Ceylinco Life to pay Rs 2.4 billion in annual bonuses
View(s):Policyholders who qualify for annual bonuses from Ceylinco Life will receive 25 per cent above their entitlement this year, as the life insurance firm celebrates 25 years in business.
More than 340,000 policyholders will benefit from this special 25th anniversary windfall, receiving a total of Rs 2.4 billion in bonus payments in April 2013, the company said in a media statement.
This bonus, which is in respect of the surplus generated by Ceylinco Life’s Life Fund in FY 2012, reflects a 33 per cent increase over the Rs 1.8 billion in annual bonuses paid in respect of the previous year.
As in previous years, even policyholders who purchased their policies in December 2012 will be eligible to receive a bonus, in line with the company’s policy of declaring bonuses from the very first year of issue of a policy.
“Ceylinco Life has much to celebrate as it embarks on its 26th year in business, not least of all the fact that it has been the market leader for the past nine years,” the company’s Managing Director and CEO R. Renganathan said. “Our policyholders are our biggest asset, and it is most appropriate that we celebrate our 25th anniversary by giving them a tangible benefit.”
Ceylinco Life made a net transfer of Rs 7.62 billion to its Life Fund in 2012, an increase of Rs 1.29 billion or 20.4 per cent over the previous year’s transfer. As a result, the company’s Life Fund grew by 19.9 per cent to Rs 45.823 billion at the end of the year.
The bonus payout announced takes the total benefits paid to Ceylinco Life policyholders in respect of 2012 to Rs. 3.9 billion, an increase of Rs 1 billion or 35 per cent over the previous year.
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