Ceylinco Life has achieved consolidated income of Rs. 36.98 billion for FY 2020 showing the company’s ability to grow business volumes and investment returns even in the most challenging conditions.
This top line growth of 15.2 per cent was made possible by Gross Written Premium Income of Rs. 22.07 billion for the 12 months ending December 2020 – an increase of 17.9 per cent over 2019 – and investment and other income of Rs 14.9 billion, which was up 11.3 per cent, Sri Lanka’s top life insurance leader said in a media release.
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, it said.
Ceylinco Life paid Rs. 12.2 billion in net claims and benefits to policyholders for the year under review, an increase of 15.7 per cent over the preceding year, and transferred Rs. 9.42 billion to its life fund, which grew by 10.94 per cent to Rs. 106.74 billion as at end December 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 end December 2020.
“We attribute our strong top line growth to the company’s agile and speedy acclimatisation to the so-called new normal environment thrust upon us by the global pandemic,” 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 per cent over the previous year. Net profit after tax for FY 2020 was Rs. 6.93 billion and reflected an increase of 3.93 per cent over the previous year