Ceylinco Life’s 6-month PBT up 64% to Rs 1.628 bln
View(s):Life insurance market leader Ceylinco Life has posted profit before tax of Rs 1.628 billion for the six months ending 30th June 2017, up by 64 per cent over the corresponding period of last year.
The profit after tax grew by 59 per cent to Rs 1.357 billion for the six months, with income tax nearly doubling that paid in respect of the first half of 2016, the company said in a media release.
It said the company generated Rs 7.418 billion in Gross Written Premium at the end of the first half and Rs 4.744 billion in investment income, which was up 23 per cent.
Ceylinco Life’s investment portfolio reached Rs 92.417 billion as at end June 2017, representing an increase of Rs 11.666 billion since end December 2016.
“We believe this performance is a good illustration of the momentum that has kept the company ahead of the competition for the past 13 years,” Ceylinco Life Managing Director/CEO R. Renganathan commented. “General business sentiment remains somewhat subdued and the insurance market is fiercely competitive. Nevertheless our continuing emphasis on business fundamentals and judicious investment strategies enables us to maintain the momentum.”
Ceylinco Life paid Rs 3.262 billion in net benefits and claims in the six months reviewed, a decrease of 1 per cent over the corresponding period of last year.