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Ceylinco Life tops Rs 30 bn



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Healthy business growth in the first nine months of FY 2010 has enabled Ceylinco Life to increase its Life Fund to Rs 30.6 billion as at 30th September 2009, achieving a noteworthy YoY growth of 15.8 per cent, the company announced.


Figures filed with the Colombo Stock Exchange by the life insurance market leader show that Ceylinco Life made a net transfer of Rs 4,169 million to its Life Fund for the nine months, 21 per cent more than the Rs 3,446 million transferred in the corresponding period of last year.


The value of the company’s investments grew by nearly 20 per cent or Rs 4,664 million to Rs 28 billion in the period reviewed, while Total Assets increased by 14 per cent to Rs 34.9 billion.


Total income for the nine months exceeded Rs 8.5 billion, growing nearly 8 per cent, helped by Premium Income of Rs 6 billion (up 9.6 per cent) and Investment and Other Income of Rs 2.45 billion, which improved by 3.6 per cent over the first nine months of 2009.


"The growth achieved at the end of the third quarter is very encouraging and confirms that Ceylinco Life remains the most successful life insurer in Sri Lanka," the company’s Managing Director and CEO R. Renganathan said. "We expect to end 2010 as the market leader for the seventh successive year."


Ceylinco Life’s 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). In the period reviewed, the company’s investment portfolio comprised of Government Securities (38 per cent); Licensed Private Banks (14 per cent); State Banks (24 per cent); Real Estate (12 per cent); Corporate Debt (6 per cent) and Others (6 per cent).


The company’s solvency margin, another key indicator of financial health, had improved further in the nine months reviewed, and stood at more than eight times (8.82) the statutory requirement as at 30th September 2010.


Recognised as one of the country’s most valuable brands, and the 2009 winner of the World Brand Congress Overall Brand Excellence Award, Ceylinco Life has a market share of more than 31 per cent according to the IBSL’s 2009 figures, and has maintained its leadership of the country’s long term insurance sector from 2004 onwards through an uncompromising adherence to fundamentals and best practice.


The company has deployed a sales team of 5,000 trained insurance professionals who work out of 184 branches island-wide, the largest network in the life insurance sector.


 
 
 
 
 
 
 
 
 
 
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