Ceylinco expands in insurance with double-digit growth

Sri Lanka’s twin insurance giants, Ceylinco General Insurance Ltd. and Ceylinco Life Insurance Ltd. announced excellent results for the year ended 31 December 2015, recording yet another remarkable year.

Ceylinco Insurance PLC Jt. Managing Director/Chief Executive Officer Ajith Gunawardena announcing the results of Ceylinco General Insurance Ltd., said: “During 2015, the company recorded a premium income of Rs. 13.5 billion (Rs. 13,557 million), recording an impressive growth of 11.4 %, which signifies an increase of Rs. 1.4 billion over the previous year. Last year’s performance was exceptional, and one of the best results recorded in the recent past.”

Elaborating on the Life Insurance company’s results, Ceylinco Insurance PLC Jt. Managing Director/Chief Executive Officer R. Renganathan said: “Ceylinco Life Insurance Ltd achieved a premium income of Rs. 13.4 billion (Rs. 13,456 million), recording an impressive growth of 12.1%, or Rs.1.4 billion over 2014. Our performance represents a consolidation of our leadership in the life insurance industry for the 12th consecutive year.”



Thus, the overall premium income of Ceylinco General and Ceylinco Life reached a staggering Rs.27 billion, indicating an increase of Rs. 2.8 billion or an overall growth of 11.7% over the previous year. 

Elaborating further on the mammoth figures, Ceylinco General Insurance Ltd. Managing Director Patrick Alwis said: “Ceylinco General Insurance paid claims amounting to Rs. 6.4 billion during 2015, providing full settlement of all genuine claims in the quickest possible time, signifying an increase year-on-year of 14% in settled claims.”

In 2015, Ceylinco General Insurance added yet another unique benefit to its long list of value additions, offering an Accidental Health Insurance worth Rs. 4 million, absolutely free to Ceylinco VIP On The Spot customers. Further, during the year under review, Ceylinco General Insurance opened several new outlets, bringing the total number of branches to surpass the 400 mark, allowing the company to better serve its ever-increasing loyal customers at their doorsteps.

The Life Fund of Ceylinco Life Insurance posted net growth of Rs. 8.9 billion or 14.8% in the year reviewed to reach Rs. 68.9 billion at the end of 2015. Benefits to policyholders totalled Rs. 5.95 billion in 2015, a 21.7% improvement over the previous year.

“As always, this performance is entirely due to the unwavering faith the Sri Lankan public has placed in us, and the unrelenting efforts of each and every member of the Ceylinco General and Ceylinco Life Insurance family. Our humble thanks and heartfelt gratitude are extended to all those who made such a feat possible, and assure you of our continued efforts to bring better and faster solutions to benefit you even further, while never faltering in our yeoman endeavour to bring the safety and benefits of insurance to every Sri Lankan man, woman and child,” Gunawardena said.

The Colombo Stock Exchange included Ceylinco Insurance PLC amongst the S&P Sri Lanka 20 index constituents at the annual index rebalance announced in December 2015. Meanwhile, during 2015, Ceylinco Insurance once again had the honour and privilege of being voted by the Sri Lankan people, as ‘The People’s Insurance Company’, for the ninth consecutive year, while Ceylinco Insurance was also proud to be the only insurance company among the Top 25 Companies in Sri Lanka for 2015, as announced by “Business Today”. 

Yet again, in the LMD rankings announced in December 2015, Ceylinco Insurance was the highest rated insurance company in the island. “Suffice to say that all such accolades and their consistency combined, speak volumes with regard to the strength and stability of Ceylinco Insurance, which remains unwavering in its efforts to set the standard ever higher,” a company statement added.

Ceylinco Insurance Jt. Managing Director Ajith Gunawardena 

Ceylinco Insurance Jt. Managing Director R. Renganathan