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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Ceylinco Insurance posts impressive half yearly results

Ceylinco Insurance posts impressive half yearly results

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Aug 23, 2012 (LBT) - Laying the firm foundation for yet another successful year, Ceylinco Insurance, declared imposing results for the first half of 2012. The Managing Director and Chief Executive Officer of Ceylinco Insurance – General, Ajith Gunawardena, announcing the impressive achievement, said“the first half of 2012 saw the company record a total premium income of Rs.10.5 billion, with the General and Life Divisions contributing Rs.5.5 billion and Rs.5 billion, respectively.

Accordingly, at the half way mark of 2012, the company has earned a profit before tax of Rs.172 .6 million. December 2011 saw Ceylinco Insurance record a profit after tax of Rs.1,129 million, with the profit after tax of the group declared at a staggering Rs.1,393 million, signifying a growth of 39 % year on year. As at June 30, 2012 the total assets of the company increased to Rs.63.2 billion, signifying an increase of Rs.1.9 billion, when compared with Rs.61.3 billion in December 2011. Moreover, the company’s investments stand at Rs.47.9 billion, with the Share Holders Fund at an impressive Rs.9.4 billion. Further, the voting share, once again, for the fourth consecutive year, fetched the highest price among banks and insurance companies during the first half of the year.

“We take every effort to keep our promise to our customers at every juncture. Although, we have embarked on an unparalleled growth journey, delivering what we promise to our customers is of paramount importance to us. We don’t leave any stone unturned in pursuing and ultimately achieving this objective. It is a partnership of trust that we have formed with our customers; this is the cornerstone of the company’s philosophy”, Ajith Gunawardena added. In keeping with the promise of timely settlement to customers, the company has already paid out Rs.3.7 billion, as claims, during the first half of 2012.

Ensuring growth and meeting emerging opportunities head-on, the company now maintains the largest branch network in the island, which counts over 290 branches and sales outlets for the General Division and another 185 branches for the Life Division. Meanwhile, the company’s flagship brand, Ceylinco VIP continued to stand tall, delivering unmatched benefits, and once again, establishing trends and setting the benchmark. Having been hailed as the undisputed market leader in the insurance industry for the 8th consecutive year, Ceylinco Insurance enjoys the distinct privilege of being voted by the Sri Lankan people, as the People’s Insurance Company, for the sixth consecutive year. The company has also been feted with the Gold Award at the National Business Excellence Awards for the past three years, which further signifies the company’s contribution towards the socio-economic development of Sri Lanka through the adoption of efficient methodologies and proper business ethics.

With the remainder of the year and the future looking secure, Ceylinco Insurance is set to scale even greater heights, going from strength to strength, living by its credo of adopting innovative insurance solutions geared towards actual market needs.
http://www.lbt.lk/corporate/results/2487-impressive-half

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