Ceylinco Insurance records growth in 2011
Sri Lanka’s insurance giant, Ceylinco Insurance announced
unprecedented results for the year ended December 31, 2011. Managing
Director / Chief Executive Officer of Ceylinco Insurance - General,
Ajith Gunawardena said “during 2011, Ceylinco Insurance recorded a
premium income of Rs 19.8 billion, to which the General division
contributed Rs 10 billion, with the Life division contributing the
balance Rs 9.8 billion. This signifies an increase of Rs 1.8 billion
over the previous year, with the overall growth standing at 10%. Thus,
the General Division has recorded a growth of 9%, whilst the Life
Division had registered a 12% growth.”
Managing Director /
Chief Executive Officer
Ajith Gunawardena |
“This can be considered an exceptional achievement in all respects,
given the opportunities that existed in the insurance arena during the
year under review.
“We humbly acknowledge that this incredible growth was only possible
due to the unwavering faith, confidence and trust our loyal clientele
placed in us. We express our gratitude to our customers, who made it all
possible, and we will always strive to give the very best to our
customers, who form the core of our business,” Gunawardena said.
The results display the inherent strengths of Ceylinco Insurance, and
the strong foundation and fundamentals it is built upon. During 2011,
the company paid Rs 8 billion in claims, out of which Ceylinco Insurance
- General paid Rs 5 billion, in keeping with the promise of timely claim
settlement to customers. Truly, Ceylinco Insurance has maintained its
enviable leadership position, and the position of the only insurance
company committed to settling all claims on the spot. “We have lived up
to what we promised and continue to provide our customers with the On
The Spot claim settlement scheme, which provides immense relief to many
in their hour of need,” Gunawardena said, commenting on the company’s
unmatched strength.
In order to ensure growth and to meet with emerging opportunities,
the company now maintains the largest branch network in the island, with
over 280 branches and sales outlets. The voting share once again, for
the third consecutive year, fetched the highest price amongst banks and
insurance companies, during the year under review: Rs 950 being the
highest traded price.
During the year 2011, yet again establishing the trends and setting
the benchmarks for the rest of the industry to follow, Ceylinco
Insurance - General introduced another breakthrough in motor insurance
with the innovative concept of Warranty Insurance. The advantage in
Warranty Insurance is that it pays for the mechanical defects of the
parts in re-conditioned vehicles that are covered under the insurance,
during the first year from the date of purchase. Brand new vehicles will
be given an extended warranty of up to two years, on top of the warranty
given by the manufacturer. This scheme was hailed as an industry first,
that served to enhance and add value to the concept of insuring a
vehicle.
2011 also saw Ceylinco Insurance receive the prestigious World
Quality Commitment Award in the Gold Category at the World Quality
Commitment Convention at the International Quality Awards 2011, held in
Paris in November. |