Ceylinco Insurance expands in North, East

Sanjeevi JAYASURIYA

The insurance industry has tremendous growth potential with market opportunities in the North and the East.

Ceylinco Insurance has a strong presence in these provinces and hopes to expand its branch network.

Ceylinco Insurance will be opening four branches in Mannar, Achchuveli, Chavakachcheri and Manipai shortly.

Ceylinco Insurance (General) Joint Deputy Chairman Ajith Gunawardena said the company recorded an improved performance last year. The company termed 2009 as a turbulent period.

“During 2009 none of the senior managers left the company and customers stood by us. We made an average of 584 motor claims per day,” he said.

The company’s offshore operations in Maldives and Nepal is doing extremely well. They plan to sell knowledge based products such as Ceylinco VIP for the regional countries. Initially the company will focus on eight to ten countries in the Asian region.

Ceylinco Insurance declared 50 percent dividends for shareholders and Rs 1.4 billion bonus for policy holders.

The shareholders fund of the company increased from Rs 6.3 billion to Rs 6.9 billion.

Total assets increased from Rs 37.5 billion to Rs 41.3 billion in an impressive performance recorded in 2009.

The total premium income during 2009 was Rs 16.6 billion of which the general division contributed Rs 9.1 billion. The life division contributed Rs 7.5 billion.

The company’s total profit before tax increased to Rs 939.6 million, an increase of 28 percent.

Ceylinco Insurance is the market leader in the country’s insurance industry with financial stability, wide branch network, efficient claim settlement, better solvency rates, high gross written premium, profitability and market position.