Sunday, April 29, 2012
Ceylinco Insurance posts mammoth post-tax profit of Rs.1.1 billion
Ceylinco Insurance recorded a mammoth post-tax profit of Rs 1.1 billion for the year ended 31st December 2011, reflecting its leadership in the insurance sector.
In a media statement, the company said that last year it “recorded a mammoth premium income of Rs.19.8 billion”, which amounted to a growth of 10.3%, with the General Division contributing Rs.10 billion, and the Life Division accounting for the remaining Rs.9.8 billion.
Managing Director/Chief Executive Officer of Ceylinco Insurance – General, Mr Ajith Gunawardena was quoted as saying that, “What we have achieved in 2011 was in line with our expectations. We have succeeded by adhering to sound fundamentals and we are committed to managing our business with great discipline and prudence.”
Commenting on the Life Division’s performance during 2011, Managing Director/Chief Executive Officer of Ceylinco Life, R. Renganathan noted, “Our ability to outperform the industry growth is evidence of the trust and confidence that Ceylinco Life has built up over the years. This is an invaluable asset that we intend to nurture and build on in the years ahead.”
Total investments of the company, including both the Life and General Divisions, exceeded Rs. 47 billion whilst assets grew by 24.3% and stood at Rs.61.3 billion by the end of December 2011.
During the year under review, the General Division sold over 650,308 new policies, bringing the total policies in force to 1.28 million. Net transfers to the Life Fund over the year was Rs. 6.3 billion, increasing the Life Fund to Rs.38.2 billion, recording a remarkable growth of 19.8% year on year.
The Life Division meanwhile, sold over 143,259 new policies during the year, while Life solvency stood at over eight times the required solvency ratio. The total claim benefits disbursed by the Life Division in 2011 amounted to Rs.2.9 billion.
source - www.sundaytimes.lk