Ceylinco Insurance announces excellent 3Q results with after tax profit of Rs. 3.4 b

• Ceylinco General Insurance Premium surpasses Rs. 13.2 billion; grows by 10.5%
• Ceylinco Life Insurance Premium Income reaches Rs. 11.5 billion
• Claims and benefits paid by both companies exceed Rs. 11.8 billion

 Announcing the results for Ceylinco Insurance PLC up to 30 September 2017, Managing Director/CEO Ajith Gunawardena said: “Indicating another remarkable year, Ceylinco Insurance PLC, the holding company of Sri Lanka’s insurance giants, Ceylinco General Insurance Ltd. and Ceylinco Life Insurance Ltd., recorded a mammoth consolidated after tax profit of Rs. 3.4 billion, resulting in a growth of 41% for the period ended 30 September 2017. Profit before tax stood at an exceptional Rs. 4.2 billion with a 46% growth. The company completed 30 years in existence in 2017. Over the years, we’ve reached the pinnacle of achievement. Every year, we’ve grown from strength to strength, with achievements that none can match. Most importantly, we’ve lived up to what we claim – delivering an exceptional service to our valued customers whilst adding value to our services constantly.”

Elaborating on the results of Ceylinco Life Insurance Ltd., its Managing Director/Chief Executive Officer R. Renganathan said: “Success in life insurance reflects the trust and confidence of customers – our policyholders. Ceylinco Life has had an excellent year thus far, contributing Rs. 11.5 billion in premium income; Rs. 2.5 billion in profit before tax and Rs. 2 billion in net profit to the company’s consolidated results for the nine months ending 30 September 2017. Our Life Fund has grown by Rs. 7.3 billion over this period to Rs. 85.2 billion. These are truly noteworthy figures.”

Ceylinco General Insurance Ltd. Managing Director Patrick Alwis commenting on the results said: “Up to 30 September 2017, Ceylinco General Insurance recorded a premium income of Rs. 13.3 billion (Rs. 13,278 million) with an impressive growth of 10.5%. This is an increase of Rs. 1.2 billion over the previous year for the same period, which I would say is an exceptional achievement. This trend will no doubt help us to end the year on a resoundingly successful note. Last year’s performance was exceptional, and one of the best results recorded in the recent past, but this year will be even better.” 

“Thus, the overall premium income of Ceylinco General and Ceylinco Life reached a staggering Rs. 24.8 billion, indicating an increase of Rs. 1,748 million or an overall growth of 7.6% over the same period in the previous year. Ceylinco Insurance PLC was rated as the best service provider in the insurance industry by the LMD magazine in its November issue and, recently, Business Today ranked Ceylinco Insurance PLC at No. 12 amongst Sri Lanka’s top 30 companies. Also, the company was chosen as the ‘Peoples Insurance Service Provider’ for the 11th consecutive year by SLIM. All this is ample evidence of what the company has achieved in 2017,” added Ajith Gunawardena.

Elaborating further on the mammoth figures, Patrick Alwis said: “Ceylinco General Insurance paid claims amounting to Rs. 6.6 billion during the nine-month period ended September 2017. During 2017, Ceylinco General Insurance infused great value into its products and services. For the second consecutive year, all flood victims were paid in record time. Over 3 billion worth of claims were paid in 14 days to over 3,000 flood victims. The benefit we introduced in mid-2017, offering a One Million Hospitalisation cover to all our Ceylinco VIP customers is another value addition worth highlighting. We’ve expanded our operations rapidly, opening over 40 branches and providing permanent employment to over 400 new recruits. Our processes were further improved to provide an excellent service to our customers whilst enhancing benefits to the staff who contributed immensely to the remarkable growth of the company.”