Ceylinco Life says fastest to achieve a Life Fund of Rs 60 bln
View(s):Ceylinco Life, said to be Sri Lanka’s life insurance leader, this week announced that the company’s Life Fund exceeded Rs. 60 billion at the end of November 2014.
Ceylinco Life is the fastest among local life insurers to achieve a Life Fund of Rs. 60 billion, the company said in a media statement.
Total assets grew by a robust 19.4 per cent to Rs 76.35 billion as at 30th September 2014, while the company’s investments increased by “an even more noteworthy 22.4 per cent” to Rs 62.152 billion over the nine months reviewed, the company said.
Gross premium income was up by 4 per cent over the corresponding nine months of 2013 to Rs 8.6 billion as at 30th September 2014, and investment income grew by 10.2 per cent to Rs 5 billion, Ceylinco Life also said in a filing with the Colombo Stock Exchange.
The company paid gross benefits and claims to the value of 3.5 billion in the nine months reviewed, down marginally over the amount paid at the end of the third quarter of the preceding year.
“These figures are an objective affirmation of the quality of our life insurance operations and investment strategies in an environment that is challenging for both aspects,” Ceylinco Life’s Managing Director/CEO R.Renganathan said in the statement. “Disposable incomes continue to shrink, making life insurance a low priority in many customer segments, while low interest rates have a dampening effect on financial investments.”