Ceylinco Life has reported a total income of Rs. 17.165 billion for the nine months ending 30th September, 2016, reflecting growth of 15.3 per cent over the corresponding period of last year.
Premium income for the nine months improved by 11 per cent to Rs. 11 billion, while investment and other income grew by 23.6 per cent to Rs. 6.16 billion in the review period, the company said. The company’s investment portfolio grew by Rs. 13.24 billion or 19.7 per cent over the nine months to pass the Rs. 80 billion mark at the end of the third quarter of 2016. A transfer of Rs. 6.7 billion saw the company’s Life Fund grow to Rs. 74.72 billion as at 30th September, 2016, while total assets increased by Rs. 14 billion or 17.6 per cent to Rs. 94.37 billion. The shareholders fund grew by 16.87 per cent to Rs 10.5 billion. Ceylinco Life Managing Director/CEO R. Renganathan said, “It is no secret that disposable incomes continue to shrink, making life insurance beyond the means of many vulnerable segments. We continue to address this with affordable products and new delivery channels, while focussing on the fundamentals of the business.”
Ceylinco Life paid Rs. 4.93 billion in net claims and benefits during the nine months reviewed, an increase of 12.5 per cent over the corresponding period of 2015.
The company’s comparative figures for 2015 include a period prior to the segregation of the business of Life Insurance as required by Section 53 of the Regulation of Insurance Industry (Amendment) Act No. 03 of 2011. Ceylinco Life commenced operations as a standalone life insurance business from 1st June, 2015.