Arpico Insurance recorded a 62% growth in Gross Written Premium (GWP) for the financial year ending 2015.
The company was able to gain Rs 482 million against the Rs. 297 million GWP earned in 2014. Chief Executive Officer, Arpico Insurance PLC, D C Kevitiyagala stated in the annual report recently published that the ‘ Life Fund’ experienced a 56% growth reaching up to Rs. 449 million.
The report continued its praise towards the company’s achievements by stating that the company’s total asset base saw an increase to Rs. 1,180 million from the Rs. 980 million. Profits too have recorded a 100% growth to 25.7% in 2015, which is a significant increase when compared to the 12% recorded in 2014.
“Arpico Insurance continued its strategic selection of investment instruments for its investment portfolio consisting of both long term and short-term instruments. As a result the investment portfolio saw a 16 percent increase to record Rs. 982 million in the year under review,” Kevityagala said.
According to Kevitiyagala in the report, Apico Insurance’s market penetration is still at its infancy. The company is reaching a penetration of about 12.6%. It is suggested that though Arpico insurance has up to 20 listed companies there is a void in the life insurance sector when compared to the general insurance sector. It was also mentioned in the report that the Sri Lanka’s insurance sector has unrealized potential to grow and to tap into the market and education process must be underway as Life insurance today is a necessary requirement.
Arpico Insurance has 24 physical branches spread in seven provinces and 28 virtual branches.
www.dailynews.lk
The company was able to gain Rs 482 million against the Rs. 297 million GWP earned in 2014. Chief Executive Officer, Arpico Insurance PLC, D C Kevitiyagala stated in the annual report recently published that the ‘ Life Fund’ experienced a 56% growth reaching up to Rs. 449 million.
The report continued its praise towards the company’s achievements by stating that the company’s total asset base saw an increase to Rs. 1,180 million from the Rs. 980 million. Profits too have recorded a 100% growth to 25.7% in 2015, which is a significant increase when compared to the 12% recorded in 2014.
“Arpico Insurance continued its strategic selection of investment instruments for its investment portfolio consisting of both long term and short-term instruments. As a result the investment portfolio saw a 16 percent increase to record Rs. 982 million in the year under review,” Kevityagala said.
According to Kevitiyagala in the report, Apico Insurance’s market penetration is still at its infancy. The company is reaching a penetration of about 12.6%. It is suggested that though Arpico insurance has up to 20 listed companies there is a void in the life insurance sector when compared to the general insurance sector. It was also mentioned in the report that the Sri Lanka’s insurance sector has unrealized potential to grow and to tap into the market and education process must be underway as Life insurance today is a necessary requirement.
Arpico Insurance has 24 physical branches spread in seven provinces and 28 virtual branches.
www.dailynews.lk
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