Ceylinco Life’s net profit surges 95% to Rs. 6 bn
View(s):Ceylinco Life has posted a net profit of Rs. 6 billion for the year ending December 2017 while reaffirming its market leadership in Sri Lanka’s life insurance industry for the 14th successive year, with premium income of Rs 15.7 billion.
The company posted a pre-tax profit of Rs 6.3 billion, up by 70 per cent while net profit growth was even higher, at 95 per cent.
Total income, comprising of premium income and investment and other income, grew to Rs. 25.6 billion, the company said in a media release.
Investment and other income improved by 17 per cent to Rs. 10.3 billion in the 12 months reviewed, reflecting the success of the investment strategies deployed by the company. Ceylinco Life’s investment portfolio grew by 10.8 per cent to Rs 89.5 billion as at 31st December 2017.
“These figures once again demonstrate the importance of concentrating on the core elements of the business: selling the most appropriate and effective life insurance products, and prudent management of investments in the interest of all stakeholders,” Ceylinco Life Managing Director/CEO R. Renganathan said.
Ceylinco Life Director/Deputy CEO Thushara Ranasinghe said: “Our policyholders know that profit is not the sole objective of the company. Ceylinco Life has the most generous policyholder rewards programme in the industry and our commitments to community welfare are substantial and long term. In that context, our financial performance assumes even greater significance, because it is not detrimental to any stakeholders.”
| Ceylinco General 2017 premium income up at Rs. 18 bn | |
| Sri Lanka’s insurance giant, Ceylinco General Insurance Ltd., announced excellent results for the financial year ending December 2017, reporting a 11.5 per cent growth in premium income to Rs. 18 billion. In a company media release, Ajith Gunawardena, CEO of Ceylinco General Insurance, announcing the results, said: “When considering the stiff competition that exists in the market, last year’s performance was outstanding. Despite the price undercutting practiced by some players, customers have understood the value of Ceylinco VIP On The Spot. We believe in providing a superior service to our customers and our differentiation is not on price but on our exemplary claim settlement and the value we add to our products and services.” Patrick Alwis, Managing Director of Ceylinco General Insurance Ltd, noted: “Ceylinco General Insurance paid claims amounting to Rs. 9 billion during 2017, settling all genuine claims within 24 hours. This includes the large number of flood and cyclone claims that were paid within a period of 14 days, enabling customers to return to normalcy in the fastest possible time. We are the only company to do so.” In a landmark move, in August 2017, Ceylinco General Insurance announced a Rs. 1 million cover that reimburses medical costs incurred in the treatment of heart disease, cancer, kidney failure, stroke and several other serious illnesses including heart attack and open heart surgery, major organ transplants, chronic lung and liver diseases, deafness, blindness, multiple sclerosis, paralysis etc. |