Impressive 130% growth for Continental Insurance

Wednesday, 6 March 2013 00:42 -     - {{hitsCtrl.values.hits}}

The 2012 financial results announced by Continental Insurance Lanka (CILL), reported an impressive performance in General Insurance business. A 130% growth in profit after tax was seen in the interim financial statements for the year ended 31 December 2012.

As per the unaudited results as at Q4, profit after tax for the company grew from Rs. 26 million in 2011 to Rs. 60 million in 2012.

Although it was a very challenging year for the general insurance industry, due to the steady drop in vehicle imports to the country, owing to the increase in vehicle taxation schemes, timely changes to strategy involving underwriting and operating models allowed the company to deliver commendable financial results.

Continental Insurance further recorded a GWP of Rs. 1.6 billion as at year end 2012, up against the Rs. 1.2 billion in 2011, which resulted in an impressive 30% growth year-on-year. The growth in GWP has paved the way for the company to reach a position among the top 10 in the insurance industry within a short span of two and a half years in operation.

“We are very optimistic about the future prospects and opportunities in the market and look forward to investing further on expansion projects which will fuel growth for us in the future” Continental Insurance Chief Executive Officer Gerry Gunadasa said.

He further went on to say, “We are now minimally dependent on the captive business generated by the DCSL Group and welcome the growth in business generated from Regional levels. The company has achieved its objectives for the year 2012 and hopes to harvest the potential from the Regional levels in the future as well.”

The company currently has 30 customer service points with plans for further expansion to strengthen their island wide operations. CILL believe that their greatest strength is their staff and value the talent and ideas generated by them.   

CILL is a company engaged in general insurance business in Sri Lanka and is a member of the Distilleries Group of Sri Lanka (DCSL), which was recently accredited with a Fitch Rating of AAA (lka) which gives them added strength and security.

CILL has become one of the fastest growing insurance companies in Sri Lanka and has been instrumental in providing innovative insurance products to the market. They offer tailor made insurance products for both personal and business requirements.