Ceylinco Insurance reports record results for 2011

• General Division premium income surpasses Rs. 10 billion mark
• Total Company premium income stands at Rs. 19.8 billion
• Company paid Rs. 8 billion in claims out of which General biz paid Rs. 5 billion
   

Sri Lanka’s insurance giant, Ceylinco Insurance yesterday announced what it described as “unprecedented” results for the year ended 31 December 2011.

Ceylinco Insurance – General Managing Director and CEO Ajith Gunawardena in announcing the results, said: “During the year 2011, Ceylinco Insurance recorded a premium income of Rs.19.8 billion, to which the General Division contributed Rs.10 billion, with the Life Division contributing the balance Rs.9.8 billion. This signifies an increase of Rs.1.8 billion over the previous year, with the overall growth standing at 10%. Thus, the General Division has recorded a growth of 9%, whilst the Life Division had registered a 12% growth.”

“This can be considered an exceptional achievement in all respects, given the opportunities that existed in the insurance arena during the year under review. We humbly acknowledge that this incredible growth was only possible due to the unwavering faith, confidence and trust our loyal clientele placed in us. We express our gratitude to our customers, who made it all possible, and we will always strive to give the very best to our customers, who form the core of our business,” Gunawardena added.
He said the results displayed the inherent strengths of Ceylinco Insurance, and the strong foundation and fundamentals it is built upon.
During 2011, the company paid Rs. 8 billion in claims, out of which Ceylinco Insurance – General paid Rs. 5 billion, in keeping with the promise of timely claim settlement to customers.
The company also said truly, Ceylinco Insurance has maintained its enviable leadership position, and the position of the only insurance company committed to settling all claims on the spot.
“We have lived up to what we promised and continue to provide our customers with the On The Spot Claim settlement scheme, which provides immense relief to many in their hour of need,” Gunawardena said commenting on the company’s unmatched strength.
In order to ensure growth and to meet with emerging opportunities, the company now maintains the largest branch network in the island, with over 280 branches and sales outlets. The voting share once again, for the third consecutive year, fetched the highest price amongst banks and insurance companies, during the year under review: Rs. 950 being the highest traded price.
During 2011, yet again establishing the trends and setting the benchmarks for the rest of the industry to follow, Ceylinco Insurance General introduced another breakthrough in motor insurance with the innovative concept of Warranty Insurance.
The advantage in Warranty Insurance is that it pays for the mechanical defects of the parts in re conditioned vehicles that are covered under the insurance, during the first year from the date of purchase.  Brand new vehicles will be given an extended warranty of up to two years, on top of the warranty given by the manufacturer.
This scheme was hailed as an industry first, that served to enhance and add value to the concept of insuring a vehicle.
The Company said 2011 also saw Ceylinco Insurance receive the prestigious World Quality Commitment Award in the Gold Category at the World Quality Commitment Convention at the International Quality Awards 2011, held in Paris in November.
Meanwhile, Ceylinco Insurance was also recognised as the “People’s Insurance Brand of the Year 2011” for the fifth consecutive year, with the People’s Awards recognising and honouring brands that have won the hearts of Sri Lankans.
The company once again also bagged top honours, for the third time, when it emerged the winner in ‘The Insurance Sector’ at the National Business Excellence Awards 2011, one of the most significant events that benchmark corporate performance and excellence in Sri Lanka.
In conclusion: “During the year under review, the staff of Ceylinco Insurance — General, rose to the call of duty, displaying an outstanding level of commitment and loyalty, once again establishing their credentials as the company’s strongest asset,” Gunawardena said, adding “We face 2012 with absolute confidence and will no doubt make 2012 even more significant.”