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Ceylinco Insurance posts Rs 268 m PBT

Ceylinco Insurance, declared impressive results for the first half of 2011. Announcing the results, Managing Director and Chief Executive Officer of Ceylinco Insurance - General, Ajith Gunawardena said: “During the first half of 2011, the company recorded a total premium income of Rs 9.6 billion, to which the General Division of the company contributed Rs 4.9 billion, with the Life Division recording Rs 4.7 billion.”


CEO Ajith Gunawardena

Accordingly, the company has earned a profit before tax of Rs 268 million for the first half of 2011, indicating a mammoth increase of 120 percent over the corresponding period of last year. As at December 31, 2010, Ceylinco Insurance had recorded a profit after tax of Rs 803 million, with the consolidated profit declared at Rs 1,001 million, an increase of 44 percent over the previous year.

As at June 30, 2011, the total assets of the company increased to Rs 52 billion, which signified an increase of Rs 2.8 billion, when compared with December 2010.

The company’s investments stand at Rs 37.2 billion, while the share holders fund is at an impressive Rs 7.7 billion.

“We take every effort to keep our promise to our customers at every juncture. Although, we have embarked on an unparalleled growth journey, delivering what we promise to our customers is of paramount importance to us. We don’t leave any stone unturned in pursuing and ultimately achieving this objective. For us, it is a partnership of trust we have formed with our customers, this is the cornerstone of the company’s philosophy,” Gunawardena said.

In keeping with the promise of timely settlement to customers, the company has paid out Rs 3.7 billion as claims during the first half of 2011, when compared with the Rs 3.3 billion paid during the first half of 2010.

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