Ceylinco Insurance records Rs 21.9 bn income in 2012

Ceylinco Insurance, announced unprecedented results for the year ended December 31, 2012, recording yet another mammoth success.

Ajith Gunawardena, Managing Director / Chief Executive Officer of Ceylinco Insurance – General, announcing the results, said that, “during the year 2012, Ceylinco Insurance recorded a premium income of Rs.21.9 billion to which the General Division contributed Rs.11.1 billion, with the Life Division contributing the balance Rs.10.8 billion.

This signifies an increase of Rs.2 billion over the previous year, with the overall growth standing at 10.3 %. Accordingly, the General Division has recorded a growth of 10.5%, while the Life Division had registered a 10.1 % growth.”

In reviewing the results, Ceylinco Life thus becomes the first Life Insurance Company in Sri Lanka to surpass the Rs.10 billion mark in premium income. “Reaching Rs.10. 8 billion in premium income is ample evidence to prove our dominance in the Life Insurance industry in Sri Lanka”, R Renganathan, the Managing Director / Chief Executive Officer of Ceylinco Life, said.

“Moreover, holding true to our ideology of helping our customers to bounce back to normalcy as fast as possible, most of the claims were settled on the spot.

Accordingly, the General Division paid claims amounting to Rs.5.3 billion during 2012, providing full settlement of all genuine claims in the quickest time”, Ajith Gunawardena, the Managing Director / Chief Executive Officer of Ceylinco Insurance – General, added.

Similarly, during 2012, the Life Division paid customer benefits worth Rs.4 billion, along with another Rs.33.6 million, as “Avurudhu Cash Bonus” for long-standing policyholders.

In order to ensure growth and to meet with emerging opportunities, the Company now maintains the largest branch network in the island, with over 310 branches and sales outlets, selling General Insurance, with another 197 branches dedicated for Life Insurance. Meanwhile, the Life Division sold 153,938 new policies during the year 2012, as opposed to the 143,259 policies sold the year before.

“We humbly acknowledge that this encouraging growth was only possible due to the steadfast faith, confidence and trust our loyal clientele placed in us.

We express our gratitude to our customers, who made it all possible, and we reiterate that we will always make every effort to give the very best to our customers, who form the core of our business,” Gunawardena and Renganathan, said.