Ceylinco Insurance recorded an after tax profit of Rs.2.1 billion, for the year ended December 31, 2013, which represents a growth of 28 % over the previous year. ‘Both the General and Life Divisions of Ceylinco Insurance contributed to this notable performance, contributing Rs.878 million and Rs.1,240 million, respectively. Moreover, the consolidated results too recorded imposing growth, with the profit before tax reaching an exceptional Rs.3.1 billion, and the after tax profit standing at Rs.2.9 billion, which signified an increase of 37% over the previous year, a press release said.
It adds: ‘Ceylinco Insurance, in 2013, built upon the continuous success of previous years, further consolidating its position as the market leader for the 10th consecutive year.
It adds: ‘Ceylinco Insurance, in 2013, built upon the continuous success of previous years, further consolidating its position as the market leader for the 10th consecutive year.
Accordingly, the Company recorded a mammoth premium income of Rs. 22.7 billion in 2013, with the premium income of the General Division reaching Rs.11.6 billion, signifying an increase of nearly Rs.500 million, year on year. Similarly, Ceylinco Life recorded a premium income of Rs.11.1 Billion. Meanwhile, the Motor Insurance premium income alone stood at an extremely noteworthy Rs.7 billion, with Non Motor Insurance contributing a striking Rs.4.6 billion to the total premium income of the General Division.
‘Commenting on last year’s achievements, the Managing Director / Chief Executive Officer of Ceylinco Insurance – General, Ajith Gunawardena, said: " in a keenly competed insurance arena, Ceylinco Insurance maintained the leading edge and what we have achieved in 2013 was in line with our expectations. We have succeeded by holding true to our beliefs, and we are committed to managing our business with great discipline and forethought. Our main focus, as always, remains the driving force in our business: the customer, and accordingly, during the year under review, Rs 5.7 billion was paid out by Ceylinco Insurance – General, as claims."
‘Commenting on the Life Division’s performance during 2013, its Managing Director/Chief Executive Officer, R. Renganathan, said: " the year under review marks a decade of unbroken market leadership for Ceylinco Life in the long term insurance segment. This is a huge achievement in the context of the ever-increasing levels of competition and the tactics employed by some smaller players in the market to achieve short term growth. Ceylinco Life has always focussed on the principal basis for Life Insurance – to provide the assurance of the best possible protection to policyholders and their loved ones".
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‘Commenting on last year’s achievements, the Managing Director / Chief Executive Officer of Ceylinco Insurance – General, Ajith Gunawardena, said: " in a keenly competed insurance arena, Ceylinco Insurance maintained the leading edge and what we have achieved in 2013 was in line with our expectations. We have succeeded by holding true to our beliefs, and we are committed to managing our business with great discipline and forethought. Our main focus, as always, remains the driving force in our business: the customer, and accordingly, during the year under review, Rs 5.7 billion was paid out by Ceylinco Insurance – General, as claims."
‘Commenting on the Life Division’s performance during 2013, its Managing Director/Chief Executive Officer, R. Renganathan, said: " the year under review marks a decade of unbroken market leadership for Ceylinco Life in the long term insurance segment. This is a huge achievement in the context of the ever-increasing levels of competition and the tactics employed by some smaller players in the market to achieve short term growth. Ceylinco Life has always focussed on the principal basis for Life Insurance – to provide the assurance of the best possible protection to policyholders and their loved ones".
www.island,lk
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