Ceylinco Insurance, Sri Lanka’s biggest insurer, has turned in a post tax profit of Rs 2.1 bln in 2014
View(s):Sri Lanka’s biggest insurer, Ceylinco Insurance has reported another successful year, reporting a post-tax profit of Rs.2.1 billion for the year ended 31st December 2014.
In a statement on Monday, the company said the General and Life Divisions of Ceylinco Insurance, recorded profits after tax of Rs.780 million and Rs.1,363 million, respectively. “Moreover, the consolidated results recorded an imposing expansion, with the profit before tax reaching an exceptional Rs.4 billion, and the after tax profit standing at Rs.2.9 billion,” the company said. -
The company said it managed to turn in an ‘imposing’ premium income of Rs.24.2 billion in 2014, with the General Division recording Rs.12.2 billion, marking an increase of nearly Rs.600 million year on year, and Ceylinco Life registering a premium income of Rs.12 billion.
“Meanwhile, the Motor Insurance premium income alone stood at a staggering Rs.7.4 billion, with Non Motor Insurance contributing an impressive Rs.4.8 billion, providing the total premium income of the General Division, which recorded a growth rate well above the annual industry average,” the statement added.
Total investments of the company exceeded Rs.66.3 billion, growing by 12.5 per cent over the past year, while assets had grown by 10 per cent, to reach a staggering Rs.90.5 billion by the end of 2014.
Managing Director / Chief Executive Officer of Ceylinco Insurance – General, Mr Ajith Gunawardena, discussing the performance of the company, said: “The insurance arena is dynamic and keen competition is the order of the day; in such a scenario, Ceylinco Insurance has maintained the leading edge and, therefore, what we have achieved in 2014, is even more significant, as it was quite a volatile year for the company, with the Presidential Election campaign gathering momentum towards the latter part of the year. Despite the challenges, we have striven to reach our expectations. Once again, we have come out on top, holding true to our beliefs, and, as always, we remain committed to managing our business, exercising disciplined control and visionary leadership”.
In his comments, Managing Director/Chief Executive Officer (Life), R. Renganathan, said: “The year 2014 marks a decade of unbroken market leadership for Ceylinco Life in the long term insurance segment. This is an incredible achievement, given the context of ever-increasing competition and the short-sighted tactics employed by certain smaller players in the market, in a bid to achieve short term growth. The prime focus of Ceylinco Life has always been on the principal basis for life insurance – to provide assurance of the best possible protection to policyholders and their loved ones.”