Ceylinco General Insurance posts excellent results for 2018

• Premium income of Rs. 19.1 billion
• Rs. 9.3 billion in claims paid in 2018 
• Majority of claims paid within 24 hrs

Sri Lanka’s insurance giant, Ceylinco General Insurance Ltd., reported excellent results for the financial year ended 31 December 2018, recording yet another exceptional year.

Announcing the details of the impressive performance, Ceylinco General Insurance Managing Director/Chief Executive Officer Patrick Alwis said: “It gives me immense pride to state that during 2018, the company recorded a premium income of Rs. 19.1 billion (Rs. 19,186 million), which signifies an increase of Rs. 1.2 billion over the previous year. This performance is even more valuable against the backdrop of volatile conditions that prevailed during the last financial year.

“More importantly, despite the price undercutting practiced by some players, customers have understood the value of Ceylinco VIP On The Spot. It is the firm loyalty and support of our customers that inspires us to raise the bar by delivering a breakout financial performance every year. Our success is the result of the effort, however big or small, of each and every member of the Ceylinco General Insurance family. I extend my humble thanks and heartfelt gratitude to all of them. We remain committed to providing an enhanced and superior service to our customers. We are proud of the fact that our differentiation is not on price but on our exemplary claim settlement and the value we add to our products and services.”  

Elaborating further on the remarkable performance, Alwis said: “Ceylinco General Insurance paid claims amounting to Rs. 9.3 billion (Rs. 9,299 million) during 2018, settling all genuine claims within 24 hours. We assure the insuring public of our continued efforts to bring better and faster solutions to benefit them even further.” 

In 2018, Ceylinco General Insurance announced yet another breakthrough in general insurance by extending its serious illness benefit offered to Ceylinco VIP policy holders to all non-motor policy holders as well. Hence, they are entitled to a cover up to Rs. One Million that reimburses medical costs incurred in the treatment of heart disease, cancer, kidney failure, stroke and several other serious illnesses, including heart attack and open heart surgery, major organ transplants, chronic lung and liver diseases, deafness, blindness, multiple sclerosis, paralysis etc. This policy will undoubtedly ease the financial burden to a great extent in the event of an illness. 

A comprehensive cover was also introduced for students wanting to pursue higher education, covering serious illnesses, accidents, death or disablement of parent or guardians, etc., which enables them to continue with their higher studies unhindered, even if an unforeseen event occurs. Introduced with three plans, with affordable premiums, Ceylinco Higher Education Policy will benefit a large number of students pursuing degree programs, those reading for their Masters as well as other professional and vocational study programs. 

Adding another feather to its cap during 2018, Ceylinco Insurance PLC was honoured as Sri Lanka’s leading insurer by several independent business ranking organisations. In June, the Colombo Stock Exchange announced the inclusion of Ceylinco Insurance PLC in its S&P SL 20 index, which includes the 20 largest companies by total market capitalisation, listed on the Colombo Stock Exchange that meet minimum size, liquidity and financial viability thresholds. 

The LMD 100 listing announced in December 2018 placed Ceylinco Insurance in the 23rd position among all listed companies in the island. For the 25th consecutive year, since the inception of the LMD ranking, Ceylinco Insurance has occupied the top position among insurance companies. 

Yet again, for the sixth consecutive year, Ceylinco Insurance earned the honour of being the only insurance company amongst the ‘Business Today Top 30’ companies in Sri Lanka. As announced in its edition for 2017/18, Ceylinco Insurance moved up the corporate ladder to the 7th position, achieving a truly unique feat. 

Meanwhile, in February 2018, Ceylinco Insurance once again had the honour and privilege of being voted by the Sri Lankan people, as ‘The People’s Insurance Company’, for the 13th consecutive year at the ‘Power of People’ awards organised by SLIM.  

Supported by the largest branch network in the island, surpassing 520 branches and sales outlets, Ceylinco General Insurance is dedicated to driving growth and leveraging on opportunities to deliver convenient General Insurance solutions to millions of Sri Lankans from all walks of life.