The Life Fund of Ceylinco Life crossed Rs 80 billion in May 2017, making it the fastest-growing Life Fund in the local industry, the life insurance market leader has announced.
The company said this milestone was achieved in a little more than 29 years of operation, a feat as yet unmatched in Sri Lanka.
To reach Rs 81.9 billion at end May 2017, Ceylinco Life’s Life Fund grew by more than Rs 30 billion or 63 per cent over the preceding 45 months, from Rs 50 billion in August 2013. It surpassed Rs 70 billion in April 2016 and grew by more than Rs 10 billion in the 12 months that followed.
“The size of a life insurer’s Life Fund and its rate of growth are key indicators of the financial strength and stability of the company,” Ceylinco Life Managing Director/CEO Mr R. Renganathan said. “The growth of our Life Fund is indisputable evidence, along with our market share in terms of premium income, of why Ceylinco Life has been the country’s leading life insurer for the past 13 years.”
Ceylinco Life also reported that premium income had reached Rs 5.9 billion in the first five months of 2017 and that the company has paid Rs 2.6 billion in net claims and benefits in this period.
Meanwhile, the company’s investment and other income grew by 24 per cent over the corresponding period of last year to reach Rs 3.9 billion as at 31st May 2017. Ceylinco Life’s investment portfolio totalled Rs 89.9 billion at that date, reflecting a growth of Rs 3.9 billion in just two months, and a growth of Rs 9.2 billion since end 2016.
Total assets stood at Rs 106.5 billion at end May 2017, reflecting growth of Rs 10.1 billion or 10.4 per cent in the five months from 31st December 2016. Ceylinco Life’s shareholders fund had reached Rs 12.5 billion as at 31st May 2017.
Adjudged Sri Lanka’s Best Life Insurer in 2016 for the third consecutive year by World Finance, Ceylinco Life commenced operations in January 1988 and has close to a million lives covered by active policies. The company is acknowledged as the benchmark for innovation in the local insurance industry for its work in product research and development, customer service, professional development and corporate social responsibility.