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| Tuesday, 2 September 2003 |
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Ceylinco Insurance achieves record Rs. 3 billion revenue in six months Ceylinco Insurance Co. Ltd., has reported a record Rs. 3 billion in total revenue in its first half yearly financial statement, indicating a growth of 35 per cent or Rs. 771 million. This is the highest turnover for a first half-year in the history of the company. This figure represents the premium income of both the Life and General Divisions. The Company's profits before taxation in the consolidated financial statement stood at Rs. 30.9 million as per published accounts, reflecting a growth of 12 per cent over the corresponding period last year, while its Life Fund grew to Rs. 8 billion at the end of June 2003. The growth of the Life Fund from Rs. 6 billion at the end of June 2002 to Rs. 8 billion at the end of June 2003, a 33 per cent increase underlines the strength and stability of Ceylinco Insurance, the Company's Director/General Manager (Life) R. Renganathan said. He said the Company sold more than 42,000 new life policies in the half year under review, at a healthy average of 7,000 a month, which is a tribute to the professionalism and motivation of its sales staff. In 2002, Ceylinco Life recorded the highest volume of new business in the life insurance industry. Ceylinco Insurance Company Limited has maintained its reputation for excellence in providing service to policyholders of both Life and General Divisions. One of the most innovative companies in Asia, Ceylinco Insurance recently launched "On the spot" claim settlement for its VIP Motor insurance customers, which created a major impact in the market. This is the first time that such a scheme was launched in Sri Lanka, the Company said. Ceylinco Insurance Co. Limited was ranked the number one insurer in 2002 and was ranked 17 among the top 50 companies in Sri Lanka by the Lanka Monthly Digest magazine. |
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