Ceylinco General Insurance posts impressive results in 2017

Monday, 19 February 2018 00:10 -     - {{hitsCtrl.values.hits}}


  • Achieves Rs. 18 b premium income; up 11.5%
  • Rs. 9 b in claims paid in 2017

Industry giant Ceylinco General Insur-ance Ltd., has announced excellent results for the financial year ended 31 December 2017, recording yet another exceptional year.

Ceylinco General InsuranceChief Executive OfficerAjith Gunawardena, announcing the results, said: “During 2017, the company recorded a premium income of Rs. 18 billion (Rs. 17,977 million), with an impressive growth of 11.5%, which signifies an increase of Rs. 1.9 billion over the previous year.”

“ When considering the stiff competition that exists in the market, last year’s performance was outstanding. Despite the price undercutting practised by some players, customers have understood the value of Ceylinco VIP On The Spot. We believe in providing a superior service to our customers and our differentiation is not on price but on our exemplary claim settlement and the value we add to our products and services. We have worked hard together and surpassed expectations and our own benchmarks,” he said. 

“We remain committed in exercising disciplined control and maintaining far-sighted leadership. As always, this performance is entirely due to the firm belief the Sri Lankan public has placed in us, and the efforts of each and every member of the Ceylinco General Insurance family. Our humble thanks and heartfelt gratitude are extended to all those who made such a feat possible,” Gunawardena added.

Managing DirectorPatrick Alwis said: “Ceylinco General Insurance paid claims amounting to Rs. 9 billion (Rs. 8,967 million) during 2017, settling all genuine claims within 24 hours. This includes the large number of flood and cyclone claims that were paid within a period of 14 days, enabling customers to return to normalcy in the fastest possible time. We are the only company to do so.”

“I pay a special tribute to the staff of Ceylinco General Insurance who acted promptly to pay compensation to all of its policyholders with flood and cyclone cover who were affected by the floods and the inclement weather that created havoc in 2017. We assure the insuring public of our continued efforts to bring better and faster solutions to benefit them even further,”addedAlwis.

In a landmark move, in August 2017 Ceylinco General Insurance announced yet another innovation in Motor Insurance - a Rs. 1 million cover that reimburses medical costs incurred in the treatment of heart disease, cancer, kidney failure, stroke andseveral other serious illnesses including heart attack and open heart surgery, major organ transplants, chronic lung and liver diseases, deafness, blindness, multiple sclerosis, paralysis, etc. Introduced as an exclusive benefit for Ceylinco VIP On The Spot policyholders, this benefit will undoubtedly ease the financial burden to a great extent in the event of an illness

During 2017, Ceylinco Insurance Plc was chosen as Sri Lanka’s best insurer by several key business ranking indices.Ceylinco Insurance was selected amongst Sri Lanka’s Best 20 Brands and is incidentally the only insurance company selected amongst the elite list of brands. For the fifth consecutive year, Ceylinco Insurance earned the honour of being the only insurance company amongst the ‘Business Today Top 30’ companies in Sri Lanka as announced in its 2016/17edition.

Ceylinco Insurance reiterated its position as the highest ranked insurance company in Sri Lanka for the 23rd consecutive year. Since the inception of the LMD ranking, Ceylinco Insurance has maintained its supremacy by occupying the top position among insurance companies. Meanwhile, in February 2017, 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 12th consecutive year.

Supported by the largest branch network in the island surpassing 470 branches and sales outlets, Ceylinco General Insurance is dedicated to driving growth and leveraging on opportunities todeliver convenient General Insurance solutions to millions of Sri Lankans from all walks of life.