Arpico Insurance PLC, a fully owned subsidiary of the blue-chip conglomerate Richard Pieris & Company PLC, reported a 19.5% growth in Gross Written Premium (GWP) in Q1 of 2023, exhibiting the fifth highest growth in the life insurance industry.
The Group Life business recorded the highest GWP in the company’s history, with over Rs. 226 million, also registering the life insurance industry’s second highest business volume in the reporting quarter. In addition, the company’s market share rose to 2.2%.
‘We are delighted to have outperformed the life insurance industry despite the various challenges the country has experienced during recent times and are continuing our growth trajectory in all aspects of our business. We are very optimistic on the promising outlook of the company and are taking steps to revitalize our strategic priorities in each of the domains,’ said the CEO and Principal Officer of Arpico Insurance PLC., Dr. Kelum Senanayake.
The rider benefits, which are add-ons and an additional level of protection a policyholder can enjoy along with the main life insurance policy, made a remarkable leap with the company’s rider attachment ratio increasing to over 50%. This momentum that focuses on providing protection was helped by a continuous drive towards attaining an ideal of ‘Insurance for the Living’, he elaborated.
Sharing similar sentiments, General Manager – Strategic Planning and Partnerships, Pramoda Karunathilake said ‘We are looking at improved performance across our key metrics and have especially taken tremendous effort to grow and develop our Group Life insurance business. We have ambitious plans for each of our segments, driven by our cutting-edge processes and exceptional levels of customer care. We are also proud to have produced one of the first COT members of this year, within the industry’.
A subsidiary of Richard Pieris & Company PLC, one of the diversified business conglomerates in Sri Lanka with a history of 90 years, Arpico Insurance is a Life Insurance Company that stands among the top 10 Life Insurers, regulated by the Insurance Regulatory Commission of Sri Lanka. The Company takes pride in remaining committed to providing life insurance to all, offering a range of world-class insurance solutions such as endowment, health insurance, term assurance, education, investment, retirement, group assurance, loan protection and relief plans among others.