Premium income tops Rs 7.5 billion:

Ceylinco Life ends 2009 on top

Life fund grows to Rs 25.6 billion:

Releasing its unaudited figures Ceylinco Life said its Life Fund grew 20.3 percent to Rs 25.6 billion, an increase of Rs 4,321 million during the year. Investment income has grown by 28.4 percent to Rs 3,350 million. The company’s Gross Written premium has exceeded Rs 7.5 billion.

Deputy Chairman R. Renganathan

The company sold more than 159,000 new life policies in the year reviewed at an average of 13,250 per month, despite the adverse socioeconomic environment.

It has paid Rs 2,756 million in customer benefits (up 24.8 per cent), inclusive of Rs 485 million paid as claims, all positive indicators of growth and financial strength.

“Our performance in what was undoubtedly the most difficult year in the company’s history is most encouraging and illuminating,” Ceylinco Life Deputy Chairman R. Renganathan said. “Adversity is the best test of a company’s mettle, and our figures show that we have ended the year with flying colours.”

He said the company’s solvency margin, another key indicator of financial health, had improved further in the year under review, and stood at six times the statutory requirement as at November 30, 2009.

Identifying shrinking disposable incomes in target customer segments as one of the challenges to the growth of insurance, Renganathan said the company had responded by developing innovative products that made insurance more affordable and invested in initiatives to improve awareness of the need for life insurance.

Investments had grown 20 percent to Rs 23.3 billion in the year reviewed, while total assets increased 19.5 percent to Rs 29.9 billion.

Overall, our performance in 2009 provides a solid platform for growth, although premium income declined marginally as expected during the year. The fact that the company maintained a substantial lead over the competition despite this decline, is the best indicator of our potential,” Renganathan said.