Ceylinco Life pays Rs. 19 bn in net claims and benefits to policyholders in 2022

Ceylinco Life policyholders received a mammoth Rs. 18.9 billion in net claims and benefits in 2022, as the company achieved its 19th consecutive year of market leadership in Sri Lanka’s life insurance sector with gross written premium income of Rs. 29.16 billion for the 12 months ending 31st December.

Premium income grew by a healthy 14 per cent despite the unprecedented challenges of the year, and the figure of Rs. 18.9 billion for net claims and benefits represented a growth of 48.9 per cent over the Rs. 12.7 billion paid in respect of 2021, and was the highest net claims and benefits paid in Ceylinco Life’s history, the company said in statement.

Total revenue for the year grew by 21 per cent to Rs. 49.2 billion, with investment and other income improving by 33 per cent to Rs. 20 billion.

Ceylinco Life’s total assets grew by Rs. 17.8 billion or 10.2 per cent to stand at Rs. 191.5 billion at the end 2022, while its investment portfolio recorded an increase of 7.4 per cent in value over the 12 months to reach Rs. 165.9 billion as at 31st December 2022.

“Our performance in a year that saw disposable incomes contract alarmingly due to the additional financial burdens placed on the populace, reflects the value of the trust and confidence we have built over more than three decades, and the importance of our unrelenting focus on business fundamentals,” Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe said.

Ceylinco Life’s basic earnings per share for the year amounted to Rs. 152.64, an improvement of 12.7 per cent while net assets value per share stood at Rs. 987.98 as at 31st December 2022. Return on assets for the year was 3.98 per cent and return on equity 15.45 per cent.