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In a landmark 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. 8.7 billion for the year ended 31 December 2018, whilst profit before tax rose to an exceptional Rs. 11 billion.
Contributing to this remarkable performance, Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs. 1.8 billion and Rs. 5.8 billion, respectively.
Ceylinco Insurance PLC Managing Director/Chief Executive Officer Ajith Gunawardena, commenting on the impressive performance said: “We are pleased to deliver an outstanding financial performance yet again for the year 2018, with both Ceylinco General Insurance and Ceylinco Life Insurance retaining their market leadership in their respective segments. The insurance sector recorded an impressive premium income of Rs. 38.1 billion in 2018, with Ceylinco General Insurance surpassing Rs. 19.1 billion; an increase of over Rs. 1.2 billion year on year, just as Ceylinco Life Insurance registered a premium income of Rs. 17.8 billion, marking an increase of Rs 2.1 billion. As the clear market dominator, the insurance sector, in 2018, remained far ahead of the competition. As a trusted insurer, the company earns customer confidence by taking its responsibilities seriously. Whenever our customers are affected, we always compensate them within the shortest possible time, often within 24 hours. We are proud of the fact that by delivering our promises, we are serving to enhance goodwill for the entire insurance industry.”
Ceylinco Life Insurance Chairman R. Renganathan said: “The year that drew to a close was another milestone one for Ceylinco Life as it marked the company’s 15th consecutive year of market leadership and also because we increased our share of the life insurance market despite the intensified competition and the conditions that prevailed. It all comes down to the trust and confidence that Ceylinco Life has earned and sustained over the years by remaining true to its core values. The company achieved a total income of Rs. 29.21 billion, comprising of premium income of Rs. 17.8 billion and investment income of Rs. 11.4 billion and ended 2018 with assets of Rs. 118 billion, a Life Fund of Rs. 88 billion and an investment portfolio with a value in excess of Rs. 103 billion. These are impressive figures that reaffirm the strength and stability of Ceylinco Life.”
Ceylinco General Insurance Managing/Chief Executive Officer Patrick Alwis commenting on the remarkable performance said: “Ceylinco General Insurance paid claims amounting to Rs. 9.4 billion during 2018. By demonstrating this commitment to our customers, we are proud to live our values by providing support and relief to customers in times of need. The premium income of our flagship brand, ‘Ceylinco VIP’, stood at a staggering Rs. 11.3 billion, with Non Motor Insurance contributing an impressive Rs. 7.8 billion, allowing the total premium income of Ceylinco General Insurance to record yet another fantastic year. Our performance was hard won in the midst of stiff competition and in spite of numerous macroeconomic challenge. By working tirelessly as a closely-knit unit, we succeeded in delivering expectations once again.”
Ceylinco General Insurance remains focused on growth and expansion, with the widest branch network in the island, surpassing 525 branches and sales outlets, providing General Insurance solutions to millions of Sri Lankans. During the year under review, the Ceylinco General Insurance opened 41 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.
Recently, Ceylinco Insurance PLC was chosen as Sri Lanka’s best insurer by not only one but several key business ranking indices. Ceylinco Insurance earned the honour of being the only insurance company amongst the ‘Business Today Top 30’ for the fifth consecutive year. As announced in its edition for 2017/18, Ceylinco Insurance moved up the corporate ladder to the 7th position, achieving a truly unique feat. Ceylinco Insurance reiterated its position as the highest ranked insurance company in Sri Lanka for the 24th consecutive year.
The LMD 100 listing announced in December 2018 placed Ceylinco Insurance in the 23rd 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.
