Ceylinco aiming at joint ventures in the Philippines, Thailand

Ceylinco Insurance which reported phenomenal growth in 2006 is currently in discussion on ventures in Pakistan, the Philippines and in Thailand. Revealing this, Chief Executive Director of Ceylinco Insurance – General Division Ajith Gunewardena said in a statement that the company’s position as a regional player has been strengthened through its presence in Nepal, Bangladesh, Mauritius, the Maldives, the United Arab Emirates, Bahrain, Oman, Kuwait, Saudi Arabia and Qatar. He said Ceylinco Insurance Co. Ltd. recorded exponential growth last year with profits soaring to new heights.

Registering a growth of over 32 % over 2005 profits, Ceylinco reported Rs.806 million in profits in 2006. The General Division of Ceylinco Insurance (Non Life) achieved a premium income of Rs.9,600 million (9.6 billion), a growth of 20 % over 2005, with Non Motor Premiums accounting for Rs.3,800 million; a growth of 24%, and Motor Premiums witnessing a growth of 20 %, to record a premium income of Rs.5,800 million.

The Life Division of Ceylinco Insurance reported a premium income of Rs.5.7 billion, a growth of 19.3 % with the total premium income of Ceylinco at Rs.15.3 billion for 2006. “Capping an extremely lucrative year for Ceylinco Insurance – General Division was the award for the most Innovative Insurance Company in Asia For 2006, conferred at the Asia Insurance Industry Awards held in Brunei.

This prestigious award was awarded to Ceylinco for the second time, having won it previously in 2003, with regard to VIP On The Spot Motor Insurance,” Gunewardena said, adding that they were looking beyond an extremely profitable 2006 adding that Ceylinco Insurance’s ultimate goal would be to make the benefits and security of insurance available to everyone. He said overseas ventures will undoubtedly prove to be both lucrative and attractive to the company.