Ceylinco Insurance - General Division posts record profits

COMPANY RESULT: Ceylinco Insurance Co. Ltd. recorded exponential growth during the year 2006, with their profits soaring to new heights. Registering a growth of over 32% over 2005 profits, Ceylinco netted an incredible Rs. 806 million, as profits in 2006.

The General Division of Ceylinco Insurance (Non Life) achieved a premium income of Rs. 9,600 million a growth of 20% over 2005, with Non Motor premiums accounting for Rs. 3,800 million; a growth of 24%, and Motor Premiums witnessing a growth of a staggering 20%, to record a premium income of Rs. 5,800 million.

Meanwhile, the Life Division of Ceylinco Insurance also made giant strides during 2006, with a premium income of Rs. 5,700 million a growth of 19.3%.

The total premium income of Ceylinco Insurance Co. Ltd. was Rs. 15,300 million for 2006, an amazing growth of over 20% over the previous.

Chief Executive Director of Ceylinco Insurance - General Division Ajith Gunewardena, said they were looking beyond an extremely profitable 2006, which was also filled with accolades, indicating further that Ceylinco Insurance remains committed to innovation and going beyond their established service excellence to give the best to their clientele.

He added that Ceylinco Insurance’s ultimate goal would be to make the benefits and security of insurance available to everyone.

“As a result of a speedy and efficient service, Ceylinco Insurance has been able to set high standards and reach out to a wider network base in Sri Lanka.

The General Division now has over 240 branches islandwide and also possesses mobile sales units, taking necessary insurance solution closer to the rural dwellers.

Our company’s position as a regional player has also been further strengthened through our presence in Nepal, Bangladesh, Mauritius, The Maldives, the United Arab Emirates, Bahrain, Oman, Kuwait, Saudi Arabia and Qatar, while negotiations are under way for joint ventures in Pakistan, the Philippines and in Thailand.

These ventures will prove to be both lucrative and attractive to us. All these victories would not have been possible if not for the outstanding team effort by our staff. I am truly proud to lead such a great team and I salute their commitment, he said.