Ceylinco Insurance PLC posts after-tax profit of Rs. 4.7 bln
View(s):Ceylinco Insurance PLC has recorded a consolidated after tax profit of Rs. 4.7 billion, for the year ended 31st December 2016 whilst the profit before tax stood at Rs. 5.9 billion.
A media release said that both Ceylinco General Insurance and Ceylinco Life Insurance recorded profits after tax of Rs. 1.3 billion and Rs. 2.9 billion, respectively.
Managing Director/Chief Executive Officer of Ceylinco Insurance PLC, Ajith Gunawardena commenting on the impressive performance was quoted as saying, “as the clear market dominator, and consolidating its leadership position further for the 13th consecutive year, Ceylinco Insurance sector, in 2016, remained far ahead of the competition. Thus, the insurance sector managed to return an impressive premium income of Rs. 31.1 billion in 2016, with Ceylinco General Insurance recording Rs.16.1 billion, marking a growth of 18.9 per cent; an increase of over Rs. 2.5 billion year on year, just as Ceylinco Life Insurance registered a premium income of Rs. 15 billion, marking a growth of 11.7 per cent; an increase of Rs. 1.5 billion.”
Referring to its performance, Ceylinco Life Insurance Managing Director/Chief Executive Officer, R. Renganathan, opined: “In 2016 we embarked on a huge market expansion programme once again. Not only Ceylinco Life but the entire life insurance industry benefited through this. The year 2016 marks a 13-year period of unbroken market leadership for Ceylinco Life Insurance 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 smaller players in the market, in a bid to achieve short-term growth.”