Ceylinco Life’s 9-month PBT up 53% to Rs. 2.5 billion

Ceylinco Life has reported exceptionally strong profit growth for the nine months ending 30 September, with pre-tax profit up 53% to Rs. 2.5 billion and net profit growing 47% to Rs. 2 billion.

Sri Lanka’s life insurance leader has recorded net income of Rs. 18.7 billion for the period, an increase of 11%, with premium income accounting for Rs. 11.48 billion and investment income contributing Rs. 7.24 billion.

Investment income grew by a healthy 21% in the review period, reflecting the success of the investment strategies implemented by the company, with an investment portfolio that stood at Rs. 94.11 billion as at 30 September, up 17% over the nine months.

Total assets of Ceylinco Life improved by 15.4% to Rs. 111.3 billion at the end of the period reviewed.

Basic earnings per share for the nine months was Rs. 40.59, up 47%.

The company’s Life Fund, which totalled Rs. 81.8 billion in May this year, reached Rs. 85.2 billion as at 30 September. The Life Fund’s growth over the nine months reviewed was Rs. 7.3 billion or 9%.

“Our performance in 2017 has been noteworthy by any standards,” Ceylinco Life Managing Director R. Renganathan commented. “We started the year with a strong first quarter and have maintained the momentum through an unwavering focus on operational fundamentals – widening our policyholder base and managing our investments – in order to maximise returns for policyholders and shareholders.

He disclosed that Ceylinco Life had also paid Rs. 5.2 billion in gross benefits and claims during the nine months reviewed, an increase of 4% over the figure for the corresponding period of last year.

The company’s investment portfolio as at 30 September comprised of Government Securities (52.7%); Fixed Deposits (14.6%); Real Estate (7.7%); Corporate Debt (24.8%) and Others (0.2%). All investments are made in conformity with the investment guidelines stipulated under the Regulation of the Insurance Industry Act No 43 of 2000 and are subject to regular monitoring by the Insurance Regulatory Commission of Sri Lanka (IRCSL).

Adjudged Sri Lanka’s Best Life Insurer in 2017 for the fourth consecutive year by World Finance, Ceylinco Life 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.