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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Ceylinco Insurance posts impressive 1H results

Ceylinco Insurance posts impressive 1H results

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Laying the firm foundation for yet another successful year, Ceylinco Insurance declared impressive results for the first half of 2012.

Ceylinco Insurance – General Managing Director and Chief Executive Officer Ajith Gunawardena, announcing the impressive achievement, stated: “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 a mammoth 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.

Meanwhile, as at 30 June 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 amongst 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,” 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. The insurance industry at large recognises Ceylinco Insurance as the only company to settle all claims on the spot; an unmatched achievement as yet.

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 eighth 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. Thus, Ceylinco Insurance continues to display a high degree of sustainable market competitiveness, while advocating best practices.

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.ft.lk/2012/08/17/ceylinco-insurance-posts-impressive-1h-results/

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