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From left: Ceylinco Life Insurance Managing Director and Chief Executive Officer R Renganathan, Ceylinco Insurance PLC Managing Director and Chief Executive Officer Ajith Gunawardena, and Ceylinco General Insurance Managing Director Patrick Alwis
In a hallmark achievement, Ceylinco Insurance PLC, the holding company of Insurance giants Ceylinco General Insurance and Ceylinco Life Insurance, recorded a massive consolidated after tax profit of Rs. 8.3 billion, for the year ended 31 December 2017, whilst the profit before tax stood at an exceptional Rs. 9.2 billion. Contributing to this remarkable performance, Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs. 1.4 billion and Rs. 6 billion, respectively.
Ceylinco Insurance Managing Director and Chief Executive Officer Ajith Gunawardena, commenting on the impressive performance, said: “The insurance sector recorded an impressive premium income of Rs. 33.7 billion in 2017, with Ceylinco General Insurance surpassing Rs. 18 billion; an increase of over Rs. 1.9 billion year on year, just as Ceylinco Life Insurance registered a premium income of Rs. 15.7 billion. As the clear market dominator, the insurance sector, in 2017, remained far ahead of the competition. As an insurance company, we have our objectives as well as our responsibilities. Whenever our customers are affected, we always compensate them within the shortest possible time, often within 24 hours. For us, this is in line with our values - to stand by our customers in their time of need. Also, as the industry leader, we were able to enhance the goodwill of the industry through our actions.”
Ceylinco Life Insurance Managing Director and Chief Executive Officer R Renganathan said: “Everything we do is inspired by the credo that life insurance is a ‘Relationship for Life’. Ceylinco Life not only retained its leadership in the life insurance sector for the 14th consecutive year in 2017, the company grew its profit by 95% to 6 billion while transferring Rs 7.3 billion to its Life Fund, paying Rs 6.7 billion in net claims and benefits and continuing all of its community welfare commitments. We also persisted with our market expansion efforts, benefiting the entire life insurance industry. In that context, Ceylinco Life’s performance in 2017 is truly remarkable.”
Ceylinco General Insurance Managing Director Patrick Alwis, commenting on the remarkable performance of Ceylinco General Insurance, said: “The premium income of our flagship brand ‘Ceylinco VIP’ alone stood at a staggering Rs. 11 billion, with Non-Motor Insurance contributing an impressive Rs. 7 billion, allowing the total premium income of Ceylinco General Insurance to record yet another fantastic year. This is in the midst of stiff competition. Despite numerous challenges, we have worked hard and worked together, and we have exceeded expectations, once again. Ceylinco General Insurance paid claims amounting to Rs. 9 billion during 2017.”
Ceylinco General Insurance remains committed to ensuring growth and better meeting emerging opportunities, with the largest branch network in the island, surpassing 470 branches and sales outlets, providing General Insurance solutions to millions of Sri Lankans. During the year under review, the Ceylinco General Insurance opened 31 new ‘VIP Counters’, adding further convenience and providing greater accessibility to even more potential customers throughout our nation. Similarly, Ceylinco Life operates a network of over 260 branches, assuring the best possible protection to policyholders and their loved ones.
As witnessed over three decades, both Ceylinco General Insurance and Ceylinco Life Insurance have led the way with amazing new innovations and intuitively dynamic solutions, constantly setting the benchmark for the competition to follow, while simultaneously ensuring that millions of Sri Lankans enjoy the security of insurance.
Recently, Ceylinco Insurance was chosen as Sri Lanka’s best insurer by not only one but several key business ranking indices recently. Ceylinco Insurance was chosen amongst Sri Lanka’s Best 20 Brands and is incidentally the only insurance company selected amongst the elite list of brands by Interbrands, the world’s leading brand listing agency. Once again, for the fifth 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 2016/17, Ceylinco Insurance moved up the corporate ladder to the 12th position, achieving a truly unique feat. Ceylinco Insurance reiterated its position as the highest ranked insurance company in Sri Lanka for the 23rd consecutive year. The LMD 100 listing announced in December 2017 placed Ceylinco Insurance in the 25th position among all listed companies in the island. Since the inception of the LMD ranking, Ceylinco Insurance has maintained its supremacy by occupying the top position among insurance companies.
