Continental Insurance recognised as “Fastest Growing Non-Life Insurance Company in Sri Lanka 2022” by Global Banking and Finance Awards

Continental insurance Lanka Ltd. (CILL) was recently declared the “Fastest Growing Non-Life Insurance Company in Sri Lanka 2022” by the prestigious Global Banking and Finance Awards United Kingdom.

Incorporated in 2010, CILL has established itself as one of the most stable insurance companies in Sri Lanka in a very short period of time. CILL’s total assets crossed Rs.10 billion in Q1 2022, and it reported over 300% growth in after tax profit for the first quarter. 

CILL maintains strong capitalisation, with an RBC ratio of 334% by end Q1 2022, far exceeding the regulatory requirement of 120%. In January 2022, Fitch Ratings upgraded CILL’s National Insurer Financial Strength rating to A+ (lka) from A (lka) on account of its strong capitalisation, consistently good underwriting performance and its business profile.  

CILL said it places great emphasis on quality of customer experience, and has taken intense measures to stay reachable and preserve speed and quality of customer care during the past few years. 

The company continues to invest in technology, to make its processes leaner and simpler and facilitate seamless operation during challenging times that the country is currently going through. CILL’s IT strategy for hybrid work model during the pandemic was recognised as one of the best approaches at the Economic Times of India technology forum.

Global Banking and Finance review, a globally recognised online and print magazine with wide reach and readership over 200 countries, recognises companies worldwide since 2011 for outstanding performance in a variety of industries including Insurance, Banking, Corporate Governance, Project Finance, Investment Management, Technology, Asset and Wealth Management, Islamic Finance, Real Estate among many others.  Commenting on the award, CILL Managing Director Chaminda de Silva said: “We’re proud to be recognised for standing strong and resilient during the past few years which were very much challenging for many industries. This recognition is tribute to the solid foundation and strategies that we have put in place and our drive not just to survive but to succeed during difficult times.  

“Our focus on growth was never limited to top-line or one attribute, but we have been continually focussing on growing our portfolio quality, technological adoption, profitability and most importantly improving customer experience. I extend my sincere thanks to our customers for placing their trust in us and all CILL staff for their dedication and hard work. I would also extend my warmest congratulations to our fellow award winners for their success.”

Chief Operating Officer - ERM, Strategy and Support Services Subha Herath said: “Achieving growth while not falling prey to competition in an industry like ours is a tough challenge, especially during times like these. It requires one to be ambitious and disciplined at the same time, and this award is testament to us having achieved a perfect balance of both.”