Strong growth in new business and noteworthy returns on investments generated Rs. 23.43 billion in total income for Ceylinco Life in FY 2016, during which the company retained its position as the market leader in Sri Lanka’s life insurance industry for the 13th consecutive year.
The Rs. 3.6 billion improvement in income reflected a growth of 17.8 per cent over 2015, and was made up of a growth of Rs. 1.6 billion or 12 per cent in premium income, and an increase of Rs. 2 billion in investment income, which grew by 30 per cent in the 12 months ending December 31, 2016, the company said.
Ceylinco Life recorded gross premium income of Rs. 15 billion in the year reviewed, selling 143,693 new life policies at a monthly average of 11,974.
The company’s Life Fund grew by 14 per cent to Rs 77.93 billion at the end of the year under review, following a transfer of Rs 9.91 billion to the fund after the final shareholder transfer.
This represents a 24 per cent increase over the transfers made in 2015.
Over the past two years alone, Ceylinco Life’s Life Fund has grown by nearly 30 per cent.
The company recorded net profit of Rs. 3.1 billion for the year and transferred Rs 2.3 billion to shareholders. Dividends and earnings to shareholders for the 12 months exceeded Rs 3.4 billion.
Investment income for the year as Rs 8.78 billion reflected the professional management of the company’s investment portfolio, which grew by a solid 20 per cent to Rs 80.75 billion as at December 31, 2016. -
Total income Rs 23.4 billion; Life Fund tops Rs 78 billion; Investment portfolio swells to Rs 80.7 billion