Ceylinco Insurance posts impressive half year results

Ceylinco Insurance released its financial report for the first half of 2012.

Ajith Gunawardena

The Managing Director and Chief Executive Officer of Ceylinco Insurance - General, Ajith Gunawardena, said, "the first half of 2012 saw the company record a total premium income of Rs. 10.5b, with the General and Life Divisions contributing a mammoth Rs. 5.5b and Rs. 5b.

At the half way mark of 2012, the company had earned a profit before tax of Rs. 172 .6m. December 2011 saw Ceylinco Insurance record a profit after tax of Rs. 1,129m, with the profit after tax of the group at Rs. 1,393m, a growth of 39 percent year on year.

As at June 30, 2012, the total assets of the company increased to Rs. 63.2 b, an increase of Rs. 1.9b, when compared with Rs. 61.3b in December 2011. The company's investments stand at Rs. 47.9b, with the Share Holders Fund at an impressive Rs. 9.4b.

The voting share, for the fourth consecutive year, fetched the highest price among banks and insurance companies during the first half of the year.

"We take every effort to keep our promise to our customers at every juncture.

Although, we have embarked on an unparalleled growth journey, delivering what we promise to our customers is of paramount importance to us. We don't leave any stone unturned in pursuing and ultimately achieving this objective.

It is a partnership of trust that we have formed with our customers; this is the cornerstone of the company's philosophy", Ajith Gunawardena said.

"In keeping with the promise of timely settlement to customers, the company has already paid out Rs. 3.7b, as claims, during the first half of 2012.The company has also received the Gold Award at the National Business Excellence Awards for the past three years," a spokesman for Ceylinco Insurance said.