Ceylinco General Insurance announces excellent results for 2016

• Premium income up 19% to Rs. 16.1 b; claims paid exceed Rs. 10.4 b

 Sri Lanka’s insurance giant Ceylinco General Insurance Ltd. yesterday announced excellent results for the year ended 31 December 2016, recording yet another exceptional year.

Ceylinco General Insurance Managing Director Patrick Alwis said: “During 2016, the company recorded a premium income of Rs. 16.1 billion, with an impressive growth of 18.9%, which signifies an increase of 

Rs. 2.5 billion over the previous year.” 

“Last year’s performance was outstanding, and easily the best results recorded in the recent past. The insurance arena is dynamic and fraught with stiff competition. Despite the price undercutting practiced by some players, customers have understood the value of ‘Ceylinco VIP On The Spot’,” he said.

“We have worked hard and worked together, and we have surpassed expectations, once again. We have come out on top, and we remain committed to managing our business, exercising disciplined control and maintaining far-sighted leadership. As always, the most important focal point remains on our driving force – the customer,” Alwis added. 

Ceylinco General Insurance has also paid claims amounting to Rs. 10.4 billion during 2016, settling all genuine claims in the quickest possible time. This is an increase of 62% year-on-year. “The sharp increase in claim settlement is a result of the large number of claims we paid, during the floods in May 2016. Claims were paid within a period of 14 days, enabling customers to return to normalcy in the fastest possible time. 

Some of these 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.

“As always, this performance is entirely due to the firm belief the Sri Lankan public has placed in us, and the efforts of each and every member of the Ceylinco General Insurance family. Our humble thanks and heartfelt gratitude are extended to all those who made such a feat possible, we assure the insuring public of our continued efforts to bring better and faster solutions to benefit you even further,” Alwis concluded.

In 2016, Ceylinco General Insurance added yet another unique benefit to its long list of value additions: if a brand new or an unregistered vehicle is condemned within two years of purchase, Ceylinco General Insurance will replace a vehicle of similar make and model irrespective of the price escalation. Standard practice is to compensate the amount equivalent to market price or the value the vehicle insured for. This particular value addition enables our customers to get a vehicle of similar make and model without the additional burden of losing more money due to the depreciation of the vehicle value once it is registered and subsequent price increases of brand new or reconditioned vehicles. 

Ceylinco General Insurance Ltd. concluded a year-long, extensive training program for its Senior Managers in 2016 conducted by world-renowned coaches and a panel of top training experts in the country. This was designed as a management development program aimed at being a part of the succession planning process, gearing the top management to take over the helm of the company, as and when the need arises. 

Meanwhile, during 2016, 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 11th consecutive year, while Ceylinco Insurance was also proud to be the only Insurance Company among the Top 25 Companies in Sri Lanka for 2015/16, as announced by “Business Today”. And yet again, in the LMD rankings announced in December 2016, Ceylinco Insurance was the highest rated insurance company in the island. Ceylinco General Insurance remains committed to ensuring growth and better meeting emerging opportunities, with the largest branch network in the island, surpassing 425 branches and sales outlets, providing General Insurance solutions to millions of Sri Lankans from all walks of life.