Prudent management of Ceylinco Insurance hailed

Ceylinco Insurance announced a dividend of 30 percent at the recent Annual General Meeting which was well attended by shareholders who praised the company for its prudent management and assured the management of their continuous support.

Ceylinco Insurance also announced impressive results for the 1st quarter 2009.

Ajith Gunawardena, Deputy Chairman of the company said "Despite the uncertainties that prevailed during the period under review, the company recorded a total premium income of Rs. 4.3 billion, out of which the General Division contributed with Rs. 2.5 billion whilst Life Division recorded Rs. 1.8 billion. Profitability of the company stood at Rs. 120 million. As at March 31 2009, total assets of the company increased to Rs. 39.7 billion, recording an increase of Rs. 2.3 billion when compared to Rs. 37.4 billion in December 2008".

Company has paid out Rs. 2.3 billion as claims during the 1st quarter 2009 compared to Rs. 1.8 billion paid during the first quarter of 2008, an increase of 30 percent. Company's investments stood at a mammoth Rs. 23 billion.

The company's Unearned General Insurance Fund stands at Rs. 6.3 billion with a Solvency Margin of 129 percent for the General Division and 489 percent for the Life Division which speaks volumes for its financial strength and its ability to meet the liabilities. The company's Share Holders Fund stands at Rs. 6.5 billion.

In 2008, the company's total premium income stood at Rs. 19.5 billion - of which Rs. 11.3 billion was General premiums and the balance 8.2 being contributed by the Life Division. In 2008, an increase of Rs. 937 million was recorded in General Insurance Premiums.

The Company has witnessed a total growth of 13.6 percent, with 9.1 percent growth recorded in the General Division with a total market share at 35 percent.

Ceylinco Insurance has been the industry market leader for the 6th year running. For the past three consecutive years, Ceylinco Insurance was voted by the people as the People's Insurance company.

The company was feted with Gold award at the National Business Excellence Awards in 2008. Despite the gloom of the global financial crisis, Ceylinco Insurance managed to stay on top, maintaining a renewal rate of 90 percent. With a strong team headed by Ajith Gunewardena, Deputy Chairman, the company promises better results this year.

"We salute our President, the Defence Secretary, the Service Commanders and the Forces for liberating the country.

A new era beckons, the war over and the economy getting into revival, we are certain of the many opportunities that will arise." said Gunewardena.