Life Insurance leader Ceylinco Life has announced a net transfer of Rs. 3.574 billion to its Life Fund in the first six months of 2012, taking the value of the fund to Rs. 41.778 billion as at 30 June 2012.
This represents a growth of 13.76 per cent over the value transferred in corresponding six months of 2011, the company said.
The growth of the Life Fund is the result of steady business growth in the first half of the current year, with total income improving by 9.18 per cent to Rs. 6.974 billion, an announcement from Ceylinco Life said.
Gross Written Premium Income for the six months reviewed recorded growth of 7.22 per cent to Rs. 4.9 billion, while Investment and Other income improved by 14.5 per cent to Rs. 1.975 billion.
“Our first half performance is noteworthy when viewed against the challenging environment of escalating costs of living and shrinking disposable incomes,” said Ceylinco Life Managing Director and CEO R. Renganathan. “These figures are a tribute to our hard-working sales team and the solid foundation of market leadership the company has built over the past eight years.”
Total assets of Ceylinco Life grew by 2.67 per cent since 31 December 2011 to reach Rs. 49.536 billion.
The company paid out Rs. 1.52 billion in gross customer benefits in the six months to 30 June 2012, recording an increase of 3.95 per cent.
In the period reviewed, the company investment portfolio comprised of Government Securities (40 per cent); Licensed Private Banks (22 per cent); State Banks (17 per cent); Real Estate (11 per cent); Corporate Debt (5 per cent) and Others (5 per cent). Investments pertaining to the Life Fund 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 Board of Sri Lanka (IBSL).
Ceylinco Life has more than 850,000 lives covered by active policies and has been the market leader in Sri Lanka’s long term insurance sector for the past eight years. The company is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service and professional development.
For the year ending 31 December 2011 Ceylinco Life reported total income of Rs. 13.698 billion and Gross Written Premium Income of Rs. 9.816 billion.