Ceylinco Life Fund tops Rs. 50 b milestone

Friday, 20 September 2013 02:59 - - {{hitsCtrl.values.hits}}

Ceylinco Life yesterday said its Life Fund has exceeded Rs. 50 billion in August, taking the market leader past another milestone. In a stock market disclosure, the insurer said the company transferred Rs. 5.439 billion to its Life Fund in the first eight months of 2013, swelling the fund to Rs. 50.549 billion at the end of August. During this period Gross Written Premium income grew by more than 9% to Rs. 7.372 billion and investment and other income improved by 45.5% to Rs. 4.088 billion, taking total income to Rs. 11.3 billion, the company reported. Ceylinco Life’s investment portfolio increased by a healthy 16.4% in value to Rs. 51.4 billion and total assets exceeded Rs.62.3 billion with an

year-to-date growth of 17.4%. Net claims and benefits paid during the first eight months of 2013 had grown 56.8% to Rs. 3.236 billion. “We have continued to maintain growth despite the constraints impacting growth of the life insurance sector,” Ceylinco Life’s Managing Director and CEO R. Reganathan said. “Chief among there is the pressure on disposable income, which compels people to make buying life insurance protection a low priority,” he added. He said the company’s performance in the face of the challenging conditions is principally attributed to the quality of its people, its products and its focus on fundamentals. For the 12 months to 31 December 2012, Ceylinco Life reported a premium income of Rs. 10.82 billion, enabling the company to end the year with a market share of 29%, a full nine percentage points ahead of the country’s second largest life insurer. Independently rated one of Sri Lanka’s most valuable brands, Ceylinco Life has maintained its leadership of the country’s long term insurance sector from 2004 onwards. The company operates the largest branch network among local life insurance companies, and has won multiple international and local awards for its commitment to the community and success in brand equity building.