|
Ceylinco
Life to home deliver Rs 1.4 billion in bonuses
Life
insurance leader plans to tap on 300,000 plus policyholder
doors this March and April
More
than 300,000 policyholders of Ceylinco Life will benefit
by a Rs 1.4 billion payout in March and April 2009,
with the declaration of annual bonuses by the life insurance
leader.
In a unique new approach, the company will deploy its
5,000-strong sales force in a massive door-to-door personalised
delivery of bonus certificates, commencing mid March,
Ceylinco Life announced this week.
This year’s bonus payout, based on the actuarial
valuation of the company’s Life Fund as at December
31, 2008, is nearly 17 per cent more than the bonus
payments made in 2008.
Adding to the excitement, Ceylinco Life has announced
that recipients of bonus certificates will also have
a chance to win attractive prizes, including a trip
to Singapore, a TV set, DVD players, camera phones,
blenders and consolation prizes, by updating their personal
details when they meet company representatives bearing
bonus certificates. All policyholders, whose policies
were active as at December 31, 2008, are eligible to
receive these bonuses.
Commenting on the bonus payout, Ceylinco Life’s
Deputy Chairman R. Renganathan said: “We ended
2008 as the market leader for the fifth successive year,
and it is only fitting that our policyholders are given
cause to celebrate.”
He disclosed that Ceylinco Life’s gross written
premium income grew by 20.6 per cent to Rs 8.25 billion
in 2008, an increase of more than Rs 1.41 billion over
the previous year, giving the company a market share
of nearly 34 per cent in the life insurance segment.
The company’s Life Fund is the fastest growing
in the local industry and exceeded Rs.21 billion as
at December 31, 2008.
“The healthy growth of our bonus payout year-on-year
reflects the company’s strong growth momentum,”
Thushara Ranasinghe, Deputy Chief Executive Director
of Ceylinco Life said. “We have ensured that our
policyholders’ investments in life insurance consistently
yield them good returns.”
He also disclosed that Ceylinco Life achieved a 15.48
per cent Return on Investment from its yielding portfolio
in 2008, and a return of 12.49 per cent on the Life
Fund. “Investments pertaining to our Life Fund
are made in conformity with the investment guidelines
stipulated under the Regulation of the Insurance Industry
Act No 43 of 2000 and are subject to regular monitoring
by the Insurance Board of Sri Lanka (IBSL),” he
said, revealing that as at the end of 2008, the investment
portfolio of the company’s Life Fund was made up
of Government Securities (42%), Licensed Private Banks
(17%), State Banks (15%), Real Estate (13%), Corporate
Debt (7%) and Others (6%).
Ceylinco Life’s solvency margin (the difference
between the value of admissible assets and liabilities)
which illustrates its financial strength and ability
to honour all claims, was five times the minimum solvency
margin stipulated by statute in 2008. The prevailing
insurance regulations require all insurance companies
to maintain a solvency margin not less than five per
cent of their statutory liabilities at all times.
|
