Strong growth in new business and noteworthy returns on investments has generated Rs 23.43 billion in total income for Ceylinco Life in FY 2016.
The company retained its position as the market leader in Sri Lanka’s life insurance industry for the 13th consecutive year.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.
“We are satisfied with the growth achieved in 2016 in the context of the general sentiment that prevailed in the market during the year,” Ceylinco Life Managing Director and CEO R. Renganathan said. “Our strategy of focussing on the core message of life insurance and the on importance of trust when entering into ‘a relationship for life’ has clearly been successful.” He said 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. 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 31st December 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
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