Ceylinco Insurance records Rs. 22.7 b premium income

Ceylinco Insurance recorded a premium income of Rs.22.7 billion, as at December 31, 2013. Today, the majority of the shares of the company are owned by the employees, a model that is unique to Ceylinco Insurance.

"It is a noteworthy and a commendable factor, the tremendous support extended by the staff, who rally around us always, giving us unprecedented strength, which is a great encouragement," said Managing Director and Chief Executive Officer, Ceylinco Insurance, Ajith Gunawardena.

"With the employees holding a majority of the shares, their commitment to the company and its success is even greater. This is a good case study for the corporate sector," he said.

"We humbly acknowledge that our strong performance over the years was only possible due to the steadfast faith, confidence and trust clients placed in us. We express our gratitude to customers, who made it all possible, and we reiterate that we will make every effort to give the best to customers, who form the core of our business," Gunawardena said.

"We also wish to extend our gratitude to the Chairperson and the officials of the Insurance Board of Sri Lanka and the Governor and the officials of the Central Bank and all stakeholders who have played a pivotal role in our performance throughout the years," he said.

During 2013, shares of the company traded at an average of Rs 1,116, with the highest trading point being Rs.1,400, indicative of the confidence and trust placed in the company by the public and shareholders.

Over the past years, Ceylinco Insurance has set many benchmarks for the insurance industry in Sri Lanka, including the innovative On The Spot claim settlement process, based on a concept put forward by Ajith Gunawardena, ten years ago, which changed the landscape of the insurance industry in Sri Lanka, benefiting millions of vehicle users around the country. In the era before the On the Spot concept was introduced, it took nearly three months to obtain a vehicle insurance claim. Today, many industry players attempt to emulate the Ceylinco VIP On the Spot claim settlement methodology, which has benefited the insuring public at large.

Ceylinco Insurance also offers its unique solutions internationally through strategic alliances with several companies operating in the Middle East, including the United Arab Emirates, Bahrain, Kuwait, Oman and Qatar.

Ceylinco Insurance operates in Nepal and the Maldives, through joint venture partnerships.

The international ventures have recorded exponential growth in the last few years, prompting Ceylinco Insurance to consider several other Asian markets in its expansion drive.