Ceylinco Life’s record Rs 1.2 bln in annual bonuses

Ceylinco Life has declared a colossal Rs 1.2 billion in annual bonuses to 270,000 policyholders from the surplus generated by its Life Fund in 2007, the company said. As much as 90 per cent of the surplus generated from the participating business has been reserved for payment of bonuses to participating policies this year.

This year’s bonus payout reflects an increase of 24.6 percent over the Rs 955 million paid by the company last year. According to the statutory actuarial valuation of Ceylinco Life’s Life Fund by the eminent independent international consulting actuaries Messrs Watson Wyatt Worldwide, the company’s Life Fund stood at Rs 16.8 billion at the end of 2007, indicating a healthy growth of 21 per cent during the year.

“Ceylinco Life declares bonuses from the very first year of issue of a policy, enabling even a policyholder who obtained a policy in December 2007 to receive a bonus allotment as at 31st December,” Ceylinco Life Director Amali Seneviratne said.