Ceylinco Life (CL) has carried its strong first half performance into the third quarter of the year, posting impressive top and bottom line growth for the nine months ending September 30, 2018.
CL has reported a profit before tax of Rs. 3.734 billion for the period, reflecting growth of 48% over the corresponding nine months of 2017. Net profit improved by an even stronger 62% to Rs. 3.28 billion, it said, in a Stock Exchange filing.
Total income for the nine months was up 10% to Rs. 20.6 billion, with net premium income growing by 12.7%, and investment and other income increased by 6%, the company said.
CL’s investment portfolio grew by 14% to Rs. 105 billion, while its Life Fund stood at Rs. 86.7 billion as at September 30, 2018, an increase of Rs. 5 billion over the nine months since the end of 2017.
Total assets increased by Rs. 12.29 billion or 11.6 % from end 2017 to Rs. 118.38 billion. “Overall, the year to date has been extremely satisfactory for the Company, especially in the context of the rather mercurial conditions that prevailed,” Ceylinco Life Managing Director, R. Renganathan said.
“Constant fluctuations in the prices of essential commodities and political instability are not conducive to most businesses, and sectors such as insurance are more vulnerable than others when there is pressure on incomes. Sustaining healthy growth in such an environment is therefore a noteworthy achievement,” he said.
Ceylinco Life paid net claims and benefits totalling Rs. 7.18 billion for the nine months reviewed, on par with the corresponding period of last year.
Basic earnings per share for the period increased by Rs. 25.14 from Rs 40.59 for the nine months ending September 30, 2017.
Keeping up with changes in regulatory requirements, the company became a separate entity as Ceylinco Life Insurance Limited and was incorporated in 2014.