Ceylinco Life attains 20 years of unbroken market leadership in 2023

• Premium income improves by 14.6% to Rs. 33.4 b
• Pays Rs. 23 b in net claims and benefits to policyholders
• Life Fund grows by 16.8% to Rs. 157.5 b
• CAR improves to 344% nearly triple the minimum requirement

Ceylinco Life has achieved the milestone of two decades of unbroken market leadership in Sri Lanka’s life insurance industry, posting impressive premium income and consolidated income growth in the year ending 31 December 2023.

Policyholders received a record Rs. 23 billion in net claims and benefits in 2023, up by 22% year on year, as the Company posted gross written premium income of Rs. 33.41 billion and investment and other income of Rs. 28 billion, reflecting improvements of 14.6% and 39.5% respectively.

Consequently, consolidated income for the 12 months, at Rs. 61.4 billion represented top line growth of 24.7%, a noteworthy achievement in the context of the socio-economic challenges that prevailed in the year, the Company said.

Ceylinco Life’s Fund grew by Rs. 23 billion or 16.8% to Rs. 157.5 billion as at 31 December 2023, after a transfer of Rs. 1.97 billion to the Shareholders Fund in respect of the year.

Total assets grew by Rs. 33.2 billion or 17.3% to reach Rs. 224.7 billion at the end of 2023, while the Company’s investment portfolio recorded an increase of Rs. 32.2 billion or 19.4% in value over the 12 months to reach Rs. 198.1 billion as at 31 December 2023.

“Economic and political uncertainty continued to preoccupy businesses as well as consumers in the year concluded, making investment decisions more difficult,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe commented. “Our ability to continue to outperform the competition to record our 20th consecutive year of market leadership is a clear demonstration of the depth of the trust and confidence that Ceylinco Life has built for its proposition of de-risking the future for policyholders.”

Notably, Ceylinco Life’s risk-based Capital Adequacy Ratio (CAR) improved to 344% at the end of 2023, well above the minimum CAR of 120% required by the industry regulator.

The Company’s basic earnings per share for the year amounted to Rs. 116.04, while net assets value per share stood at Rs. 1087.47 as at 31 December 2023. Return on equity for the year was 10.7%.