Investment income up 40%
Life insurance leader Ceylinco Life achieved a 40% growth in investment income in the nine months ended September 30, 2009, following strong growth in income from government securities and bank deposits.
Releasing details of performance to the end of the third quarter, the company said Investment Income exceeded Rs 2,372 million with the two largest components, Bank Deposits and Government Securities growing by nearly 42 and 71% respectively, year on year (y.o.y.).
Ceylinco Life’s Life Fund stood at Rs 24.7 billion as at September 30, reflecting a healthy growth of more than 16% since December 31, 2008.
Net transfers to the Life Fund in the period reviewed exceeded Rs 3,446 million.
Investments pertaining to the Life Fund are made in conformity with investment guidelines stipulated under the Regulation of the Insurance Industry Act No 43 of 2000.
These investments are subject to regular monitoring by the Insurance Board of Sri Lanka (I.B.S.L.).
Ceylinco Life’s total investments at the end of the 3rd quarter totalled Rs 22.4 billion.
Total Assets grew 14.5% to Rs 28.7 billion.
“These figures demonstrate the quality of the company’s investment portfolio in times of volatility,” Ceylinco Life Deputy Chairman R. Renganathan said. They also show that Ceylinco Life continues to maintain its business momentum despite the tough environment.”
He disclosed that the company had sold nearly 119,000 new policies in the nine months reviewed, at an average of more than 13,204 per month. Gross Written Premium for the nine months topped Rs 5,536 million.
Net Customer Benefit Claims had also grown by more than 32% to Rs 2,073 million as at September 30, 2009, Renganathan added.
Early this month (November), Ceylinco Life was honoured on the global stage for brand excellence when the company was presented with the Overall Brand Leadership Award at the 2009 Global Awards of the World Brand Congress.
The company also won the Bronze award in the Service Brand of the Year category at the Brand Excellence Awards of the Sri Lanka Institute of Marketing.
Ceylinco Life has more than 750,000 lives covered by active policies and ended 2008 with premium income of Rs 8.2 billion. According to I.B.S.L.’s latest annual report, the company’s share of the local life insurance market is nearly 35%.
