Ceylinco Life’s Life Fund crosses Rs 50 b

Ceylinco Life's Life Fund exceeded Rs 50 billion in August this year, a media release from the company stated.

The company transferred Rs 5.439 billion to its Life Fund for the first eight months of the year, swelling the fund to Rs 50.549 billion at the end of August.

During this period, Gross Written Premium Income grew by more than 9 percent to Rs 7.372 billion, and investment and other income improved by 45.5 percent to Rs 4.088 billion, taking the total income to Rs 11.3 billion, the company reported.

Ceylinco Life’s investments portfolio increased by 16.4 percent to Rs 51.4 billion and total assets exceeded Rs 62.3 billion with an YTD growth of 17.4 percent.

Net claims and benefits paid during the first eight months of 2013 grew 56.8 percent to Rs 3.236 billion, company sources said.

“We have maintained growth despite the constraints impacting growth of the life insurance sector,” Ceylinco Life’s Managing Director and CEO R. Renganathan said. “Chief among these is the increasing pressure on disposable income, which compels people to make buying life insurance policies a low priority.”

He said the company’s performance in the face of challenging conditions is principally attributable to the quality of its people, its products and focus on fundamentals.