Ceylinco Life’s 9-month net profit up 62% to Rs. 3.2 bn
Ceylinco Life has carried its strong first half performance into the third quarter of the year, posting impressive top and bottom line growth for the nine months ending 30th September 2018.
Sri Lanka’s life insurance market leader has reported profit before tax of Rs 3.734 billion for the period, reflecting 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 30th September 2018, 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.
Total assets increased by Rs 12.29 billion or 11.6 per cent from end 2017 to stand at Rs 118.38 billion at the end of the period under review.
“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,” Ceylinco Life Managing Director R. Renganathan commented.
“Constant fluctuations in the prices of essential commodities and political instability are not conducive to most businesses, and sectors like insurance are more vulnerable than others when there is pressure on incomes. Sustaining healthy growth in such an environment is therefore a noteworthy achievement.”
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.
Basic earnings per share for the period increased by Rs 25.14 from Rs 40.59 for the nine months ending 30th September 2017.