Life insurance leader reports strong growth in premium and investments Ceylinco Life’s total income has increased by 14 percent to Rs 11.03 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.
Gross premium income at the end of the first half of the year totalled Rs 7.17 billion, reflecting a growth of 12 percent over the corresponding six months of 2015, the company said.
Investment income improved by a healthy 18.2 percent 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, principally through its financial strength, fulfillment of promises and its unwavering commitment to policyholders.”
Ceylinco Life paid Rs 3.28 billion in net benefits and claims to policyholders in the six months reviewed, an increase of 18 percent over the corresponding period of last year.
Total assets of the company grew by 7.7 percent over the six months to Rs 86.4 billion.
Gross premium income at the end of the first half of the year totalled Rs 7.17 billion, reflecting a growth of 12 percent over the corresponding six months of 2015, the company said.
Investment income improved by a healthy 18.2 percent 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, principally through its financial strength, fulfillment of promises and its unwavering commitment to policyholders.”
Ceylinco Life paid Rs 3.28 billion in net benefits and claims to policyholders in the six months reviewed, an increase of 18 percent over the corresponding period of last year.
Total assets of the company grew by 7.7 percent over the six months to Rs 86.4 billion.
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