Sri Lanka's life insurance market for 16th consecutive year with Rs.6.7 billion in premium income
Ceylinco Life's consolidated revenue rose to Rs. 32.1 billion for the financial year ended December 31, 2019, up 9.9% from a year earlier.
Sri Lanka's life insurance leader has reported gross premium income of Rs. 18.7 billion for the current financial year, an increase of 5% over the previous year, or Rs. Investment income and other income rose to Rs 13.4 billion, an increase of 17.5% over the previous year.
The company has been in the forefront of life insurance for 16 consecutive years in terms of premium income earned in 2019.
Ceylinco Life posted a PBT of Rs 8.2 billion for the financial year 2019, up 14.7% YoY. Significantly, net profit increased by 15.1% to Rs. 6.7 billion.
Ceylinco Life's Managing Director and CEO Thushara Ranasinghe said: The financial statements made by the corporations in the past year clearly show that last year was a challenging year for financial services companies. We achieved this performance because over the years we have had a vision of the core tenets of our business and always protected our core values.
For the year ended December 31, 2019, Ceylinco Life's investment portfolio increased by 12.7% to Rs 116.9 billion, while total liabilities increased by 13% to Rs 133.4 billion.
The company's Life Fund rose 9.2 percent to 96.2 billion rupees, while shareholders' funds rose 3.9 billion rupees to 31.5 billion rupees.
The company paid out Rs 10.6 billion in net claims and benefits to policyholders in FY 2019, an increase of 8.1% over 2018.
Ceylinco Life has been in the forefront of Sri Lanka's life insurance sector for the past 32 years. Ceylinco Life's active policies cover nearly one million lives. Ceylinco Life is a benchmark for innovation in the local insurance industry in terms of its innovative products and development, customer service, professional development and corporate social responsibility.
Ceylinco Life has been adjudged the Most Valuable Life Insurance Brand in Sri Lanka by 2019, and was adjudged one of the 10 most respected companies in Sri Lanka by the International Chamber of Commerce Sri Lanka that year. The company has been recognized as the country's best life insurer for the sixth consecutive year by World Finance in 2019, and by Slim-Nielsen as the country's most popular life insurer for 13 consecutive years.
Ceylinco Life's consolidated revenue rose to Rs. 32.1 billion for the financial year ended December 31, 2019, up 9.9% from a year earlier.
Sri Lanka's life insurance leader has reported gross premium income of Rs. 18.7 billion for the current financial year, an increase of 5% over the previous year, or Rs. Investment income and other income rose to Rs 13.4 billion, an increase of 17.5% over the previous year.
The company has been in the forefront of life insurance for 16 consecutive years in terms of premium income earned in 2019.
Ceylinco Life posted a PBT of Rs 8.2 billion for the financial year 2019, up 14.7% YoY. Significantly, net profit increased by 15.1% to Rs. 6.7 billion.
Ceylinco Life's Managing Director and CEO Thushara Ranasinghe said: The financial statements made by the corporations in the past year clearly show that last year was a challenging year for financial services companies. We achieved this performance because over the years we have had a vision of the core tenets of our business and always protected our core values.
For the year ended December 31, 2019, Ceylinco Life's investment portfolio increased by 12.7% to Rs 116.9 billion, while total liabilities increased by 13% to Rs 133.4 billion.
The company's Life Fund rose 9.2 percent to 96.2 billion rupees, while shareholders' funds rose 3.9 billion rupees to 31.5 billion rupees.
The company paid out Rs 10.6 billion in net claims and benefits to policyholders in FY 2019, an increase of 8.1% over 2018.
Ceylinco Life has been in the forefront of Sri Lanka's life insurance sector for the past 32 years. Ceylinco Life's active policies cover nearly one million lives. Ceylinco Life is a benchmark for innovation in the local insurance industry in terms of its innovative products and development, customer service, professional development and corporate social responsibility.
Ceylinco Life has been adjudged the Most Valuable Life Insurance Brand in Sri Lanka by 2019, and was adjudged one of the 10 most respected companies in Sri Lanka by the International Chamber of Commerce Sri Lanka that year. The company has been recognized as the country's best life insurer for the sixth consecutive year by World Finance in 2019, and by Slim-Nielsen as the country's most popular life insurer for 13 consecutive years.
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