Ceylinco Insurance soars with unprecedented 2012 results

Tuesday, 5 March 2013 01:53 - - {{hitsCtrl.values.hits}}

Sri Lanka’s insurance giant Ceylinco Insurance Plc yesterday announced unprecedented results for the year ended 31 December 2012, recording yet another mammoth success.

Ceylinco Insurance – General Managing Director/Chief Executive Officer Ajith Gunawardena announcing the results said: “During 2012, Ceylinco Insurance recorded a premium income of Rs. 21.9 billion, to which the General Division contributed Rs. 11.1 billion, with the Life Division contributing the balance Rs. 10.8 billion. This signifies an increase of Rs. 2 billion over the previous year, with the overall growth standing at 10.3%. Accordingly, the General Division has recorded a growth of 10.5%, while the Life Division had registered a 10.1 % growth.”

In reviewing the results, Ceylinco Life thus becomes the first Life insurance company in Sri Lanka to surpass the Rs. 10 billion mark in premium income. “Reaching Rs.10. 8 billion in premium income is ample evidence to prove our dominance in the Life insurance industry in Sri Lanka,” said Ceylinco Life Managing Director/CEO R. Renganathan.

“Moreover, holding true to our ideology of helping our customers to bounce back to normalcy as fast as possible, most of the claims were settled on the spot. Accordingly, the General Division paid claims amounting to Rs. 5.3 billion during 2012, providing full settlement of all genuine claims in the quickest time,” added Gunawardena.

Similarly, during 2012, the Life Division paid customer benefits worth Rs. 4 billion, along with another Rs. 33.6 million, as ‘Avurudu Cash Bonus’ for long-standing policyholders.

In order to ensure growth and to meet with emerging opportunities, the company now maintains the largest branch network in the island, with over 310 branches and sales outlets, selling General Insurance, with another 197 branches dedicated for Life insurance. Meanwhile, the Life Division sold 153,938 new policies during 2012, as opposed to the 143,259 policies sold the year before.

“We humbly acknowledge that this encouraging growth was only possible due to the steadfast faith, confidence and trust our loyal clientele placed in us. We express our gratitude to our customers, who made it all possible, and we reiterate that we will always make every effort to give the very best to our customers, who form the core of our business,” both Gunawardena and Renganathan added.

Ceylinco Insurance, Ceylinco VIP and Ceylinco Life are widely acclaimed as some of the most powerful and valuable brands in the country that continue to evolve, keeping pace with the changing times and needs of the Sri Lankan populace.

Hailed as the market leader in the Insurance Industry for the ninth year running, Ceylinco Insurance has also had the honour of being voted by the people as ‘The People’s Insurance Company’ consecutively, for the past six years.

The company was also feted with two Gold awards at the National Business Excellence Awards in 2012, while Ceylinco Insurance was proud to be the only insurance company among the Top 25 Companies in Sri Lanka for 2012, as announced by ‘Business Today’.