Ceylinco Life closes 2019 with PBT of Rs. 8.2 billion, revenue Rs. 32.1 billion
View(s):Ceylinco Life closed 2019 on a characteristically strong note, with consolidated income of Rs. 32.1 billion for the 12 months ending December 2019, reflecting top line growth of 9.9 per cent.
The life insurance frontrunner reported gross written premium income of Rs. 18.7 billion, an increase of Rs. 906 million or 5 per cent over 2018, and investment and other income of Rs. 13.4 billion, an improvement of 17.5 per cent, it said in a media release.
The company has posted profit before tax of Rs. 8.2 billion, up 14.7 per cent and net profit of Rs. 6.7 billion, a robust growth of 15.1 per cent.
“These figures are impressive by any standards considering the depressed economic conditions they were achieved in,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe said. “It was a challenging year for financial services companies, as is evident from the results already published by many. We attribute our performance to our unwavering focus, sharpened over many years, on the fundamental principles of our business and on strict conformity with core values at all times.”
Ceylinco Life’s investment portfolio grew by 12.7 per cent over the 12 months to Rs. 116.9 billion as at end December 2019, while total assets increased by 13 per cent to Rs. 133.4 billion.
The company’s Life Fund grew by 9.2 per cent to Rs. 96.2 billion. Shareholders’ funds increased by Rs. 3.9 billion during the year to Rs. 31.5 billion.
Ceylinco Life paid Rs. 10.6 billion in net claims and benefits to policyholder, which reflects an increase of 8.1 per cent over the figure for 2018.