Ceylinco Insurance posts after tax profit of Rs. 2.1 b
Tuesday, 17 March 2015 01:36
Premium income exceeds Rs. 24.1 b; consolidated profit stands at Rs. 2.9 b
Marking another successful year, Ceylinco Insurance recorded a notable after tax profit of Rs. 2.1 billion, for the year ended 31 December 2014.
Contributing to this remarkable performance, the General and Life Divisions of Ceylinco Insurance, recorded profits after tax of Rs. 780 million and Rs. 1,363 million, respectively. Moreover, the consolidated results recorded an imposing expansion, with the profit before tax reaching an exceptional Rs. 4 billion, and the after tax profit standing at Rs. 2.9 billion.
Building upon past successes and reiterating its position as the clear market leader for the 11th consecutive year, Ceylinco Insurance, in 2014, forged ahead of the competition. Thus, the company managed to turn in an imposing premium income of Rs. 24.2 billion in 2014, with the General Division recording Rs. 12.2 billion, marking an increase of nearly Rs. 600 million year-on-year, and Ceylinco Life registering a premium income of Rs. 12 billion.
Meanwhile, the Motor Insurance premium income alone stood at a staggering Rs. 7.4 billion, with Non Motor Insurance contributing an impressive Rs. 4.8 billion, providing the total premium income of the General Division, which recorded a growth rate well above the annual industry average.
Adding further impetus to an already impressive financial performance, the total investments of the company exceeded Rs. 66.3 billion, growing by 12.5% over the past year, while assets had grown by 10%, to reach a staggering Rs. 90.5 billion by the end of 2014.
Ceylinco Insurance – General Managing Director/Chief Executive Officer Ajith Gunawardena, opining on the impressive performance of the company, said: “The insurance arena is dynamic and keen competition is the order of the day; in such a scenario, Ceylinco Insurance has maintained the leading edge and, therefore, what we have achieved in 2014, is even more significant, as it was quite a volatile year for the company, with the presidential election campaign gathering momentum towards the latter part of the year. Despite the challenges, we have striven to reach our expectations.
“Once again, we have come out on top, holding true to our beliefs, and, as always, we remain committed to managing our business, exercising disciplined control and visionary leadership. As always, the primary focus remains on our driving force – the customer, and accordingly, throughout 2014, Rs. 5.7 billion has been paid out in claim settlement by Ceylinco Insurance – General. The beneficiaries of these settlements, amount to a mammoth 139,652 customers, with an average 380 claims settled every day.”
Commenting on the Life Division’s performance during 2014, its Managing Director/Chief Executive Officer R. Renganathan said: “The year 2014 marks a decade of unbroken market leadership for Ceylinco Life in the long term insurance segment. This is an incredible achievement, given the context of ever-increasing competition and the short-sighted tactics employed by certain smaller players in the market, in a bid to achieve short term growth. The prime focus of Ceylinco Life has always been on the principal basis for Life Insurance – to provide assurance of the best possible protection to policyholders and their loved ones.”
Ceylinco Insurance, as the largest player in the insurance industry in Sri Lanka, is committed to ensuring growth and better meeting emerging opportunities: thus, the company now maintains the largest branch network in the island, which counts over 400 branches and sales outlets, providing General Insurance solutions.
During the year under review, the General Division of Ceylinco Insurance opened 66 new ‘VIP Counters’, adding convenience and providing greater accessibility to many potential customers throughout Sri Lanka
For over two-and-a-half decades, Ceylinco Insurance has been at the forefront of new innovations and dynamic solutions, setting the benchmark ever higher for the competition to follow, and benefitting the Sri Lankan populace immensely.
Having revolutionised the insurance industry locally and globally with the first ever On The Spot claim settlement, Ceylinco Insurance has always striven to deliver services that exceed customer expectations. A world first, the VIP On the Spot claim settlement process ensured that customers had an unparalleled advantage – the service went on to set a new standard in the insurance industry with competition vainly trying to emulate the Ceylinco Insurance model.
Ceylinco Insurance also enjoys the honour of being voted for by the people, as ‘The People’s Insurance Company’, consecutively, for the past eight years. Ceylinco Insurance was also, once again honoured to be the highest ranked insurance company by the LMD magazine, and the only Insurance Company, among the Top 25 Companies in Sri Lanka for 2014, as announced by Business Today.
Ceylinco Insurance, the undisputed market leader in Sri Lanka for eleven consecutive years, remains poised, as ever before, for all the challenges and the exponential growth 2015 will bring.