Ceylinco Life doubles 1H pre and post-tax profits
View(s):Ceylinco Life has more than doubled pre and post-tax profits at the end of the second quarter of 2018, sustaining its growth momentum with consistent operational performance.
The life insurance market leader has reported profit before tax of Rs. 3.338 billion for the six months ending June 30, 2018, an increase of Rs. 1.71 billion or 105 per cent over the first half of last year.
Profit after tax for the six months grew by more than Rs. 1.678 billion or 123.68 per cent, while income tax expenses increased by 11 per cent, according to a company media release.
Ceylinco Life’s net income of Rs. 13.274 billion for the period reviewed reflected an improvement of 11 per cent, with net premium income growing 12.29 per cent to Rs. 8 billion and investment income up 10.31 per cent to Rs. 5 billion.
The company’s investment portfolio grew by 11 per cent to Rs. 102 billion as at June 30, 2018.
“It has been an encouraging first half of the year, even considering the fact that the results for the full year of 2017 were positively impacted by a one-off surplus of Rs. 3.456 billion to net profit, generated by a change in the basis of the valuation of Life Funds,” Ceylinco Life Managing Director and CEO Mr. R. Renganathan said.
The company’s Life Fund recorded growth of 3.2 per cent to reach Rs. 84.377 billion at the end of June 2018.
Total assets increased by nearly Rs. 10 billion or 9.3 per cent from end 2017 to Rs. 116 billion at the end of the period under review.
Net claims and benefits paid by Ceylinco Life to policyholders during the six months surpassed Rs. 4.4 billion.