Ceylinco Life Insurance Limited
INTEGRATED ANNUAL REPORT 2016

PREAMBLE

About Us

Our History

Ceylon Insurance Company Limited was the first Sri Lankan Company registered under the Companies Ordinance of 1938 and commenced business on 3 April 1939. The Company was located in the C S Anthony Building at No. 22, Baillie Street in Fort and was later moved to No. 69, Queen Street where Ceylinco House was built.

Later, the Company changed its name to Ceylinco Limited. The Company was appointed as one of the Principal Agents to the National Insurance Corporation. Ceylinco Limited, maintained the position of leading Principal Agency for many years. Ceylinco Limited was registered as a Public Company in 1987 and commenced business on 14 January 1988. Soon after the Company started its insurance operations in both Life & General business, having inherited the expertise from Ceylon Insurance Company Limited. This has been of immense advantage to the Company in achieving its heights as the ‘Leading Private Insurance Company’.

The Life Division of Ceylinco Insurance PLC (CIP) established its leadership position in Sri Lanka’s life insurance segment in 2004 and the Company has continued this feat to this day.

A major regulatory change in the insurance industry was introduced in 2011. In terms of Section 53 of the Regulation of Insurance Industry (Amendment) Act No. 03 of 2011, all composite insurance companies were required to segregate their long term (life) insurance business and general (non-life) insurance business into two separate legal entities.

Giving effect to the required segregation, CIP set up Ceylinco Life Insurance Limited and Ceylinco General Insurance Limited to carry on the long term and general insurance business respectively, with two separate licenses. Ceylinco Life Insurance Limited was incorporated on 22 April 2014, and took over the Life Division of CIP. The Company commenced operations on 1 June 2015.

Ceylinco Life Insurance Limited is a fully-owned subsidiary of CIP.