15. Ceylinco Insurance
Ceylinco Insurance ranks at number 15, moving up in the Business Today TOP 30. Ceylinco Insurance completed its segregation process to become the holding company of Ceylinco Life Insurance and Ceylinco General Insurance.
The gross written profit recorded for the General Insurance business was 13.5 billion rupees, which was a growth of 11.4 per cent. Life Insurance business was 13.45 billion rupees, which was a growth of 12.1 per cent. Group PAT increased to 3.65 billion rupees, which was a 28 per cent increase. In terms of general insurance, overseas operations were consolidated in markets including the Middle East, Nepal and the Maldives. The company has invested in three hydropower projects in the country that produces 13.5MW. Life insurance recorded a total income of 19.9 billion rupees and saw a growth of 7.26 per cent. The Company has a market share of 26 per cent, which is 67.1 billion rupees.
With increased competition in the sector it will be interesting to see the manner in which Ceylinco Insurance continues to maintain its position in the country.