Ceylinco Life records income of Rs. 36.98 bn in 2020 | Daily News

Ceylinco Life records income of Rs. 36.98 bn in 2020

Premium income grows by 17.9% to Rs. 22.1 bn
Ceylinco Life Chairman R. Renganathan and Managing Director/CEO Thushara Ranasinghe
Ceylinco Life Chairman R. Renganathan and Managing Director/CEO Thushara Ranasinghe

Ceylinco Life has achieved consolidated income of Rs 36.98 billion for FY 2020, demonstrating the Company’s ability to grow business volumes and investment returns even in the most challenging conditions.

This top line growth of 15.2%was made possible by Gross Written Premium Income of Rs 22.07 billion for the 12 months ending 31stDecember 2020 – an increase of 17.9% over 2019 – and investment and other income of Rs 14.9 billion, which was up 11.3%, Sri Lanka’s life insurance leader reports.

The growth in life insurance business resulted in Ceylinco Life retaining its position as the market leader in Sri Lanka’s life insurance sector for the 17th consecutive year.

Ceylinco Life paid Rs 12.2 billion in net claims and benefits to policyholders for the year under review, an increase of 15.7% over the preceding year, and transferred Rs 9.42 billion to its life fund, which grew by 10.94 % to Rs 106.74 billion as at December 31 2020.

The Company’s total assets grew by Rs 17.6 billion over the year at a monthly average of more than Rs 1.4 billion to cross the milestone of Rs 150 billion at the end of the year, while its investment portfolio recorded an increase of 14.36 per cent in value over the 12 months to reach Rs 133.7 billion as at 31st December 2020.

Ceylinco Life Managing Director/CEO Thushara Ranasinghe said: “Technology, determination and innovation kicked in at very short notice, enabling us to keep selling life insurance, process and settle claims, and develop new products, while managing our investments strategically and tactically for best returns. The effects of the pandemic continue to impact the business, but we are confident that our systems and the team’s spirit will keep us on the path of growth.”

Ceylinco Life transferred Rs 4.1 billion to the shareholders’ fund in respect of the 12 months, increasing the shareholder fund to Rs 38.1 billion at the end of the year.

The Company posted profit before tax of Rs 8.77 billion for FY 2020, reflecting an increase of 6.75% over the previous year. Net profit after tax for FY 2020 was Rs. 6.93 billion and reflected an increase of 3.93 % over the previous year. Ceylinco Life’s basic earnings per share for the year amounted to Rs 138.68.