Ceylinco Life has continued to maintain its dominance in the long term insurance market by generating GWP of LKR17.8bn ($101m) in 2018 (2017: LKR15.8bn) and accounted for 22.18% of the total GWP in the life market.

SLIC and AIA Life claimed the second and third positions in the market in 2018, similar to the previous year, with market shares of 16.45% and 15.86% respectively, according to the Statistical Review for 2018 presented by the Insurance Regulatory Commission of Sri Lanka.

The top three life companies’ combined contribution towards total GWP dipped to 54.49% in 2018 compared to 55.60% in 2017.

The top five life insurers collectively generated GWP of LKR65bn and accounted for 80.95% (2017: 80.26%) of the total GWP in long term insurance business in 2018.

All long term insurers’ reported marginal reduction in their market shares in 2018 except for Ceylinco Life, Arpico, Sanasa & Softlogic Life.

The following table illustrates each life insurer's performance in terms of GWP for the year ended 31 December 2018.

Year	2018		2017		GWP change over 2017 %
Life insurer	GWP (LKR '000)	Market Share %	GWP (LKR '000)	Market Share %
Ceylinco Life	17,812,774	22.18	15,765,484	22.03	13.0
SLIC	13,205,802	15.45	12,517,119	17.49	5.5
AIA Life	12,739,351	15.86	11,510,581	16.08	10.7
Union Life	11,243,915	14.00	10,117,630	14.14	11.1
Softlogic Life	10,005,733	12.46	7,530,935	10.52	32.9
HNB Life	4,420,513	5.50	3,963,642	5.54	11.5
Janashakthi Life	3,008,842	3.75	2,902,873	4.06	3.7
LOLC Life	2,610,785	3.25	2,467,166	3.45	5.8
Arpico	1,391, 241	1.73	1,038,085	1.45	34.0
Allianz Life	1,301,254	1.62	1,178,817	1.65	10.4
Amana Life	822,261	1.02	792,174	1.11	3.8
CoopLife	624,600	0.78	626,972	0.88	-0.4
Sanasa	526,938	0.67	454,056	0.62	16.1
LIC	522,698	0.65	582,114	0.81	-10.3
MBSL*	65,839	0.08	123,732	0.17	-46.8
Total	80,302,546	100.00	71,571,380	100.00
Growth rate%	12.20		12.75

* suspended from 28 June 2017 to 2 April 2019

Source: Statistical Review 2018