Ceylinco Life’s 9-month net profit up 62% to Rs. 3.28 bn
View(s):Constant fluctuations in the prices of essential commodities and political instability are not conducive for most businesses, with sectors like insurance being more vulnerable than others when there is pressure on incomes, said the country’s largest life insurance company.
In this context, explained Ceylinco Life Managing Director R. Renganathan, sustaining healthy growth in this environment is therefore a noteworthy achievement.
In a statement to the media, he said that overall, the year to date has been extremely satisfactory for the company, “especially in the context of the rather mercurial conditions that prevailed in the country.”
The statement said Ceylinco Life continued the strong first half performance into the third quarter of the year, posting impressive top and bottom line growth for the nine months ending September 2018.
Profit before tax of Rs.3.734 billion for the period reflected growth of 48 per cent over the corresponding nine months of 2017. Net profit improved by an even stronger 62 per cent to Rs. 3.28 billion.
Total income for the nine months was up 10 per cent to Rs. 20.6 billion, with net premium income growing by 12.7 per cent to Rs. 12.588 billion and investment and other income increasing by 6 per cent to Rs. 8 billion, the company said.
Ceylinco Life’s investment portfolio grew by 14 per cent to Rs. 105 billion, while its Life Fund stood at Rs. 86.7 billion as at end September, a growth of Rs. 2.36 billion over the third quarter alone, and an increase of Rs. 5 billion over the nine months since the end of 2017.
Ceylinco Life paid net claims and benefits totalling Rs.7.18 billion for the nine months reviewed, on par with the corresponding period of last year.