Ceylinco Life has ended 2015 on a characteristically strong note with total 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 life insurance market leader reports that total income for the 12 months ending December 31, 2015 was up 7 per cent over 2014, while Goss Written Premium improved by a noteworthy 12.16 per cent.
The company recorded net profit of Rs 2.060 billion for the year 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 said. However, Ceylinco Life’s investment portfolio increased by a robust 17.35 per cent in value terms to Rs 67.1 billion, while total assets grew by a noteworthy Rs 9.1 billion or 12.9 per cent to Rs 80.2 billion for the review period.
The company’s Life Fund posted net growth of Rs 7.99 billion or 13.31 per cent to reach Rs 68.01 billion at the end of 2015. Ceylinco Life 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.
“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,” Ceylinco Life’s Managing Director and CEO Rajkumar Renganathan said.
Ceylinco Life sold 170,007 new policies in 2015 averaging 14,166 a month, which is satisfactory in the context of the conditions that prevailed, particularly the continuing pressure on disposable incomes in many of the target policyholder segments, the company said. Sales of retirement plans grew by 30% per cent in the 12 months reviewed.
Benefits to policyholders totalled Rs 5.9 billion in 2015, a 21.7 per cent improvement over the previous year.
The life insurance market leader reports that total income for the 12 months ending December 31, 2015 was up 7 per cent over 2014, while Goss Written Premium improved by a noteworthy 12.16 per cent.
The company recorded net profit of Rs 2.060 billion for the year 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 said. However, Ceylinco Life’s investment portfolio increased by a robust 17.35 per cent in value terms to Rs 67.1 billion, while total assets grew by a noteworthy Rs 9.1 billion or 12.9 per cent to Rs 80.2 billion for the review period.
The company’s Life Fund posted net growth of Rs 7.99 billion or 13.31 per cent to reach Rs 68.01 billion at the end of 2015. Ceylinco Life 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.
“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,” Ceylinco Life’s Managing Director and CEO Rajkumar Renganathan said.
Ceylinco Life sold 170,007 new policies in 2015 averaging 14,166 a month, which is satisfactory in the context of the conditions that prevailed, particularly the continuing pressure on disposable incomes in many of the target policyholder segments, the company said. Sales of retirement plans grew by 30% per cent in the 12 months reviewed.
Benefits to policyholders totalled Rs 5.9 billion in 2015, a 21.7 per cent improvement over the previous year.
www.dailynews.lk
No comments:
Post a Comment