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Ceylinco Life has ended 2019 on a characteristically strong note, with consolidated income of Rs. 32.1 billion for the 12 months ending 31 December 2019, reflecting top line growth of 9.9%.
The life insurance frontrunner has reported gross written premium income of Rs. 18.7 billion, an increase of Rs. 906 million or 5% over 2018, and investment and other income of Rs. 13.4 billion, an improvement of 17.5%.
The premium income recorded for 2019 establishes Ceylinco Life as the market leader for life insurance in Sri Lanka for the 16th consecutive year.
The company has posted profit before tax of Rs. 8.2 billion, up 14.7% and net profit of Rs. 6.7 billion, a robust growth of 15.1%.
“These figures are impressive by any standards considering the depressed economic conditions they were achieved in,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe said. “It was a challenging year for financial services companies, as is evident from the results already published by many. We attribute our performance to our unwavering focus, sharpened over many years, on the fundamental principles of our business and on strict conformity with core values at all times.”
Ceylinco Life’s investment portfolio grew by an impressive 12.7% over the 12 months to Rs. 116.9 billion as at 31 December 2019, while total assets increased by 13% to Rs. 133.4 billion.
The Company’s Life Fund grew by 9.2% to Rs. 96.2 billion. Shareholders’ funds increased by Rs. 3.9 billion during the year to Rs. 31.5 billion.
Ceylinco Life paid Rs. 10.6 billion in net claims and benefits to policyholders, which reflects an increase of 8.1% over the figure for 2018.
The market leader in Sri Lanka’s life insurance industry for 16 of the 32 years it has been in operation, Ceylinco Life 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.
Ceylinco Life was adjudged Sri Lanka’s most valuable life insurance brand by Brand Finance in 2019, ranked among the 10 ‘Most Admired Companies’ in the country by the ICCSL the same year, named the Best Life Insurer in Sri Lanka for the sixth consecutive year in 2019 by World Finance, and has also been declared the most popular life insurance company in the country for the past 13 years by SLIM-Nielsen.
