Ceylinco Insurance records net profit of Rs 3.4 bln in 3Q
View(s):Ceylinco Insurance PLC, the holding company of Ceylinco General Insurance Ltd and Ceylinco Life Insurance Ltd, recorded a consolidated after tax profit of Rs.3.4 billion, resulting in a growth of 41 per cent for the period ended 30th September 2017.
Announcing the results for Ceylinco Insurance PLC up to 30th September 2017, Ajith Gunawardena, Managing Director / CEO was quoted in a media statement as saying that the company “had another remarkable year with profit before tax at an exceptional Rs. 4.2 billion with a 46 per cent growth. The company completed 30 years in existence in 2017. Over the years, we’ve reached the pinnacle of achievement.”
Elaborating on the results of Ceylinco Life Insurance Ltd, R. Renganathan, and Managing Director/Chief Executive Officer of Ceylinco Life Insurance said, “Success in life insurance reflects the trust and confidence of customers – our policyholders. Ceylinco Life has had an excellent year thus far, contributing Rs. 11.5 billion in premium income; Rs. 2.5 billion in profit before tax and Rs. 2 billion in net profit to the company in consolidated results for the nine months ending 30th September 2017. Our Life Fund has grown by Rs. 7.3 billion over this period to Rs 85.2 billion. These are truly noteworthy figures.”
Ceylinco General Insurance paid claims amounting to Rs. 6.6 billion during the 9-month period ended September 2017. During 2017, Ceylinco General Insurance infused great value into its products and services. For the second consecutive year, all flood victims were paid in record time. Over Rs.3 billion worth of claims were paid in 14 days to over 3,000 flood victims.