Ceylinco Life marks milestone May with assets topping Rs. 200 b; equity crossing Rs. 50 b

Monday, 10 July 2023 00:08 - - {{hitsCtrl.values.hits}}

Sri Lanka’s life insurance market leader Ceylinco Life achieved several noteworthy milestones in financial performance in May this year, emphatically demonstrating the Company’s financial strength.

Total assets surpassed the Rs. 200 billion mark, growing by 17.9 billion or 9.4% in the five months since 31 December 2022 to reach Rs. 209.4 billion as at 31 May, the Company said. Meanwhile total equity topped Rs. 50 billion, totaling Rs. 51.5 billion at the end of May, growing by 4.3%.

The Company announced that its investments in financial assets also passed a milestone in May, growing by Rs. 18.6 billion or 11.8% in five months to Rs. 176.4 billion. In this period, Ceylinco Life improved its investment income by an impressive Rs. 4.5 billion or 69.4% to record investment income of Rs. 11.2 billion for the five months.

“These numbers are extremely encouraging for all stakeholders, especially at a time when financial strength and stability are more imperative than they have ever been,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe said. “They validate the depth of the Company’s skill in managing its core business in times of adversity, as well as its acumen in the management of investments amidst volatility.”

Ceylinco Life recorded gross written premium income of Rs. 10.6 billion in the first five months of the year and paid Rs. 9.3 billion in net claims and benefits. The Company’s Life Fund grew by Rs. 7 billion or 5.2% in this period to Rs. 141.9 billion. In May and June this year Ceylinco Life paid more than Rs. 6 billion in annual bonuses, including a one-time special bonus to commemorate the Company’s 35th anniversary, to loyal policyholders.

Ceylinco Life ended 2022 with assets of Rs. 191.5 billion, consolidated income of Rs. 45.63 billion, gross written premium income of Rs. 29.16 billion, a Life Fund of Rs. 134.9 billion and an investment portfolio of Rs. 165.9 billion.

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