Mar 05, Colombo: Ceylinco Insurance PLC, the holding company of Insurance giants Ceylinco General Insurance and Ceylinco Life Insurance recorded a massive, consolidated after tax profit of Rs. 8.3 billion, for the year ended 31st December 2017. The profit before tax stood at an exceptional Rs. 9.2 billion.
Contributing to this remarkable performance, Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs. 1.4 billion and Rs. 6 billion, respectively.
The Managing Director / Chief Executive Officer of Ceylinco Insurance PLC, Ajith Gunawardena commenting on the impressive performance said, "The Insurance sector recorded an impressive premium income of Rs. 33.7 billion in 2017, with Ceylinco General Insurance surpassing Rs.18 billion; an increase of over Rs. 1.9 billion year on year, just as Ceylinco Life Insurance registered a premium income of Rs. 15.7 billion. As the clear market dominator, the Insurance sector, in 2017, remained far ahead of the competition. As an insurance company, we have our objectives as well as our responsibilities. Whenever our customers are affected, we always compensate them within the shortest possible time, often within 24 hrs. For us, this is in line with our values - to stand by our customers in their time of need. Also, as the industry leader, we were able to enhance the goodwill of the industry through our actions."
Ceylinco Life Insurance Managing Director/Chief Executive Officer, R Renganathan said, "Everything we do is inspired by the credo that life insurance is a 'Relationship for Life'. Ceylinco Life not only retained its leadership in the life insurance sector for the 14th consecutive year in 2017, the company grew its profit by 95 % to 6 billion while transferring Rs 7.3 billion to its Life Fund, paying Rs 6.7 billion in net claims and benefits and continuing all of its community welfare commitments, We also persisted with our market expansion efforts, benefiting the entire life insurance industry. In that context, Ceylinco Life's performance in 2017 is truly remarkable."
Patrick Alwis, Managing Director of Ceylinco General Insurance commenting on the performance of Ceylinco General Insurance said "the premium income of our flagship brand 'Ceylinco VIP' alone stood at a staggering Rs. 11 billion, with Non Motor Insurance contributing an impressive Rs. 7 billion, allowing the total premium income of Ceylinco General Insurance to record yet another fantastic year. This is in the midst of stiff competition. Despite numerous challenges, we have worked hard and worked together, and we have exceeded expectations, once again. Ceylinco General Insurance paid claims amounting to Rs. 9 billion during 2017".