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| Sunday, 19 March 2006 |
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| News Business Features Editorial
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Ceylinco Insurance records highest profit in 2005 by Lalin Fernandopulle Ceylinco Insurance reached a milestone by becoming the market leader for General and Life Insurance with a net profit of Rs. 611 billion last year which is the highest profit recorded by an insurance company. Added to the stunning performance the company achieved a premium income of Rs. 12.8 billion in 2005. The General Division of Ceylinco Insurance posted a premium income of Rs. 8 billion (Rs. 8,033 million) with a growth of 45 per cent over the previous year. Ceylinco Insurance added a feather to its cap as the market share of the General Division was well over 37 per cent which was also 7 per cent higher than the nearest competitor, Ceylinco Insurance Chief Executive Director Ajith Gunawardena said. He said the company achieved these results after writing off compensation paid for policy holders affected by the tsunami who did not obtain adequate cover. The company's strength as a regional player has been amply demonstrated with the wide range of innovative and dynamic insurance solutions covering public needs, Gunawardena said. He said unlike in the international arena where insurance is not affordable we have made insurance affordable providing insurance to even low income masses. He said among the innovations was the Ceylinco VIP policy, which focuses on customer care in times of emergency. The customer friendly nature has enabled the company to top the list of market share of over 48 per cent in Motor Insurance, Gunawardena said. He said that another innovation is the "One and Only", a policy unique even in the international arena. The policy is made available in several leading supermarkets which is a speciality in the field of insurance. The company has over a 200-branch network with mobile sales units taking insurance solutions closer to the rural masses. He also said that when the company started in 1988 it was last in the ladder with an initial profit of Rs. 48 million. Today Ceylinco Insurance has grown by leaps and bounds in the insurance sector. Ceylinco Insurance has made its presence in Nepal, Bangladesh, Mauritius, the Maldives, United Arab Emirates, Bahrain and Oman. The expansion to the international arena has catered to the insurance needs of the Sri Lankan expatriate community. The CSR functions of the company has been a proven factor during the tsunami catastrophe. Being actively engaged in the rebuilding efforts of government Ceylinco Insurance was the first to provide insurance that would pay claims to those affected liable or otherwise. Ceylinco Insurance policies are available at Arpico and Laugf gas outlets covering floods, property and life. |
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