Ceylinco Life has ended FY 2010 with total income of Rs 12.2 billion and Gross Written Premium income of Rs 8.786 billion, consolidating its position as Sri Lanka’s largest life insurer for the seventh successive year.
Noteworthy improvements in all key performance indicators pertaining to long term insurance generated solid overall business growth for the company, notwithstanding the fact that disposable incomes in most target segments remained flat during the year, the company said.
Ceylinco Life’s Life Fund grew by a healthy 20.5 percent to Rs 31.868 billion, following a net transfer of Rs 5.418 billion during the year, while Investments grew by 25.7 percent to Rs 29.376 billion. Total assets increased by 20.6 percent to Rs 36.956 billion as at December 31, 2010.
The valuation of the Life Insurance Fund as at December 31, 2010 was done by Towers Watson Risk Consulting (Pvt) Ltd.,
according to which a sum of Rs 600 million was recommended to be transferred from the surplus on life insurance business to the Shareholders’ Fund for the year 2010. Consequently, a net of Rs 591 million was contributed to the Rs 939 million consolidated net profit of the company after deducting expenses attributable to shareholders.
In other key indicators, the company’s premium income recorded a growth of 17 percent over 2009, while total income increased by 12.5 percent investment and other income improved by three percent to Rs 3,454 million.
The company sold 157,682 new life policies in the year reviewed despite the non-conducive socioeconomic environment, and had paid Rs 2,757 million in customer benefits.
Ceylinco Life’s investment portfolio, valued at more than Rs 29 billion as at December 31, 2010, comprised Government securities (38 percent); licensed private banks (17 percent); state banks (22 percent); Real Estate (12 percent); corporate debt (7 percent) and others (4 percent), the company disclosed.
source - www.dailynews.lk
No comments:
Post a Comment