Ceylinco Insurance posts PAT of Rs 1.65 bn
Ceylinco Insurance recorded a remarkable profit after tax of Rs 1.65
billion for the year ended December 31, 2012 for which General and Life
divisions contributed Rs. 657 million and Rs. 996 million respectively.
Ajith Gunawardena and R. Renganathan |
During the year under review, Ceylinco Insurance made a profit before
tax of Rs. 1.8 billion. Further, the consolidated results too recorded
impressive growth figures, with the profit before tax reaching an
exceptional Rs 2.3 billion, and the after tax profit hitting Rs. 2.1
billion signifying an increase of 36 % over the previous year.
Ceylinco Insurance recorded yet another spectacular year in 2012,
building upon the success of previous years, and truly consolidating its
position as the market leader for the 9th consecutive year. Thus, the
company recorded a mammoth premium income of Rs 21.9 billion, which
amounted to a growth of 10.3%.
The premium income of the General Division reached an impressive
Rs.11.1 billion, an increase of over Rs.1 billion year on year. The
figure represented a growth of 10.5 % over 2011. Meanwhile, the Motor
Insurance premium income stood at an remarkable Rs 6.6 billion, with Non
Motor Insurance contributing an enormous Rs 4.5 billion to the total
premium income of the Company. During 2012, the General Division sold
over 678,000 new policies
Commenting on the achievements, Managing Director / Chief Executive
Officer of Ceylinco Insurance – General, Ajith Gunawardena said, “What
we have achieved in 2012 was in line with our expectations.
We have succeeded by adhering to sound fundamentals and we are
committed to managing our business with great discipline and
forethought.
Our main focus, as always, remains the central figure that drives our
business: the customer, and accordingly, during the year under review,
Rs 5.3 billion was paid out by Ceylinco Insurance – General, as claims.”
Commenting on the Life Division’s performance during 2012, Managing
Director/Chief Executive Officer of Ceylinco Life, R. Renganathan said,
“Our ability to retain the market leadership for nine years is evidence
of the trust and confidence that Ceylinco Life has built up over the
years.
This is an invaluable asset that we intend to nurture and build on in
the years ahead. It is noteworthy that Ceylinco Life paid Rs 4 billion
in benefits and another Rs 33.6 million as ‘Avurudu Cash Bonuses’, far
exceeding policyholder expectations.”
This year Ceylinco Insurance celebrates another milestone, as it
commemorates the 25th anniversary. Over the past two and a half decades,
the company has pioneered many innovations, elevating the Insurance
Industry at large to a new paradigm, ultimately benefiting the Sri
Lankan people.
To ensure growth and to meet with emerging opportunities, the Company
now maintains the largest branch network in the island, with over 300
branches and sales outlets, selling General Insurance, with another 197
branches dedicated for Life Insurance.
Meanwhile, the total investments of the company, including both the
Life and General Divisions, exceeded Rs 52.1 billion , whilst assets
grew by 9.2 % and stood at Rs. 68.9 billion by the end of December 2012.
Consolidated assets stands at Rs 73 billion recording a growth of 11 %. |