Ceylinco Life’s 9-month PBT up 53% to Rs 2.5 bln
View(s):Ceylinco Life, in an announcement on Monday, reported ‘exceptionally strong profit growth’ for the nine months ending September 30, 2017 with pre-tax profit up 53 per cent to Rs. 2.5 billion and net profit growing 47 per cent to Rs. 2 billion.
The company has recorded net income of Rs. 18.7 billion for the period, an increase of 11 per cent, with premium income accounting for Rs. 11.48 billion and investment income contributing Rs. 7.24 billion.
Investment income grew by a healthy 21 per cent in the review period, reflecting the success of the investment strategies implemented by the company, with an investment portfolio that stood at Rs. 94.11 billion as at end September, up 17 per cent over the nine months, the company statement said.
Total assets of Ceylinco Life improved by 15.4 per cent to Rs. 111.3 billion at the end of the period reviewed.
The company’s Life Fund, which totalled Rs. 81.8 billion in May this year, reached Rs. 85.2 billion by end September. The Life Fund’s growth over the nine months reviewed was Rs. 7.3 billion or 9 per cent.
“Our performance in 2017 has been noteworthy by any standards,” Ceylinco Life Managing Director R. Renganathan commented. “We started the year with a strong first quarter and have maintained the momentum through an unwavering focus on operational fundamentals – widening our policyholder base and managing our investments – in order to maximise returns for policyholders and shareholders.”
He said Ceylinco Life had also paid Rs. 5.2 billion in gross benefits and claims during the nine months reviewed, an ncrease of 4 per cent over the figure for the corresponding period of last year.
The company’s investment portfolio as at end September comprised Government Securities (52.7 per cent); Fixed Deposits (14.6 per cent); Real Estate (7.7 per cent); Corporate Debt (24.8 per cent) and others (0.2 per cent).