Ceylinco Life posts Rs 2 b PAT

Ceylinco Life has ended 2015 on a strong note with an income of Rs 19.89 billion, of which premium income accounted for Rs 13.4 billion, keeping the company at the helm of the life insurance industry for the 12th consecutive year.

The company reported that total income for the 12 months ending December 31, 2015 was up 7 percent over 2014, while Goss Written Premium improved by 12.16 percent.

The company a recorded a net profit of Rs 2.060 billion and transferred Rs 1.8 billion to shareholders.

Investment and other income remained flat at Rs. 6.74 billion, an unsurprising result given the interest rates in effect, the company release said. However, Ceylinco Life's investment portfolio increased by 17.35 percent in value terms to Rs. 67.1 billion, while total assets grew by a Rs. 9.1 billion or 12.9 percent to Rs. 80.2 billion.

The company's Life Fund posted net growth of Rs. 7.99 billion or 13.31 per cent to reach Rs. 68.01 billion. Ceylinco Life's was the fastest company in the local life insurance industry to reach a Life Fund of Rs. 60 billion, a feat it achieved in 2014.

Managing Director and CEO Ceylinco Life, Rajkumar Renganathan said, "We are happy with these results, particularly because they were achieved in a year of unusual challenges, which we were able to overcome without losing our focus on operational performance.