Ceylinco Life has announced that its Life Fund exceeded Rs 50 billion in August this year, taking Sri Lanka’s life insurance market leader past yet another milestone.
The company transferred Rs 5.439 billion to its Life Fund in respect of the first eight months of the year, swelling the Fund to Rs 50.549 billion at the end of August.
During this period, Gross Written Premium Income grew by more than 9 per cent to Rs 7.372 billion, and investment and other income improved by 45.5 per cent to Rs 4.088 billion, taking total income to Rs 11.3 billion, the company reported.
Ceylinco Life’s investments portfolio increased by a healthy 16.4 per cent in value to Rs 51.4 billion, and total assets exceeded Rs 62.3 billion with an YTD growth of 17.4 per cent.
Net claims and benefits paid during the first eight months of 2013 had grown 56.8 per cent to Rs 3.236 billion, the company said.
‘We have continued to maintain growth despite the constraints impacting growth of the life insurance sector,’ Ceylinco Life’s Managing Director/CEO R. Renganathan said. ‘Chief among these is the increasing pressure on disposable income, which compels people to make buying life insurance protection a low priority.’
He said the company’s performance in the face of challenging conditions is principally attributable to the quality of its people, its products and its focus on fundamentals.
For the 12 months to 31st December 2012, Ceylinco Life reported record premium income of Rs 10.829 billion, enabling the company to end the year with a market share of 29 per cent, a full nine percentage points ahead of the country’s second largest life insurer.
Independently rated one of Sri Lanka’s most valuable brands, Ceylinco Life has maintained its leadership of the country’s long term insurance sector from 2004 onwards. The company operates the largest branch network among local life insurance companies, and has won multiple international and local awards for its commitment to the community and success in brand equity building.