MBSL Insurance has recorded consolidated revenue of Rs. 1.0 Bn for the first ten months of 2012 and which is a Fifty Six Percent (56%) growth compared to first ten months of 2011. Adopting simple but yet effective strategies have boosted MBSL Insurance to what it is today. MBSL Insurance established with 13 branches have [...]

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MBSL reaches 1Bnů Mr. Sydney Gajanayake shares the success story..

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MBSL Insurance has recorded consolidated revenue of Rs. 1.0 Bn for the first ten months of 2012 and which is a Fifty Six Percent (56%) growth compared to first ten months of 2011. Adopting simple but yet effective strategies have boosted MBSL Insurance to what it is today. MBSL Insurance established with 13 branches have expanded its branch network up to 57 giving protection & educating the rural community on importance of being protected, throughout the island covering all the districts.

Mr. Sydney Gajanayake

It is an accepted norm that customers should be treated as Kings but Mr. Sydney Gajanayake, the Managing Director of MBSL Insurance believes that in order to serve the customers as Kings the employees needs to be well treated to unleash their optimum potential.

Therefore the passion, unstinting determination and the confidence of the employees of MBSL Insurance together with the vision & the mission of Mr. Gajanayake and the Board of Directors have made it possible for MBSL to emerge as a Billionaire Company surpassing One Billion Rupee premium income within a very short period of time.

Insurance Company is very different to an ordinary company or an organization that has long term business giving protection to people therefore the Company needs to be strong in the first place says Mr. Gajanayake.

Investments of the shareholders, Merchant Bank & BOC strengthened the Capital Base in the budding stages of MBSL Insurance. To further strengthen the Capital Base around 22% of the shares were diluted attracting MAS Holdings & the employees to invest in MBSL Insurance. Accordingly 78% of the shares is now held by Merchant Bank of Sri Lanka which is subsidiary of Bank of Ceylon. Further, 21 percent by other parties included in it MAS holding by 9% and employees share holding of 1%.

MBSL Insurance was recognized as one of the fastest growing Insurance Company in the country in the year 2011. MBSL Insurance has a unique price structure focusing 70% of the citizens who belongs to the average income racket. The branch network of MBSL Insurance is designed to capture these 70% knowing the fact that the highest GDP is recorded in Colombo & Gampaha districts says Mr. Gajanayake.
Falling in line with the vision of ‘Empowering the less privileged People’ while spreading the insurance message to all nook and corners of the society MBSL Insurance introduced a new insurance plan (Pawul Surekum) with guaranteed benefits for low-income level people.

MBSL is exceptionally performed well in General Insurance sector recording very high growth level since 2009 whereby the company has improved its market share 0.81% in 2009 and as per the 2012 nine months data published by Insurance Association of Sri Lanka (IASL), MBSL Insurance now enjoying 2.1% in market share.

The MBSL Life Insurance sector too recorded very impressive growth of 74% as per 2012 nine months data published by IASL.

Recently MBSL Insurance issued dividends to Vinivida Life Insurance Policy Holders. Dividend declaration for the ‘Vinivida’ policyholders for the year 2010, 2011 as 10%, 11% respectively with the expected dividend declaration rate as 12% for the year 2012 (while the guaranteed dividend rate was 5% and illustrated dividend rate was 8%).

MBSL Insurance introduced the ‘single premium option’ for all the regular premium plans and this facility is only available with MBSL Insurance.

In 2011 for the first time the Company passed Rs.1,000 million mark in total assets and earned profit for its shareholder. By the end of October 2012 General Insurance recorded a GWP of Rs. 860 million and Life Insurance recorded a GWP of Rs. 140 million amounting a total GWP of Rs. 1 Billion.

While expanding products in Motor, SHE, Personal Accident and House & Shop Insurance MBSL has its ultimate goal to become a Global Player in the Insurance Industry.

MBSL Insurance has its own fully fledged in-house training campus for its work force of 470 permanent employees and around 800 non-permanent employees to gain professional qualification. According to Mr. Gajanayake believe that Insurance is knowledge based profession and the knowledge of the employees is the invaluable asset of the company.

He went on to say that employees without sufficient knowledge will not be able to protect people. MBSL Insurance have made all arrangements to widen the branch network up to 60 by the end of this year and to increase up to 100 at the end of next year.

In conclusion Mr. Gajanayake shared that MBSL Insurance since its inception in 2009 is being modeled to such a way to become a Global Player and he is proud about the journey that they have come and about the fact that the parent companies of MBSL Insurance were bankers.




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