Ceylinco Life declares Rs 955 mln in annual bonuses

Ceylinco Life said this week it had declared a sum of Rs 955 million in annual bonus payments to policyholders from the surplus generated by its Life Fund in 2006.

The bonuses paid out after completion of an annual actuarial valuation of the company’s Life Fund, benefited more than 275,000 eligible policyholders, the company said in a statement.

According to the statutory actuarial valuation of Ceylinco Life’s Life Fund by independent international consulting actuaries Messrs Watson Wyatt Worldwide, the company’s Life Fund stood at Rs 13.9 billion at the end of 2006, up by 17 per cent during the year.

The life solvency margin (the difference between the value of admissible assets and liabilities) maintained by Ceylinco Life’s Life Fund is more than five times that stipulated by the Insurance Industry Act, the company said.