Steady growth of its life insurance business and strong investment gains saw Ceylinco Life generate total income of Rs. 7.17 billion in the first quarter of 2019, achieving healthy growth of 10.7 per cent over the corresponding three months of last year.
In a media release, the life insurance leader has reported that premium income for the quarter improved by 7 per cent to Rs.4.276 billion, while investment income grew by 16.4 per cent to Rs.2.897 billion in the three months reviewed. Net income, at Rs.7.041 billion reflected growth of 10.7 per cent.
Total assets increased by Rs. 9.512 billion or 8 per cent since 31st December 2018 to Rs. 127.571 billion as at 31st March 2019, while the company’s Life Fund grew by Rs. 1.33 billion over the three months to Rs. 89.379 billion.
Ceylinco Life paid out Rs. 2.389 billion as net claims and benefits in the quarter reviewed, an increase of 15.1 per cent over the Rs. 2.076 billion paid in the first three months of 2018.
The company reported profit before tax of Rs. 1.85 billion and net profit of Rs. 1.363 billion for the three months, 38 per cent and 52 per cent lower than the figures for the corresponding quarter.
The transfer to shareholders’ profit for the first quarter of 2019 was Rs. 1.1 billion, the company said.
Net profit for the reviewed quarter was also impacted by income tax nearly tripling, from Rs. 169.9 million in Q1 2018 to Rs. 487.4 million, an increase of Rs. 317.5 million or 186 per cent, as a result of the new tax law that came into effect from 1st April 2018.
“Disregarding the impacts of changes in tax laws and accounting practices, the first quarter of the year reflects solid operational growth that is encouraging,” Ceylinco Life Managing Director Thushara Ranasinghe said. “However a deterioration in market sentiment following the incidents of April 2019 is likely to have a negative effect on most businesses including life insurance, but Ceylinco Life is confident it has the inherent strength to face the challenges.”
Ceylinco Life ended 2018 with assets of Rs. 118 billion, total income of Rs. 29.21 billion, premium income of Rs. 17.8 billion, a Life Fund of Rs. 88.05 billion, an investment portfolio with a value in excess of Rs. 103.74 billion and net profit of Rs. 5.79 billion.
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