In a landmark achievement, Ceylinco Insurance PLC, the holding company of Ceylinco General Insurance and Ceylinco Life Insurance, recorded a consolidated after tax profit of Rs. 8.7 billion for the year ended December 31, 2018, while profit before tax rose to an exceptional Rs. 11 billion.
Contributing to this remarkable performance, Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs. 1.8 billion and Rs. 5.8 billion.
Managing Director / Chief Executive Officer of Ceylinco Insurance PLC, Ajith Gunawardena said, “The insurance sector recorded an impressive premium income of Rs. 38.1 billion in 2018, with Ceylinco General Insurance surpassing Rs. 19.1 billion; an increase of over Rs. 1.2 billion year on year, Ceylinco Life Insurance registered a premium income of Rs. 17.8 billion, an increase of Rs. 2.1 billion.
“As the clear market dominator, the Insurance sector, in 2018, remained far ahead of the competition. As a trusted insurer, the company earns customer confidence by taking its responsibilities seriously. Whenever our customers are affected, we always compensate them within the shortest possible time, often within 24 hours.
We are proud of the fact that by delivering our promises, we are serving to enhance goodwill for the entire insurance industry,” he said.
Ceylinco Life Insurance Chairman R. Renganathan said, “The year that drew to a close was another milestone one for Ceylinco Life as it marked the company’s 15th consecutive year of market leadership and also because we increased our share of the life insurance market despite the intensified competition and the conditions that prevailed.
“It all comes down to the trust and confidence that Ceylinco Life has earned and sustained over the years by remaining true to its core values. The company achieved a total income of Rs. 29.21 billion, comprising a premium income of Rs. 17.8 billion and investment income of Rs 11.4 billion and ended 2018 with assets of Rs. 118 billion, a Life Fund of Rs. 88 billion and an investment portfolio of over Rs. 103 billion.
These are impressive figures that reaffirm the strength and stability of Ceylinco Life,” he said.
Managing Director / Chief Executive Officer of Ceylinco General Insurance Patrick Alwis said, “Ceylinco General Insurance paid claims amounting to Rs. 9.4 billion during 2018. By demonstrating this commitment to our customers, we are proud to live our values by providing support and relief to customers in times of need.
“The premium income of our flagship brand, ‘Ceylinco VIP’, stood at a staggering Rs. 11.3 billion, with Non Motor Insurance contributing an impressive Rs. 7.8 billion, allowing the total premium income of Ceylinco General Insurance to record yet another fantastic year. Our performance was hard won in the midst of stiff competition and in spite of numerous macro economic challenges. By working tirelessly as a closely-knit unit, we succeeded in delivering expectations again,” he said.