Ceylinco Life's six-month income up 14%

Ceylinco Life has reported that total income grew 14 per cent to Rs 11.028 billion in the six months ending June 30, 2016, with robust growth in both gross written premium and income from investments enabling the life insurance leader to consolidate its position at the helm of the sector, a company press release said.

Gross premium income at the end of the first half of the year totalled Rs 7.173 billion, reflecting a growth of 12 per cent over the corresponding six months of 2015, the company said.

Investment income improved by a healthy 18.2 per cent to Rs 3.855 billion in the six months reviewed, taking Ceylinco Life's investment portfolio to Rs 72.792 billion, representing an increase of Rs 11.568 billion over the preceding 12 months. The company's Life Fund stood at Rs 72.183 billion as at June 30, 2016, a growth of nearly Rs 7 billion since the end of the second quarter of last year. "Conditions for selling life insurance remain tough, but our strong focus on fundamentals and the solid platform of market leadership we have built over the past 12 years enables the company to maintain its momentum," Ceylinco Life Managing Director/CEO, R. Renganathan said.

"Our market leadership represents the trust and confidence the company has built," he said.

Total assets of the company grew by 7.7 percent over the six months to Rs 86.4 billion, a company release said.