Ceylinco Life has posted a gross written premium income of Rs 37.14 billion and a total income of Rs 65.54 billion in 2024.
Premium income grew by 11.16 percent, while investment income at Rs 28.4 billion reflected a growth of 1.5 percent, resulting in consolidated income for the year improving by 6.7 percent, according to the company’s audited financial statements for the 12 months ending December 31, 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 over Rs 5.5 billion over the second-placed life insurance company, a media release from the company stated.
Ceylinco Life paid Rs 25 billion in net claims and benefits to policyholders for the year under review, an increase of 8.2 percent 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 percent to Rs 180.89 billion as at December 31, 2024. The company’s total assets grew by Rs 26.69 billion or 11.8 percent 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 percent in value over the 12 months to total Rs 222.5 billion as at December 31, 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 percent over the previous year. Net profit after tax for the 12 months reviewed was Rs 7.07 billion, an improvement of 21.88 percent 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 December 31, 2024, representing growths of 21.8 percent and 11.7 percent. Return on assets for the year was 2.81 percent and return on equity 11.64 percent.
Ceylinco Life’s Risk-based Capital Adequacy Ratio (CAR) improved to 448 percent at end 2024, more than 3.7 times the minimum CAR of 120 percent required by the industry regulator.
