sri Lanka (IBSL), the company said the regulator has confirmed that Ceylinco Life's premium income at Rs8.2 billion represents a 34.97% share of the market. The total premium income in the long term (life) insurance segment grew 13.9% to Rs23.6 billion in the 12 months ending 31 December 2008.
Ceylinco Life said the Annual Report also confirms that the company recorded a growth of 20.6% in the year reviewed which is 6.7% higher than the industry average. It said Ceylinco Life accounted for 33.9% of new business in the life insurance segment in 2008. According to the Annual Report, the penetration of life insurance had grown from 8.8% at the end of 2006 to 10.4% at the end of 2008.