Insurance Sector Profit grows by 43%, as Consolidated Profit increases by 33%
Marking another remarkable year, the Ceylinco Insurance sector recorded a mammoth after tax profit of Rs.3.1 billion, for the year ended 31st December 2015. Contributing to this remarkable performance, Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs.1 billion and Rs.2.1 billion, respectively. Moreover, the consolidated results recorded an imposing expansion, with the profit before tax reaching an exceptional Rs.4.2 billion, and the after tax profit standing at Rs.3.8 billion.
As the clear market dominator, and consolidating its leadership position further for the 12th consecutive year, Ceylinco Insurance, in 2015, remained far ahead of the competition. Thus, the Company managed to return an impressive premium income of Rs.27 billion in 2015, with Ceylinco General Insurance recording Rs.13.5 billion, marking a growth of 11.4%;an increase of nearly Rs.1.4 billion year on year, just as Ceylinco Life Insurance registered a premium income of Rs.13.45,marking a growth of 12.1%;an increase of Rs.1.4 billion. Meanwhile, the premium of the flagship brand Ceylinco VIP alone stood at a staggering Rs.8.1 billion, with Non Motor Insurance contributing an impressive Rs.5.4billion, allowing the total premium income of CeylincoGeneral Insurance to record yet another fantastic year.
Referring to its performance, Ceylinco Life Insurance Managing Director/ Chief Executive Officer, Mr. R. Renganathan, opined: “The year 2015 marks a twelve year period of unbroken market leadership for Ceylinco Life Insurance in the long term insurance segment. This is an incredible achievement, given the context of ever-increasing competition and the short – sighted tactics employed by smaller players in the market, in a bid to achieve short-term growth. The prime focus of Ceylinco Life has always been on the principal basis for Life Insurance – to provide assurance of the best possible protection to policyholders and their loved ones.”
The Managing Directorof Ceylinco General Insurance, Mr Patrick Alwis, talking about his company’s impressive performance, said: “The insurance arena is dynamic and fraught with stiff competition. Despite that, CeylincoGeneral Insurance has maintained its unassailable lead and, therefore, what we have achieved in 2015, is all the more important, as the industry is not a level playing field, with government entities enjoying distinct advantages. Despite such challenges, we have worked hard and worked together, and we have surpassed expectations, once again. Again we have come out on top, andwe remain committed to managing our business, exercising disciplined control and maintaining visionary leadership.As always, the primary focus remains on our driving force – the customer, and accordingly, throughout 2015, Rs.6.4 billion has been paid out as claim settlements by Ceylinco General Insurance, with an average of 490 claims settled each day.”
Ceylinco General Insurance remains committed to ensuring growth and better meeting emerging opportunities, with the largest branch network in the island, surpassing 400 branches and sales outlets, providing General Insurance solutions to millions of Sri Lankans from all walks of life. During the year under review, the General Division of Ceylinco Insurance opened 33 new ‘VIP Counters’, adding further convenience and providing greater accessibility to even more potential customers throughout our nation.
As always, as witnessed over two and half decades, Ceylinco Insurance has led the way with amazing new innovations and intuitively dynamic solutions, constantly setting the benchmark for the competition to follow, while simultaneously, ensuring that millions of Sri Lankans enjoy the security of insurance. Just as the first ever On The Spot claim settlement revolutionised the local insurance arena,Ceylinco Insurance has always strived to deliver services that exceed customer expectations.In 2015, Ceylinco VIP added yet another unique benefit to its long and amazing list of value additions, offering an Accidental Health Insurance, worth Rs.4 million, absolutely free to all Ceylinco VIP On The Spot customers.
For nine consecutive years, Ceylinco Insurance has also enjoyed the distinct honour of being voted for by the people, as ‘The People’s Insurance Company’, while once again, Ceylinco Insurance was honoured to be the highest ranked insurance company, according to LMD, and the only Insurance Company, among the Top 25 Companies in Sri Lanka for 2015, as announced by “Business Today”.