Ceylinco Life’s 9-month net profit up 62% to Rs. 3.28 billion

Ceylinco Life has carried its strong first half performance into the third quarter of the year, posting impressive top and bottom line growth for the nine months ending 30 September 2018.

Sri Lanka’s life insurance market leader has reported profit before tax of Rs. 3.734 billion for the period, reflecting growth of 48% over the corresponding nine months of 2017. Net profit improved by an even stronger 62% to Rs. 3.28 billion.

Total income for the nine months was up 10% to Rs. 20.6 billion, with net premium income growing by 12.7% to Rs. 12.588 billion and investment and other income increasing by 6% to Rs. 8 billion, the company said.

Ceylinco Life’s investment portfolio grew by 14% to Rs. 105 billion, while its Life Fund stood at Rs. 86.7 billion as at 30 September 2018, a growth of Rs. 2.36 billion over the third quarter alone, and an increase of Rs. 5 billion over the nine months since the end of 2017.

Total assets increased by Rs. 12.29 billion or 11.6% from end 2017 to stand at Rs. 118.38 billion at the end of the period under review.

“Overall, the year to date has been extremely satisfactory for the company, especially in the context of the rather mercurial conditions that prevailed in the country,” Ceylinco Life Managing Director R. Renganathan commented. 

“Constant fluctuations in the prices of essential commodities and political instability are not conducive to most businesses, and sectors like insurance are more vulnerable than others when there is pressure on incomes. Sustaining healthy growth in such an environment is therefore a noteworthy achievement.”

Ceylinco Life paid net claims and benefits totalling Rs. 7.18 billion for the nine months reviewed, on par with the corresponding period of last year.

Basic earnings per share for the period increased by Rs. 25.14 from Rs. 40.59 for the nine months ending 30 September 2017.

Ceylinco Life commenced operations on 14 January 1988, and has been the market leader in Sri Lanka’s life insurance industry for 14 of the 30 years it has been in operation. Adjudged Sri Lanka’s Best Life Insurer by World Finance for the past four years, the company has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility.