28 June 2017 10:04 am
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 percent 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 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 percent over the corresponding period of last year to reach Rs.3.9 billion as at May 31, 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 percent in the five months from December 31, 2016. Ceylinco Life’s shareholders fund had reached Rs.12.5 billion as at May 31, 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.