Ceylinco Insurance announces impressive Half Yearly results

Ceylinco Insurance declared impressive results for the first half of 2011.

Announcing the results, Ceylinco Insurance – General Managing Director and Chief Executive Officer of Ajith Gunawardena commented: “During the first half of 2011, the company recorded a total premium income of Rs. 9.6 billion, to which the General division of the company contributed Rs. 4.9 billion, with the Life division recording Rs. 4.7 billion.”

Accordingly, the company has earned a profit before tax of Rs. 268 million for the first half of 2011, indicating a mammoth increase of 120% over the corresponding period of last year. As at 31 December 2010, Ceylinco Insurance had recorded a profit after tax of Rs. 803 million, with the consolidated profit declared at Rs. 1,001 million, an increase of 44% over the previous year.

As at 30 June 2011, the total assets of the company increased to Rs. 52 billion, which signified an increase of Rs. 2.8 billion, when compared with December 2010. The company’s investments stand at Rs. 37.2 billion, while the Share Holders Fund is at an impressive Rs. 7.7 billion.

“We take every effort to keep our promise to our customers at every juncture. Although we have embarked on an unparalleled growth journey, delivering what we promise to our customers is of paramount importance to us. We don’t leave any stone unturned in pursuing and ultimately achieving this objective. For us, it is a partnership of trust we have formed with our customers, this is the cornerstone of the company’s philosophy,” Gunawardena added. In keeping with the promise of timely settlement to customers, the company has paid out Rs. 3.7 billion as claims during the first half of 2011, when compared with the Rs. 3.3 billion paid during the first half of 2010. The figures thus show an increase of 12% and accordingly, the insurance industry recognises Ceylinco Insurance as the only company to settle all claims on the spot; an unmatched achievement as yet.

The voting share, once again, for the third consecutive year, fetched the highest price amongst banks and insurance companies during the first half of the year; with Rs. 950 being the highest traded price, while the non voting share recorded Rs. 360 as the highest traded price.

In order to ensure growth and to meet with emerging opportunities, the company now maintains the largest branch network in the island, which counts over 260 branches and sales outlets for the General division and another 182 branches for the Life division. Meanwhile, the company’s flagship brand, Ceylinco VIP, continued to stand tall, delivering unmatched benefits, and once again establishing trends and setting the benchmark for other insurers to follow.

Having been hailed as the undisputed market leader in the insurance industry for the eighth consecutive year, Ceylinco Insurance enjoys the distinct privilege of being voted by the Sri Lankan people as the ‘People’s Insurance Company’ for the fifth consecutive year.

The company has also been feted with the Gold Award at the National Business Excellence Awards for the past two consecutive years, which further signifies the company’s contribution towards the socioeconomic development of Sri Lanka through the adoption of efficient methodologies and proper business ethics.