Ceylinco Insurance records Rs 21.9 b premium income for 2012

"Ceylinco Insurance, recorded unprecedented results for the year ended December 31, 2012, recording yet another mammoth success," a spokesman for the company said.

Managing Director and Chief Executive Officer, Ceylinco Insurance – General, Ajith Gunawardena (left) and Managing Director and Chief Executive Officer - Ceylinco Life, R. Renganathan (right).

Managing Director and Chief Executive Officer of Ceylinco Insurance - General, Ajith Gunawardena said, "During 2012, Ceylinco Insurance recorded a premium income of Rs. 21.9 billion to which the General Division contributed Rs. 11.1 billion, with the Life Division contributing the balance Rs. 10.8 billion. This signifies an increase of Rs. 2 billion over the previous year, with the overall growth standing at 10.3%."

"The General Division has recorded a growth of 10.5%, while the Life Division had registered a 10.1% growth," he said.

In reviewing the results, Ceylinco Life thus becomes the first Life Insurance Company in Sri Lanka to surpass the Rs. 10 billion mark in premium income.

"Reaching Rs. 10. 8 billion in premium income is ample evidence to prove our dominance in the Life Insurance industry in Sri Lanka," Managing Director and Chief Executive Officer of Ceylinco Life, R Renganathan said.

"Moreover, holding true to our ideology of helping our customers to bounce back to normalcy as fast as possible, most of the claims were settled on the spot.

The General Division paid claims amounting to Rs. 5.3 billion during 2012, providing full settlement to all genuine claims in the quickest time," said Managing Director and Chief Executive Officer of Ceylinco Insurance - General, Ajith Gunawardena.

Similarly, during 2012, the Life Division paid customer benefits worth Rs. 4 billion, along with another Rs. 33.6 million, as 'Avurudhu Cash Bonus' for long-standing policyholders.