* Consolidated profit Rs 2.1 billion, up 36 percent, *Assets grow 11 percent to reach Rs. 73bn = Premium income increases 10.3 percent
Ceylinco Insurance recorded a profit after tax of Rs 1.65 billion for the year ended 31st December 2012 for which General and Life divisions contributed Rs. 657 million and Rs. 996 million respectively. During the year under review, Ceylinco Insurance made a profit before tax of Rs. 1.8 billion. Further, the consolidated results too recorded impressive growth figures, with the profit before tax reaching an exceptional Rs 2.3 billion, and the after tax profit hitting Rs. 2.1 billion, signifying an increase of 36 percent over the previous year, the insurer said in a statement.
"Ceylinco Insurance recorded yet another spectacular year in 2012, building upon the success of previous years, and truly consolidating its position as the market leader for the 9th consecutive year . Thus, the company recorded a mammoth premium income of Rs 21.9 billion, which amounted to a growth of 10.3 percent. The premium income of the General Division reached an impressive Rs.11.1 billion, an increase of over Rs.1 billion year on year. The figure represented a growth of 10.5 percent over 2011. Meanwhile, the Motor Insurance premium income stood at an remarkable Rs 6.6 billion, with Non Motor Insurance contributing an enormous Rs 4.5 billion to the total premium income of the Company. During the year 2012, the General Division sold over 678,000 new policies," the company said.
Commenting on the achievements, Managing Director / Chief Executive Officer of Ceylinco Insurance – General, Ajith Gunawardena, said: "What we have achieved in 2012 was in line with our expectations. We have succeeded by adhering to sound fundamentals and we are committed to managing our business with great discipline and forethought. Our main focus, as always, remains the central figure that drives our business: the customer, and accordingly, during the year under review, Rs 5.3 billion was paid out by Ceylinco Insurance – General, as claims."
Commenting on the Life Division’s performance during 2012, Managing Director/Chief Executive Officer of Ceylinco Life, R. Renganathan said: "Our ability to retain the market leadership for nine years is evidence of the trust and confidence that Ceylinco Life has built up over the years. This is an invaluable asset that we intend to nurture and build on in the years ahead. It is noteworthy that Ceylinco Life paid Rs 4 .billion in benefits and another Rs 33.6 million as ‘Avurudu Cash Bonuses’, far exceeding policyholder expectations."
Meanwhile, the total investments of the company, including both the Life and General Divisions, exceeded Rs 52.1 billion , whilst assets grew by 9.2 percent and stood at Rs. 68.9 billion by the end of December 2012. Consolidated assets stands at Rs 73 billion recording a growth of 11 percent.
Ceylinco Insurance, the undisputed market leader in Sri Lanka for nine consecutive years, enjoys a market share of 25 percent in the sphere of insurance, and remains poised for exponential growth in 2013.
This year Ceylinco Insurance celebrates another milestone, as it commemorates the 25th anniversary. Over the past two and a half decades, the Company has pioneered many innovations, elevating the Insurance Industry at large to a new paradigm, ultimately benefiting the Sri Lankan people. In order to ensure growth and to meet with emerging opportunities, the Company now maintains the largest branch network in the island, with over 300 branches and sales outlets, selling General Insurance, with another 197 branches dedicated for Life Insurance.