The Insurance Board of Sri Lanka (IBSL), Sri Lanka’s insurance sector regulator, has officially confirmed that Ceylinco Life retained its position as the market leader in the country’s long term insurance segment in 2010.
In its recently released Annual Report for the year, the IBSL ranks Ceylinco Life as No 1 in terms of market share of Gross Written Premium (GWP) among 14 companies in Long term Insurance Business, with Premium Income of Rs 8.786 billion out of a cumulative total of Rs 31.151 billion in 2010.
“Ceylinco Insurance PLC has secured its top position in the market in terms of GWP of long term insurance business similar to previous years by achieving a market share of 28.21%,” the IBSL report states according to a press release issued by Ceylinco. The year ending 31st December 2010 was the seventh successive year of market leadership for Ceylinco Life. The company sold 157,682 new life policies during the year, accounting for nearly a third of the 503,543 new policies sold by all 14 life insurance companies.