Life insurance leader Ceylinco Life has achieved a 40 per cent growth in investment income in the nine months ending 30th September 2009, following strong growth in income from government securities and bank deposits.

Releasing details of performance to the end of the third quarter, the company said Investment Income had exceeded Rs 2,372 million, with the two largest components, Bank Deposits and Government Securities growing nearly 42 per cent and 71 per cent respectively over the corresponding nine months of last year.

Ceylinco Life’s Life Fund stood at Rs 24.7 billion as at 30th September, reflecting a healthy growth of more than 16 per cent since 31st December 2008, the company said. Net transfers to the Life Fund in the period reviewed exceeded Rs 3,446 million.

Investments pertaining to the Life Fund are made in conformity with the investment guidelines stipulated under the Regulation of the Insurance Industry Act No 43 of 2000. These investments are subject to regular monitoring by the Insurance Board of Sri Lanka (IBSL).

Ceylinco Life’s total investments at the end of the 3rd quarter totaled Rs 22.4 billion. Total Assets grew 14.5 per cent to Rs 28.7 billion.

"These figures demonstrate the quality of the company’s investment portfolio in these times of volatility," Ceylinco Life Deputy Chairman R. Renganathan said. They also show that Ceylinco Life continues to maintain its business momentum despite the tough environment."

He disclosed that the company had sold nearly 119,000 new policies in the nine months reviewed, at an average of more than 13,204 per month. Gross Written Premium for the nine months topped Rs 5,536 million.

Net Customer Benefit Claims had also grown by more than 32 per cent to Rs 2,073 million as at 30th September, 2009, Renganathan added.