Ceylinco Life takes its Life Fund past Rs. 80 bln
View(s):The Life Fund of Ceylinco Life has crossed Rs 80 billion in May 2017, making it the fastest-growing Life Fund in the local industry, the life insurance market leader claimed in a media release this week. The company said this milestone was achieved in a little more than 29 years of operation.
To reach Rs. 81.9 billion at end May 2017, Ceylinco Life’s Life Fund grew by more than Rs. 30 billion or 63 per cent 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.