Ceylinco Life pays Rs. 2.87 bln in claims, benefits to policyholders in Q1

Ceylinco Life has announced the payment of Rs.2.87 billion in gross benefits and claims to policyholders in the three months ending March 31, 2020, an increase of 17.7 per cent over the first quarter of 2019.

“Unfazed by the projected adverse impacts of the COVID-19 pandemic, Sri Lanka’s life insurance market leader demonstrated its commitment to its core business by transferring Rs.1.81 to its Life Fund in respect of the first quarter of the year, taking the fund to Rs. 98.12 billion as at end March 2020,” the company said in a media release.

Healthy volume gains in core business and investments before the COVID-19 necessitated shutdown of businesses in mid-March enabled Ceylinco Life to generate gross income of Rs. 8.11 billion for the three months, with Gross Written Premium Income growing by 10.5 per cent to Rs. 4.73 billion, an increase of 16.6 per cent to Rs. 3.38 billion.

“This was a good start to a year that is going to be extremely challenging,” Ceylinco Life Chairman R. Renganathan said in the release. “What our first quarter performance does is underline the inherent strength and stability of Ceylinco Life and demonstrate the company’s determination to face external challenges and overcome them. While every business sector is expected to be adversely affected by the shutdowns necessitated by the pandemic, businesses like Ceylinco Life which are fundamentally sound are better geared to weather the crisis.”

Ceylinco Life Managing Director Thushara Ranasinghe said the company’s unwavering focus on best practices in the sphere of life insurance as well as its strong and proven credentials in astute investment management underpin its financial strength and stability.

Ceylinco Life’s total assets grew by 12 per cent over the three months reviewed to Rs 149.6 billion as at end March.