Continental Insurance Lanka Ltd., the insurance arm of Melstacorp PLC, owned by the veteran business personnel Harry Jayawardena was recently given clearance by the regulator to commence its life insurance company.
The proposed life company is planned to inaugurate during the fourth quarter of 2022. The life insurance company will initially operate as a subsidiary of the non-life company, Continental Insurance Lanka Ltd. (CILL), and the group structure will be reviewed subsequently. While the economy at present is not in the best shape both globally and locally, Harry Jayawardena is optimistic of the potential for growth of life insurance in the country as well as the long-term outlook of the economy.
Managing Director Chaminda de Silva said: “Entering into life business marks a significant milestone in the Continental Insurance journey. We are happy to announce that our Reinsurers Partners are Munich Re Germany. When our non-life insurance company started in 2010, we had to pitch against companies that were decades older than us, most of them with large captive business. “However, twelve years on, CILL has grown to be a major player in the industry with a solid balance sheet and strong market share. We attribute our success so far to staying true to the fundamentals of the business and extensive financial and operational support from the parent company, and we hope the same formula will work for the life company as well.” CILL closed the first half of 2022 with over 40% growth in revenue, despite the weak economy and operational constraints during the period. The Company’s assets surpassed Rs. 10 billion during the first six months while invested assets crossed Rs. 8 billion. CILL was recently titled the “Fastest growing non-life insurance Company Sri Lanka 2022” by Global Banking and Finance Awards and the “Domestic General Insurer of the year” by Insurance Asia Awards.
“The past few years have been difficult for most industries, however it also provided us with an opportunity to prove our strength and stability. Our business model, and the investments that we made in technology and people have made us capable of withstanding the recent economic and operational challenges. We are excited and looking forward to the new venture and are confident that we can make Continental a leading brand in the insurance industry, both life and non-life,” added Managing Director de Silva.