Ceylinco Life has reported exceptionally strong profit growth for the nine months ending 30th September 2017, with pre-tax profit up 53 per cent to Rs 2.5 billion and net profit growing 47 per cent to Rs 2 billion.
Sri Lanka’s life insurance leader has recorded net income of Rs 18.7 billion for the period, an increase of 11 per cent, with premium income accounting for Rs 11.48 billion and investment income contributing Rs 7.24 billion.
Investment income grew by a healthy 21 per cent in the review period, reflecting the success of the investment strategies implemented by the company, with an investment portfolio that stood at Rs 94.11billion as at 30th September 2017, up 17 per cent over the nine months.
Total assets of Ceylinco Life improved by 15.4 per cent to Rs 111.3 billion at the end of the period reviewed.
Basic earnings per share for the nine months was Rs 40.59, up 47 per cent.
The company’s Life Fund, which totalled Rs 81.8 billion in May this year, reached Rs 85.2 billion as at 30thSeptember 2017. The Life Fund’s growth over the nine months reviewed was Rs 7.3 billion or 9 per cent.
“Our performance in 2017 has been noteworthy by any standards,” Ceylinco Life Managing Director Mr R. Renganathan commented. “We started the year with a strong first quarter and have maintained the momentum through an unwavering focus on operational fundamentals – widening our policyholder base and managing our investments – in order to maximise returns for policyholders and shareholders.
He disclosed that Ceylinco Life had also paid Rs 5.2 billion in gross benefits and claims during the nine months reviewed, an increase of 4% over the figure for the corresponding period of last year.
The company’s investment portfolio as at 30th September 2017 comprised of Government Securities (52.7 per cent); Fixed Deposits (14.6 per cent); Real Estate (7.7 per cent); Corporate Debt (24.8 per cent) and Others (0.2 per cent). All investments are made in conformity with the investment guidelines stipulated under the Regulation of the Insurance Industry Act No 43 of 2000 and are subject to regular monitoring by the Insurance Regulatory Commission of Sri Lanka (IRCSL).
Adjudged Sri Lanka’s Best Life Insurer in 2017 for the fourth consecutive year by World Finance, Ceylinco Life has close to a million lives covered by active policies. The company is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service, professional development and corporate social responsibility.