COLOMBO: Sri Lanka’s insurance industry leader, Ceylinco Insurance holding company recorded a consolidated after tax profit of Rs. 4.7 billion, for the year ended 31st December 2016 whilst the profit before tax stood at Rs . 5.9 billion. Contributing to this remarkable performance, Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs. 1.3 billion and Rs. 2.9 billion, respectively. The Managing Director and Chief Executive Officer of Ceylinco Insurance Ajith Gunawardena commenting on the impressive performance said, the company consolidating its leadership position for the 13th consecutive year in 2016, remained far ahead of the competition as the clear market dominator. The Insurance sector returned a premium income of Rs. 31.1 billion in 2016, with Ceylinco General Insurance recording Rs.16.1 billion, marking a growth of 18.9% ; an increase of over Rs.2.5 billion year on year, just as Ceylinco Life Insurance registered a premium income of Rs. 15 billion, marking a growth of 11.7% ; an increase of Rs. 1.5 billion.
Ceylinco Life Insurance Managing Director and Chief Executive Officer, R. Renganathan said in 2016 the company embarked on a huge market expansion program again and the not only Ceylinco Life but the entire life insurance industry benefited. “The year 2016 marks a thirteen year period of unbroken market leadership for Ceylinco Life Insurance in the long term insurance segment. This is an incredible achievement, given the context of ever-increasing competition and the short – sighted tactics employed by smaller players in the market, in a bid to achieve short-term growth,” Renganathan said. Mr. Patrick Alwis, Managing Director of Ceylinco General Insurance commenting on the remarkable performance of Ceylinco General Insurance said the premium income of their flagship brand ‘Ceylinco VIP’ alone stood at a staggering Rs.9.9 billion, with Non Motor Insurance contributing Rs.6.2 billion, allowing the total premium income of Ceylinco General Insurance to record yet another fantastic year.
He said the Ceylinco General Insurance has maintained its unassailable lead in the midst of stiff competition. “What we have achieved in 2016, is all the more important, as the industry is not a level playing field, with government entities still enjoying distinct advantages. Despite such challenges, we have worked hard and worked together, and we have exceeded expectations, once again.” Ceylinco General Insurance paid claims amounting to Rs. 10.4 billion during 2016. The sharp increase in claim settlement is a result of the large number of claims paid, during the floods in May 2016. Claims were paid within a period of 14 days, enabling the customers to return to normalcy in the fastest possible time. “Some customers had only insured their vehicles, but not their homes, while some had insured their shops, but not their houses. However, Ceylinco General Insurance, looking at the situation from a humane angle, decided to pay a percentage to compensate the damages to their homes as well,” Alwis said.
Ceylinco General Insurance remains committed to ensuring growth and better meeting emerging opportunities, with the largest branch network in the island, surpassing 440 branches and sales outlets, providing General Insurance solutions to millions of Sri Lankans. During the year under review, the General Division of Ceylinco Insurance opened 31 new VIP Counters, adding further convenience and providing greater accessibility to even more potential customers throughout our nation. Similarly Ceylinco Life operates a network of over 260 Branches assuring of the best possible protection to policyholders and their loved ones.
