Ceylinco Life maintains market leadership in 2011 with Premium Income of Rs 9.8 bn
Ceylinco Life has recorded total income of Rs 13.698 billion and Gross Written Premium Income of Rs 9.816 billion for the year ending 31st December 2011, reinforcing its position as the country's leading life insurer for the eighth consecutive year, it said in press release.
Within total income, Investment & Other Income grew 12.39 per cent to Rs 3.882 billion, the company has reported to the Colombo Stock Exchange.
Ceylinco Life made a net transfer of Rs 6.3 billion to its Life Fund for the 12 months reviewed, an increase of Rs 917 million or 16.9 per cent over the previous year's transfer. As a result, the Life Fund grew by 19.9 per cent to Rs 38.2 billion as at 31st December 2011.
Ceylinco Life Managing Director R. Renganathan disclosed that this record-breaking performance in rather non-conducive conditions had enabled the company to transfer Rs 700 million to shareholders from the profits made by the Life Fund, and maintain its solvency ratio at above 8 times the statutory requirement. He said growth had come from sales of new policies at an average of nearly 12,000 per month throughout 2011, and from the careful management of investments in the review period.
Total investments of Ceylinco Life grew by Rs 10.632 billion or 36 per
cent to Rs 40 billion at the end of 2011. Ceylinco Life's investment portfolio comprised of Government Securities (32 per cent); Licensed Private Banks (24 per cent); State Banks (21 per cent); Real Estate (12 per cent); Corporate Debt (6 per cent) and Others (5 per cent) at the end of the year under review, the statement said.