| Ceylinco Life begins rapid expansion in Jaffna with two new branches |
| Posted
date 7/30/2010 11:41:27 AM |
biz.lk---Life insurance leader Ceylinco Life has opened two new branches in Jaffna and announced plans to open five more in the near future to service the long term insurance needs of the people of the peninsula.
The recent opening of new branches at Achchuvely and Chavakachcheri took the number of Ceylinco Life branches in Jaffna to five. The company's first branch in Jaffna opened in May 2002, and was later supported by branches that opened in March 2005 at Chunnakam and Nelliady.
Addressing guests at the inauguration of the Achchuvely and Chavakachcheri branches, Ceylinco Life Managing Director R. Renganathan said the company would open its Manipay branch within two months and also plans to open branches in Chankanai, Kodigamam, Point Pedro and Thirunelvely in due course.
This phase of rapid expansion would result in Ceylinco Life's presence in the peninsula growing to 10 branches.
"This will provide further opportunities for youth in Jaffna to pursue a career in insurance," Mr. Renganathan said, disclosing that the company now has 36 Agency Supervisors and 126 Sales Consultants in the region.
The branch openings coincided with the handing over of class rooms built by Ceylinco Life as a CSR initiative to three schools in Jaffna, the Mattuvil Maha Vidyalayam in Chavakachcheri, the American Mission School in Chunnakam, and the Chettikulam Government Tamil Mixed School in Velani.
Ceylinco Life had previously constructed a well at the Nuffield Deaf School in Kaithady and conducted free medical camps in the Jaffna, Chunnakam, Nelliady and Chavakachcheri areas.
Ceylinco Life's branch network, now comprising of more than 175 branches, is the largest in the local insurance industry, and serves every region of the country. The company has more than 750,000 lives covered by active policies and is the market leader in Sri Lanka in long term insurance, with a share of more than 31 per cent of the sector’s premium income.
Ceylinco Life's Gross Written Premium exceeded Rs 7.5 billion in 2009, and its Life Fund grew 20.3 per cent to Rs 25.6 billion, an increase of Rs 4,321 million during the year. Investment Income grew 28.4 per cent to Rs 3,350 million in the year ending 31st December 2009.
Photo Caption:
Ceylinco Insurance Managing Director/CEO - Life R Renganathan (4th from right) opens the new Achchuvely branch accompanied by Director/Deputy Chief Executive Officer Thushara Ranasinghe (3rd from right) and officials of the company.
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