Ceylinco Insurance said yesterday that for the seventh year in a row, the company has reiterated its market leader position in the Sri Lankan insurance industry with impressive results for the year 2010.
Ceylinco Insurance General Managing Director and Chief Executive Officer Ajith Gunawardena in announcing the results said that “During the year 2010, Ceylinco Insurance recorded a premium income of Rs 18 billion out of which the general division contributed Rs 9.22 billion with the life division contributing the balance Rs 8.78 billion. The company made an exceptional pre-tax profit of Rs 933.9 million for the year ended 31st December 2010 indicating a 12 % increase when compared to the previous year for which the General Division contributed Rs. 343 million.
This can be considered a remarkable achievement in all aspects given the opportunities that existed in the insurance arena during the year under review. These results can be called truly outstanding. We express our gratitude to our customers of Ceylinco Insurance – General who made it all possible. We will always strive to give the very best to our customers – their commitment makes us who we are,” added Gunawardena.
Being the market leader for the seventh consecutive year since 2004, Ceylinco Insurance showcases the company’s rock solid strengths, the strong foundation and principles it is built upon. In the process, the company is also proud of the unshaken faith placed in them by the customers, who form the core of their business.
During 2010, the company paid Rs. 8.28 billion in claims out of which Ceylinco Insurance- General paid Rs. 5.53 billion in keeping with the promise of timely claim settlement to customers. Truly, Ceylinco Insurance has maintained its enviable leadership position, and the position of the only insurance company committed to settlement of all claims on the spot. “We have lived up to what we promised and continue to provide our customers with the On The Spot scheme which relieves them from many in their hour of need. That speaks volumes for our capacity and capability to meet customer expectations and our solid foundation, as well as the sound principles we manage the company by,” Gunawardena, went on to add, commenting on the Company’s unmatched strength.
In order to ensure growth and to meet with emerging opportunities, the company now maintains the largest branch network in the island, with over 260 branches and sales outlets. Ceylinco Insurance General also maintained a solvency margin of over 270 % as at 31 December 2010, which has always been well above the recommended level by the regulator. The voting share once again, for the second consecutive year fetched the highest price amongst banks and insurance companies during the year under review; Rs. 680 being the highest traded price. The total assets of the company grew by a gargantuan 17 % over the previous year, and stood at Rs. 49.3 billion, as at 31st December 2010.
Company’s flagship brand, Ceylinco VIP continued to stand tall with unmatched benefits, yet again establishing the trends and setting the benchmarks for the rest of the industry to follow. True to form, during the year 2010 Ceylinco Insurance - General introduced yet another innovative benefit to its VIP customers. This new system provided the opportunity for customers to obtain a claim directly through an ATM card, using cutting edge mobile and banking technology. Initially this unique service was made available for customers who have a Dialog connection.
Going one step ahead of competition and the industry, Ceylinco Insurance General created a never-before-offered incentive to its customers and non-customers as well. Accordingly in a motor accident, the individual whose vehicle is involved in the accident with a VIP customer, would get an air ticket to a destination of his or her choice.
However, the air ticket becomes valid only when that individual renews his or her insurance cover with Ceylinco VIP. In addition to this, the VIP customer who was also involved in the accident, will have the option of selecting an air ticket to a destination of his/her choice or obtaining a replacement vehicle.
In conclusion, Gunawardena, commented “During the year under review, the staff of Ceylinco Insurance – General rose to the call of duty, displaying an outstanding level of commitment and loyalty as the company’s strongest asset. We face 2011 with absolute confidence, and will no doubt reap richer dividends.”