Arpico Insurance records massive growth
Arpico Insurance PLC, a fully-owned subsidiary of one of Sri Lanka’s largest blue-chip conglomerates, Richard Pieris and Company PLC, takes a giant leap in the field of Life Insurance in Sri Lanka during the first quarter of 2021 by increasing their market share to 2.7 per cent - up from the 1.8 per cent of the previous year.
Further more, the Company recorded a massive Gross Written Premium (GWP) growth of 131 per cent over the same period of 2020,in addition to posting the highestever monthly performance in its nine-year history during March2021, surpassing all previous achievements.
Commenting on the milestone, Kelum Senanayake – CEO, Arpico Insurance said, “We are delighted with the exceptional performance and to have witnessed the best quarter of our company’s history, especially amidst the economic downturn caused by the COVID-19 pandemic.
In terms of GWP, we have achieved a growth of 131 per cent over the first-quarter of 2020 – the highest GWP growth amongst the Top 10 Life Insurance Companies in Sri Lanka.
n addition, we have also achieved a 104 per cent growth in the Number of Policies (NOP) issued over the same period of 2020, becoming the only company in the industry to record triple-digit growth in GWP and NOP figures during this period. I am pleased to state that the company’s performance is even well above our previous estimates, setting us on a trajectory of aggressive growth and progress for the rest of the year”.
He further added “despite the pandemic, the Life Insurance industry saw a robust growth of 16 per cent during 2020 and we strongly believe that we have done our part to support this growth by continuing to go the extra mile for our policyholders, expanding our customer touch points and offering innovative insurance solutions such as Arpico CovidCare – Sri Lanka’s only insurance cover that is dedicated to COVID-19, which even covers the costs of PCR tests and vaccine,in addition to numerous other benefits such as obtaining the cover for an entire year with one, easy premium”.