Ceylinco Insurance PLC posts consolidated post-tax profit of Rs. 8.7 bn
View(s):In a landmark achievement, 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. 8.7 billion for the year ended December 2018, whilst profit before tax rose to an exceptional Rs. 11 billion.
“Contributing to this remarkable performance, Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs. 1.8 billion and Rs. 5.8 billion, respectively,” the company said in a media release.
Managing Director/CEO of Ceylinco Insurance PLC, Ajith Gunawardena, commenting on the performance said: “We are pleased to deliver an outstanding financial performance yet again for the year 2018, with both Ceylinco General Insurance and Ceylinco Life Insurance retaining their market leadership in their respective segments. The insurance sector recorded an impressive premium income of Rs. 38.1 billion in 2018, with Ceylinco General Insurance surpassing Rs. 19.1 billion; an increase of over Rs. 1.2 billion year on year, just as Ceylinco Life Insurance registered a premium income of Rs. 17.8 billion, marking an increase of Rs 2.1 billion. As the clear market dominator, the insurance sector, in 2018, remained far ahead of the competition.”
Ceylinco Life Insurance Chairman R. Renganathan said: “The year that drew to a close was another milestone one for Ceylinco Life as it marked the company’s 15th consecutive year of market leadership and also because we increased our share of the life insurance market despite the intensified competition and the conditions that prevailed. The company achieved a total income of Rs 29.21 billion, comprising of premium income of Rs 17.8 billion and investment income of Rs 11.4 billion and ended 2018 with assets of Rs 118 billion, a Life Fund of Rs. 88 billion and an investment portfolio with a value in excess of Rs 103 billion. These are impressive figures that reaffirm the strength and stability of Ceylinco Life.”
Patrick Alwis, Managing Director/CEO of Ceylinco General Insurance commenting on the remarkable performance of Ceylinco General Insurance, said: “Ceylinco General Insurance paid claims amounting to Rs. 9.4 billion during 2018. By demonstrating this commitment to our customers, we are proud to live our values by providing support and relief to customers in times of need.”
Ceylinco General Insurance remains focused on growth and expansion, with the widest branch network in the island, surpassing 525 branches and sales outlets, providing general insurance solutions to millions of Sri Lankans. During the year under review, the Ceylinco General Insurance opened 41 new ‘VIP Counters’, adding further convenience and providing greater accessibility to even more potential customers throughout our nation. Similarly, Ceylinco Life operates a network of over 260 branches, assuring the best possible protection to policyholders and their loved ones.