- Retains top spot in life insurance for 14th successive year with premium income of Rs. 15.7 b; Assets cross Rs. 100 b mark
Ceylinco Life said yesterday it has posted net profit of Rs. 6 billion for the year ending 31 December 2017, while reaffirming its market leadership in Sri Lanka’s life insurance industry for the 14th successive year, with premium income of Rs. 15.7 billion.
The company posted Profit Before Tax of Rs. 6.3 billion,reflecting a remarkable70% growth.Net profit growth was even higher at 95%.
Total income, comprising of premium income and investment and other income, grew to Rs. 25.6 billion.
Investment and other income improved by 17% to Rs. 10.3 billion in the 12 months reviewed, reflecting the success of the investment strategies deployed by the company. Ceylinco Life’s investment portfolio grew by 10.8% to Rs. 89.5 billion as at 31 December 2017.
“These figures once again demonstrate the importance of concentrating on the core elements of the business:selling the most appropriate and effective life insurance products and prudent management of investments in the interest of all stakeholders,” saidCeylinco Life Managing Director/CEO R. Renganathan.
“We have always emphasised that life insurance is a relationship for life and the commitment this demands is the foundation of our continuing leadership in the sector.”
Ceylinco Life Director/Deputy CEO Thushara Ranasinghe said: “Our policyholders know that profit is not the sole objective of the company. Ceylinco Life has the most generous policyholder rewards program in the industry and our commitments to community welfare are substantial and long-term. In that context, our financial performance assumes even greater significance because it is not detrimental to any stakeholder.”
Ceylinco Life sold126,838 new life policies in the year reviewed at an average of 10,570 per month and paid out Rs. 6.7 billion in net claims and benefits to policyholders.
The company’s Life Fund recorded growth of 9.3% to reach Rs. 85.1 billion at the end of 2017, following a transfer of Rs. 7.3 billion to the fund after the final shareholder transfer.
Total assets grew by a noteworthy 9.9% to Rs. 106 billion in 2017 and the company’s net assets value per share stood at Rs.343.81 at the end of the year, an improvement of Rs.105.61 or 44.3%. Earnings per share for the review period totalled Rs.120, an increase of Rs.59 or 95%.
Adjudged Sri Lanka’s Best Life Insurer in 2017 for the fourth consecutive year by World Finance, Ceylinco Life has been a market leader in Sri Lanka’s life insurance sector since 2004 and 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.