|
|
 |
 |
| Sunday, 11 May 2003 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Rs 330m bonus for Ceylinco Life policyholders Ceylinco Life has announced the disbursement of a record Rs 330 million in bonuses to policyholders for 2002, following the results of an actuarial valuation of the company's Life Fund. The company said more than 133,000 policyholders would receive these bonus payments, which reflect the financial stability and strong financial performance of Ceylinco Life. The actuarial valuation of the company's Life Fund, which stood at Rs 6.9 billion as at December 31, 2002, shows that Ceylinco Life's solvency margin is more than three times the minimum level required by statute. The Life Fund grew by 32 per cent in 2002, recording a healthy surplus from which bonus payments are made. Ceylinco Life's annual actuarial valuation of its Life Fund is independently certified by Watson Wyatt Worldwide, a leading international firm of actuarial consultants. Ceylinco Life Director and General Manager R. Renganathan said: "We are encouraged to better these results in the current year". Amali Seneviratne, Director and Actuary stated that a significant feature of Ceylinco Life's bonus payments is that they reflect the company's commitment to consistently deliver more than promised to policyholders. Citing an example, she said a policy maturing after 15 years in 2003 with a guaranteed sum assured at maturity of Rs 100,000 would actually receive a maturity value of 167,900, or 67.9 per cent more than the promised value. Renganathan also announced that the company, as it did last year, would also pay special cash bonuses in the form of pension plans for policyholders who have kept their policies active for 10 years and 15 years with the company. These payments would be over and above what they would receive as normal bonus payments. Commenting on the statutory requirements, he disclosed that although the law requires that 30 per cent of Life Fund assets be invested in government securities, Ceylinco Life had invested more than 65 per cent of its Life Fund in government securities, as a prudent investment policy. Ceylinco Life reported a record Rs 2.351 billion in premium income in 2002, outperforming its closest rival in the private sector by more than Rs 500 million in terms of premium income, while the company's Life Fund was more than a billion rupees bigger than that of the second placed insurer in the sector. |
|
News | Business | Features
| Editorial | Security Produced by Lake House |
