Ceylinco General Insurance announces excellent results for 2019 with premium income of Rs. 19.8 b

• Retains market leadership in General Insurance 
• Rs. 10.6 billion claims paid in 2019

Accomplishing yet another exceptional year, Sri Lanka’s insurance giant, Ceylinco General Insurance Ltd., posted a robust financial performance for the year ended 31 December 2019. Pursuant to its outstanding performance, the Company successfully retained its market leadership in the General Insurance industry for yet another year.  

Ceylinco General Insurance Managing Director/Chief Executive Officer Patrick Alwis

Elaborating on details of the impressive performance, Ceylinco General Insurance Managing Director/Chief Executive Officer Patrick Alwis said: “It gives me immense pride to state that during 2019, the company recorded a premium income of Rs. 19.8 billion (Rs. 19,803 million), which indicates an increase of over Rs. 600 million year on year. This performance is even more valuable against the backdrop of the Easter Sunday bombings that brought the entire country to a grinding halt. More importantly, despite the price undercutting practiced by many players, customers have understood that Ceylinco VIP On The Spot offers the best value for money with innovative and superior benefits. It is the firm loyalty and support of our customers that inspires us to create new benchmarks by delivering an extraordinary financial performance every year.” 

Adding further, Alwis said: “Ceylinco General Insurance paid claims amounting to Rs. 10.6 billion (Rs. 10,682 million) during 2019, settling all genuine claims on the spot or within 24 hours where customers have not accepted on the spot. We assure our policyholders of our continued commitment to bring better and faster solutions to benefit them. This outstanding performance was made possible due to the valiant efforts of each and every staff member of the Ceylinco General Insurance family. 

“I extend my humble and heartfelt appreciation to all of them. We are proud of the fact that our differentiation is not on price but on our exemplary claims settlement and the value we add to our products and services. Going ahead, we remain committed to providing an enhanced and superior service to our customers.” 

Innovation has been the cornerstone of the Company’s success through the year under review. In July 2019, Ceylinco General Insurance introduced a standalone Serious Illness cover of up to Rs. 500,000 per annum that reimburses medical costs incurred in the treatment of diagnosed serious illnesses, including heart disease, cancer, kidney failure, stroke and several others, even providing a cover for heart attack and open heart surgery, major organ transplants, chronic lung and liver diseases, deafness, blindness, multiple sclerosis, paralysis, etc. 

The cover has been introduced with five affordable schemes and a premium as low as Rs. 600 per annum, where an insured person will be entitled to a cover of Rs. 100,000 whilst the highest cover of Rs. 500,000 will cost only Rs. 2,350 per annum. This policy will undoubtedly ease the financial burden on policyholders to a great extent in the event of a serious illness and can be obtained for groups of 10 or more.  

Adding another feather to its cap during 2019, Ceylinco Insurance PLC was honoured as Sri Lanka’s leading insurer by several independent business ranking organisations. The LMD 100 listing announced in December 2019 placed Ceylinco Insurance in the 25th position among listed companies in the island. For the 26th consecutive year, since the inception of the LMD ranking, Ceylinco Insurance has occupied the top position among insurance companies. Yet again, for the sixth consecutive year, Ceylinco Insurance earned the honour of being the only insurance company amongst the ‘Business Today Top 30’ companies in Sri Lanka. As announced in its edition for 2018/19, Ceylinco Insurance moved up the corporate ladder to the 6th position. 

Meanwhile, in March 2019, Ceylinco General Insurance once again had the honour and privilege of being voted by the Sri Lankan people as ‘The People’s Insurance Company’ for the 13th consecutive year, at the ‘Power of People’ awards organised by SLIM. 

Supported by the largest branch network in the island, surpassing 530 branches and sales outlets, Ceylinco General Insurance is dedicated to driving growth and leveraging on opportunities to deliver convenient General Insurance solutions to all Sri Lankans.