Ceylinco Life tops life insurance market with premium income of Rs.37.14 bn in 2024
View(s):Ceylinco Life has reaffirmed its position at the top Sri Lanka’s life insurance industry with gross written premium income of Rs.37.14 billion and total income of Rs.65.54 billion in 2024, the company’s 21st year of unbroken market leadership.
Premium income grew by a healthy 11.16 per cent, while investment income at Rs.28.4 billion reflected growth of 1.5 per cent, resulting in consolidated income for the year improving by 6.7 per cent, according to the company’s audited financial statements for the ending December 31, 2024, the company said in a media release.
The growth in life insurance business as represented by gross written premium income confirms that Ceylinco Life retained its position as the largest life insurer in Sri Lanka in 2024, by a margin of more than Rs.5.5 billion over the second-placed life insurance company, the statement said.
“The figures tell the story,” commented Ceylinco Life Executive Chairman R. Renganathan. “We have completed the first year of our third decade of market leadership in Sri Lanka’s life insurance industry, thanks to the unwavering trust and confidence of the millions of lives we protect and touch. Ceylinco Life’s demonstrated financial strength and stability, its uncompromising adherence to the core values and principles of its business, and its deep-rooted commitment to the community, remain the bedrock of the company’s growth and progress.”
Ceylinco Life paid Rs.25 billion in net claims and benefits to policyholders for the year under review, an increase of 8.2 per cent over the preceding year, and transferred Rs.23 billion to its Life Fund. As a result, the Life Fund grew by a noteworthy 14.8 per cent to Rs.180.89 billion as at end December.
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