Ceylinco Insurance posts Rs. 3.4b PAT, 3Q, 2017 | Page 2 | Sunday Observer

Ceylinco Insurance posts Rs. 3.4b PAT, 3Q, 2017

* Ceylinco Life Insurance premium income reaches Rs. 11.5 billion

* Claims and benefits paid by both companies exceed Rs. 11.8 billion.

Announcing the results for Ceylinco Insurance PLC up to 30th September 2017, Ajith Gunawardena, Managing Director / CEO said: “Indicating another remarkable year, Ceylinco Insurance PLC, the holding company of Sri Lanka’s insurance giants, Ceylinco General Insurance Ltd and Ceylinco Life Insurance Ltd, recorded a mammoth consolidated after tax profit of Rs.3.4 billion, resulting in a growth of 41 % for the period ended 30th September 2017. Profit before tax stood at an exceptional Rs. 4.2 billion with a 46 % growth. The Company completed 30 years in existence in 2017. Over the years, we’ve reached the pinnacle of achievement. Every year, we’ve grown from strength to strength, with achievements that none can match. Most importantly, we’ve lived up to what we claim - delivering an exceptional service to our valued customers whilst adding value to our services constantly.

Elaborating on the results of Ceylinco Life Insurance Ltd, R. Renganathan, Managing Director/Chief Executive Officer of Ceylinco Life Insurance said, “Success in life insurance reflects the trust and confidence of customers – our policyholders.

Ceylinco Life has had an excellent year thus far, contributing Rs. 11.5 billion in premium income; Rs 2.5 billion in profit before tax and Rs 2 billion in net profit to the company’s consolidated results for the nine months ending 30th September 2017.

Our Life Fund has grown by Rs 7.3 billion over this period to Rs 85.2 billion. These are truly noteworthy figures.”

Patrick Alwis, Managing Director of Ceylinco General Insurance Ltd, commenting on the results said: “Up to 30th September 2017, Ceylinco General Insurance recorded a premium income of Rs. 13.3 billion (Rs.13,278 million) with an impressive growth of 10.5 %.

This is an increase of Rs.1.2 billion over the previous year for the same period, which I would say is an exceptional achievement.”

“Thus, the overall premium income of Ceylinco General and Ceylinco Life reached a staggering Rs.24.8 billion, indicating an increase of Rs.1,748 million or an overall growth of 7.6 % over the same period in the previous year,” added Ajith Gunawardena.