Ceylinco Insurance Company PLC recorded a mammoth Rs.20 billion in revenue for the year ended 31st December 2008, a 21% increase from the corresponding period in 2007 according to the company’s consolidated financial statements.
The consolidated gross premium income of Rs.20,087 million was recorded with the General Division contributing Rs.11,287 million and the Life Division accounting for Rs.8,257 million. Meanwhile, premium income from the Maldives operation accounted for Rs.543 million, a press release issued separately said.
Ajith Gunewardena |
During the year under scrutiny, the General Division sold over 320,000 new policies, bringing the total policies in force to over 1.4 million. Also in 2008, the General Division paid claims to the tune of Rs.4,766 million. “And what is more, the General Insurance solvency ratio stood at 142%, meaning that General Insurance admissible assets exceeded its liabilities by Rs.2,461 million,” the release added.
Deputy Chairman of Ceylinco Insurance Ajith Gunawardena, said; “what we have achieved in 2008 is remarkable, given the conditions that prevailed. We are very positive and confident that Ceylinco Insurance will be able to post even better results by the end of 2009. Our entire team is determined to achieve the desired results during this year, while staff morale is at a very high level. In fact, everyone is rallying round, giving a little bit more than their best.”
The net profit for the year under review was Rs.485.31 million, a 52% decrease from the Rs.1.01 billion recorded in 2007. According to the statements, there were increases in expenses and profits from operations were down. Income tax expenses also increased in 2008.
The balance sheet shows that the total consolidated assets for 2008 were Rs.40.1 billion, an increase from Rs..32.3 billion in 2007. The total liabilities in 2008 were Rs.33.7 billion, up from Rs.27.8 billion the previous year. The balance sheet also shows that there has been a substantial increase in the stated capital for the year under review which was Rs.1.3 billion, up from Rs.202 million in 2007. This can be attributed to an issue of non-voting ordinary shares of Rs.1.12 billion during 2008 according to the company’s statement of changes in equity.
According to the industry segment data in the statement of income for 2008, a substantial portion of the profits which amounted to Rs.485.31, came from life insurance. Life insurance made up Rs.419 million of the consolidated profits while non-life insurance made up Rs.145 million in profits. However,, the healthcare segment and Ceylinco Investcorp recorded losses of Rs.62 million and Rs.32 million respectively.
The company said its pre-tax profit of Rs.732 million was a remarkable achievement made all the more valuable, as it was achieved amidst unprecedented and unfavourable developments, which took place towards the latter part of the year..
|
E-mail