Ceylinco Life records Rs 18.54 b income

Ceylinco Life reported a total income of Rs 18.54 billion for the 12 months ending December 31, 2014 with premium income of Rs 12 billion, retaining its position as the country's largest life insurer for the 11th consecutive year.

Gross written premium income recorded an increase of 7.9 percent over the previous year, while investment income improved by 1.78 percent in the review period to Rs 6.83 billion, the company said in a filing with the Colombo Stock Exchange.

The value of Ceylinco Life's investment portfolio appreciated by 12.72 percent to Rs 57.2 billion, a noteworthy growth in the context of the generally lower rates of return on interest bearing assets during the year.

Total assets grew by Rs 7.12 billion or 11.14 percent to Rs 71.07 billion.

The company's Life Fund recorded a net growth of Rs 7.26 billion or 13.75 percent over the 12 months to Rs 60.02 billion at the end of the year in a strong indication of the financial strength of Ceylinco Life, a company official said.

"It was a tough year, but our unwavering focus on business fundamentals and prudent investment enabled the company to post an impressive performance without being distracted by challenges or extraneous matters," Ceylinco Life's Managing Director and CEO R. Renganathan said.

"These results are also an irrefutable indication that Ceylinco Life continues to enjoy the trust and confidence of policyholders and prospective customers," he said.

Ceylinco Life sold 139,777 new policies in 2014 at an average of 11,648 per month, with improved sales of retirement plans contributing to the growth in premium income in the year under review.

The company's policyholders received more than Rs 4.8 billion in benefits in 2014. This included maturity and other survival benefits, claims and annual bonuses.