Ceylinco Insurance records 24% growth, post-tax profit at Rs 1.65 bln

Ceylinco Insurance has reported a post-tax profit 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.

In a media statement, the company said its pretax profit was Rs. 1.8 billion. “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 % over the previous year,” it said.

The company reported what it cited as ‘mammoth’ premium income of Rs 21.9 billion, up 10.3 per cent from 2011. Premium income of the General Division reached Rs.11.1 billion while Motor Division income stood at an Rs 6.6 billion. During the year, the General Division sold over 678,000 new policies

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.”

Managing Director/Chief Executive Officer of Ceylinco Life, R. Renganathan noted: “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 year Ceylinco Insurance celebrates another milestone, as it commemorates the 25th anniversary. The company says it 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.