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17 March, 2015 07:36 AM Source: Financial Times - Sri Lanka
Ceylinco Insu.png

Marking another successful year, Ceylinco Insurance recorded a notable after tax profit of Rs. 2.1 billion, for the year ended 31 December 2014.
Contributing to this remarkable performance, the General and Life Divisions of Ceylinco Insurance, recorded profits after tax of Rs. 780 million and Rs. 1,363 million, respectively. Moreover, the consolidated results recorded an imposing expansion, with the profit before tax reaching an exceptional Rs. 4 billion, and the after tax profit standing at Rs. 2.9 billion.
Building upon past successes and reiterating its position as the clear market leader for the 11th consecutive year, Ceylinco Insurance, in 2014, forged ahead of the competition. Thus, the company managed to turn in an imposing premium income of Rs. 24.2 billion in 2014, with the General Division recording Rs. 12.2 billion, marking an increase of nearly Rs. 600 million year-on-year, and Ceylinco Life registering a premium income of Rs. 12 billion.
 
Meanwhile, the Motor Insurance premium income alone stood at a staggering Rs. 7.4 billion, with Non Motor Insurance contributing an impressive Rs. 4.8 billion, providing the total premium income of the General Division, which recorded a growth rate well above the annual industry average.
Adding further impetus to an already impressive financial performance, the total investments of the company exceeded Rs. 66.3 billion, growing by 12.5% over the past year, while assets had grown by 10%, to reach a staggering Rs. 90.5 billion by the end of 2014.
Ceylinco Insurance – General Managing Director/Chief Executive Officer Ajith Gunawardena, opining on the impressive performance of the company, said: “The insurance arena is dynamic and keen competition is the order of the day; in such a scenario, Ceylinco Insurance has maintained the leading edge and, therefore, what we have achieved in 2014, is even more significant, as it was quite a volatile year for the company, with the presidential election campaign gathering momentum  towards the latter part of the year. Despite the challenges, we have striven to reach our expectations.

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