Ceylinco Life’s 1Q net profit up 58% to Rs. 673 mln
View(s):Ceylinco Life has posted robust income growth and exceptional profit growth for the three months ending 31st March 2017.
Profit before tax rose sharply by 51 per cent over Q1 2016 to Rs. 822.73 million. Profit after tax for the three months, at Rs. 673.34 million, reflected even higher growth of 57.8 per cent despite a 26 per cent increase in income tax for the period, the insurance company said in a media release.
Gross written premium income was up 7.26 per cent to Rs. 3.56 billion while investment and other income grew by a remarkable 21.39 per cent to Rs. 2.31 billion.
Ceylinco Life’s investment portfolio reached Rs. 85.98 billion as at 31st March 2017, representing an increase of Rs. 5.23 billion or 6.48 per cent since 31st December 2016 and Rs. 12.58 billion or 17.14 per cent over the preceding 12 months.
“The figures for the first quarter are impressive, especially in the context of the prevailing volatility and uncertainty in the market,” Ceylinco Life Managing Director/CEO R. Renganathan said. “We believe that our unrelenting focus on business fundamentals and astute investment strategies can be credited for this stellar performance.”
Ceylinco Life paid Rs. 1.6 billion in net benefits and claims in the three months reviewed, a decrease of 7.81 per cent over the corresponding period of last year.
Total assets of the company grew by 5.4 per cent over the three months to Rs. 101.738 billion.