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Chairman R. Renganathan (left) and Managing Director CEO Thushara Ranasinghe
Ceylinco Life has retained its market leadership in Sri Lanka’s life insurance sector for the 18th consecutive year, with gross written premium income growing by 15.8% to Rs. 25.565 billion for the 12 months ending 31 December 2021.
With investment and other income of Rs. 15.129 billion for the year, the company ended 2021 with consolidated income of Rs. 40.694 billion, an improvement of 10% over 2020. Ceylinco Life’s investment portfolio grew by Rs. 20.748 billion or 15.52% over the 12 months to Rs. 154.455 billion at the end of the year.
The company’s Life Fund grew by 12% to Rs. 119.634 as at 31 December 2021, consequent to a transfer of Rs. 11.803 billion, which was 25% higher than the transfer made in respect of 2020. Total assets grew by Rs. 22.9 billion or 15.23% over the year at a monthly average of more than Rs. 1.9 billion to reach Rs. 173.762 billion at the end of the year reviewed.
Commenting on the company’s performance in what he described as a year of snowballing challenges, Ceylinco Life Managing Director/CEO Thushara Ranasinghe said: “Our figures for 2021 demonstrate the importance of not allowing external factors to distract us from our fundamental purpose, which is to de-risk the future for more and more Sri Lankans through life insurance.
“The pressures of economic uncertainty and mercurial policies did pose a challenge to most businesses in 2021, but Ceylinco Life maintained its growth momentum by focusing on the evolving needs and concerns of its customer base.”
The company paid Rs. 12.736 billion in net claims and benefits to policyholders for the year under review, an increase of 3.8% over the preceding year, and transferred Rs. 4.5 billion to the shareholders fund, which stood at Rs. 44.194 billion at the end of 2021.
Ceylinco Life’s basic earnings per share for the year amounted to Rs. 137, while net assets value per share stood at Rs. 883.88 as at 31 December 2021, an increase of 15.8%.
Among the highlights of the year reviewed was the launch of two ground-breaking market responsive new products – ‘Future Saver’ and ‘Education Protector.’ Future Saver is a new paradigm life insurance product that offers protection as well as wealth accumulation, with an emphasis on the latter. It is designed to enable policyholders to plan for long-term goals by passionately saving for a short period during which their financial stability is at its peak.
Education Protector is an insurance plan designed exclusively for the purpose of ensuring the continued education of children. It enables a parent to, with just a single one-time premium payment, secure the future education prospects of a child in the event of his or her inability to do so due to death or total and permanent disability.
