Ceylinco Life has ended 2019 on a characteristically strong note, with consolidated income of Rs 32.1 billion for the 12 months ending December 31, 2019, reflecting top line growth of 9.9 per cent.
Ceylinco Life has reported gross written premium income of Rs 18.7 billion, an increase of Rs 906 million or 5 per cent over 2018, and investment and other income of Rs 13.4 billion, an improvement of 17.5 per cent. The premium income recorded for 2019 establishes Ceylinco Life as the market leader for life insurance in Sri Lanka for the 16th consecutive year.
The Company has posted profit before tax of Rs 8.2 billion, up 14.7 per cent and net profit of Rs 6.7 billion, a robust growth of 15.1 per cent.
“These figures are impressive by any standards considering the depressed economic conditions they were achieved in,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe said. “It was a challenging year for financial services companies, as is evident from the results already published by many. We attribute our performance to our unwavering focus, sharpened over many years, on the fundamental principles of our business and on strict conformity with core values at all times.”
Ceylinco Life’s investment portfolio grew by an impressive 12.7 per cent over the 12 months to Rs 116.9 billion as at 31st December 2019, while total assets increased by 13 per cent to Rs 133.4 billion.The Company’s Life Fund grew by 9.2 per cent to Rs 96.2 billion. Shareholders’ funds increased by Rs 3.9 billion during the year to Rs 31.5 billion. Ceylinco Life paid Rs 10.6 billion in net claims and benefits to policyholders, which reflects an increase of 8.1 per cent over the figure for 2018.
The market leader in Sri Lanka’s life insurance industry for 16 of the 32 years it has been in operation, Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility.
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