Ceylinco Life has reported 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 a noteworthy 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, manifesting Ceylinco Life’s prudent investment strategies.
“We are pleased with our performance in the year to date because it represents the ability of the company to generate solid operational growth even in non-conducive market conditions,” Ceylinco Life Managing Director and 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.”
A transfer of Rs 6.7 billion in respect of the review period 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 an equally impressive 16.87 per cent to Rs 10.5 billion in the nine months reviewed. 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.
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