Ceylinco Life records Rs.37.14bn premium income in 2024

Executive Chairman R. Renganathan	MD/CEO Thushara Ranasinghe

• Total income tops Rs.65.54bn, with investment income of Rs.28.4bn
• Total assets cross Rs.250bn milestone
• Pays Rs.25bn in net claims and benefits to policyholders

Ceylinco Life has emphatically reaffirmed its continuing supremacy in Sri Lanka’s life insurance industry with a gross written premium income of Rs.37.14 billion and total income of Rs.65.54 billion in 2024, the company’s 21st year of unbroken market leadership.

Premium income grew by a healthy 11.16 percent, while investment income at Rs.28.4 billion reflected a growth of 1.5 percent, resulting in the consolidated income for the year improving by 6.7 percent, according to the company’s audited financial statements for the 12 months ending December 31, 2024.

The growth in life insurance business as represented by the gross written premium income confirms that Ceylinco Life retained its position as the largest life insurer in Sri Lanka in 2024, by a margin of more than Rs.5.5 billion over the second-placed life insurance company.

“The figures tell the story,” Ceylinco Life Executive Chairman R. Renganathan commented.  

“We have completed the first year of our third decade of market leadership in Sri Lanka’s life insurance industry, thanks to the unwavering trust and confidence of the millions of lives we protect and touch. Ceylinco Life’s demonstrated financial strength and stability, its uncompromising adherence to the core values and principles of its business and its deep-rooted commitment to the community, remain the bedrock of the company’s growth and progress.”

Ceylinco Life paid Rs.25 billion in net claims and benefits to the policyholders for the year under review, an increase of 8.2 percent over the preceding year and transferred Rs.23 billion to its Life Fund. As a result, the Life Fund grew by a noteworthy 14.8 percent to Rs.180.89 billion as at December 31, 2024. 

The company’s total assets grew by Rs.26.69 billion or 11.8 percent over the year at a monthly average of more than Rs.2.2 billion to cross the milestone of Rs.250 billion (Rs.251.43 billion) at end-2024, while its investment portfolio recorded an increase of 12.32 percent in value over the 12 months to total Rs.222.5 billion as at December 31, 2024.

Ceylinco Life transferred Rs.3 billion to the shareholders’ fund in respect of the 12 months and shareholders’ equity grew to Rs.60.74 billion at the end of the year.

The company posted a profit before tax of Rs.10.05 billion for FY 2024, reflecting an increase of 19.1 percent over the previous year. Net profit after tax for the 12 months reviewed was Rs.7.07 billion, an improvement of 21.88 percent over 2023.

Ceylinco Life’s basic earnings per share for the year amounted to Rs.141.43, while the net assets value per share stood at Rs.1,214.91 as at December 31, 2024, representing growths of 21.8 percent and 11.7 percent, respectively. Return on assets for the year was 2.81 percent and return on equity was 11.64 percent.

Significantly, Ceylinco Life’s risk-based capital adequacy ratio (CAR) improved to 448 percent at end-2024, more than 3.7 times the minimum CAR of 120 percent required by the industry regulator.