Ceylinco Insurance group posts consolidated post-tax profit of Rs. 8.3 bn
View(s):Ceylinco Insurance PLC, the holding company of Ceylinco General Insurance and Ceylinco Life Insurance, recorded a massive, consolidated after tax profit of Rs. 8.3 billion, for the year ending December 2017 while profit before tax stood at Rs. 9.2 billion.
Ceylinco General Insurance and Ceylinco Life Insurance recorded profit after tax of Rs. 1.4 billion and Rs. 6 billion, respectively, the group said in a media release.
Managing Director/CEO of Ceylinco Insurance PLC, Ajith Gunawardena commenting on the impressive performance said, “As the clear market dominator, the insurance sector, in 2017, remained far ahead of the competition. As an insurance company, we have our objectives as well as our responsibilities. Whenever our customers are affected, we always compensate them within the shortest possible time, often within 24 hrs”.
Ceylinco Life Insurance Managing Director/CEO R. Renganathan said, “Ceylinco Life not only retained its leadership in the life insurance sector for the 14th consecutive year in 2017, the company grew its profit by 95 per cent to Rs. 6 billion while transferring Rs. 7.3 billion to its Life Fund, paying Rs. 6.7 billion in net claims and benefits and continuing all of its community welfare commitments.”
Patrick Alwis, Managing Director of Ceylinco General Insurance said: “Despite numerous challenges, we have worked hard and worked together, and we have exceeded expectations once again. Ceylinco General Insurance paid claims amounting to Rs. 9 billion during 2017.”