Ceylinco Life retains no. 1 spot in life insurance with premium income of Rs. 37.14 b in 2024

Wednesday, 5 March 2025 00:10 - - {{hitsCtrl.values.hits}}

Ceylinco Life Executive Chairman R. Renganathan (left) and Managing Director CEO Thushara Ranasinghe

Total income tops
Rs. 65.54 b with investment income of Rs. 28.4 b
Total assets cross Rs. 250 b milestone
Pays Rs. 25 b in net claims and benefits to policyholders
Life Fund grows by 14.8% to Rs. 180.9 b
CAR improves to 448%, 3.7 times the minimum requirement of 120%

Ceylinco Life has emphatically reaffirmed its continuing supremacy in life insurance industry with gross written premium income of Rs 37.14 billion and total income of Rs 65.54 billion in 2024, the company’s 21st year of unbroken market leadership.

Premium income grew by a healthy 11.16%, while investment income at Rs 28.4 billion reflected growth of 1.5%, resulting in consolidated income for the year improving by 6.7%, according to the company’s audited financial statements for the 12 months ending 31st December 2024.

The growth in life insurance business as represented by gross written premium income confirms that Ceylinco Life retained its position as the largest life insurer in Sri Lanka in 2024, by a margin of more than Rs 5.5 billion over the second-placed life insurance company.

“The figures tell the story,” said Ceylinco Life Executive Chairman R. Renganathan. “We have completed the first year of our third decade of market leadership in Sri Lanka’s life insurance industry, thanks to the unwavering trust and confidence of the millions of lives we protect and touch. Ceylinco Life’s demonstrated financial strength and stability, its uncompromising adherence to the core values and principles of its business, and its deep-rooted commitment to the community, remain the bedrock of the company’s growth and progress.”

Ceylinco Life paid Rs. 25 billion in net claims and benefits to policyholders for the year under review, an increase of 8.2% over the preceding year, and transferred Rs. 23 billion to its Life Fund. As a result, the Life Fund grew by a noteworthy 14.8% to Rs. 180.89 billion as at 31

December 2024.

The company’s total assets grew by Rs. 26.69 billion or 11.8% over the year at a monthly average of more than Rs. 2.2 billion to cross the milestone of Rs. 250 billion (Rs. 251.43 billion) at the end of 2024, while its investment portfolio recorded an increase of 12.32% in value over the 12 months to total Rs. 222.5 billion as at 31 December 2024.

Ceylinco Life transferred Rs. 3 billion to the shareholders’ fund in respect of the 12 months, and shareholders’ equity grew to Rs. 60.74 billion at the end of the year.

The Company posted profit before tax of Rs. 10.05 billion for FY 2024, reflecting an increase of 19.1% over the previous year. Net profit after tax for the 12 months reviewed was Rs. 7.07 billion, an improvement of 21.88%

over 2023.

Ceylinco Life’s basic earnings per share for the year amounted to Rs. 141.43, while net assets value per share stood at Rs. 1,214.91 as at 31 December 2024, representing growths of 21.8% and 11.7% respectively. Return on assets for the year was 2.81% and return on equity 11.64%.

Significantly, Ceylinco Life’s Risk-based Capital Adequacy Ratio (CAR) improved to 448% at end 2024, more than 3.7 times the minimum CAR of 120% required by the industry regulator.

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