Continental Insurance records sterling performance

Wednesday, 26 September 2018 00:00 - - {{hitsCtrl.values.hits}}

Continental Insurance has excelled over the past year, recording highly impressive growth.

Performance figures compared to 2016/2017 show net earned premium growth of 36%, from Rs. 1.9 billion to Rs. 2.6 billion, operational profit growth of 72% from Rs. 100 million to Rs. 172 million, claims paid from Rs. 1.2 billion to Rs. 1.6 billion and net profit from Rs. 180 million to Rs. 250 million with 40% growth.

The above success has produced record numbers, with cumulative gross written premium increasing to 19.4 billion, passing it down to the customer database of 193,000 by paying their claims up to a total of 8.8 billion. Overall, the company’s performance and profitability has been in keeping with the expectations of the company. Managing Director Chaminda de Silva attributed this success to Group Chairman Harry Jayawardena.

The excellence of the company was also highlighted by the fact that Fitch Rating upgraded CILL’s credit rating to A from A-. This is a significant achievement within the insurance industry for Continental Insurance due to its upgrade in such a short period of time given that it commenced operations in 2010, after being registered and approved by the Insurance Regulatory Board of Sri Lanka.

Continental Insurance is a fully-owned subsidiary of Melsta Corp Plc, which is also the parent company of the Distilleries Company of Sri Lanka (DCSL PLC). Continental Insurance takes pride that DCSL Plc, which is part of the owning company, is among the very few organisations that have been assigned the reputed AAA(lka) rating. As one of the topmost conglomerates in Sri Lanka, having Continental Insurance Lanka Ltd. under its umbrella has undoubtedly served as a pillar of strength and stability in the professionalism of the company’s service standards. Continental’s achievements in general insurance, with its innovative products for both personal and business requirements, have given it the assurance of ISO 9001 – 2015 accreditation, which was initially achieved in the first couple of years of operation.

In spite of the fierce competition, Continental has spread its wings and created a rapidly growing network of 50 branches to cater to a vast customer base. Its professional team spends several hours securing the confidence of customers island-wide to live up to its tagline of ‘Service Redefined’ and creating industry milestones.