Ceylinco Life’s 9-month net profit up 62-pct to Rs3.28Bn
Nov. 15, 2018 (LBO) - Sri Lanka's Ceylinco Life has reported profit before tax of 3.734 billion rupees for the period nine months ending 30th September 2018.
The life insurance player 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.
Basic earnings per share for the period increased by Rs 25.14 from Rs 40.59 for the nine months ending 30th September 2017.
Ceylinco Life commenced operations on 14th January 1988, and has been the market leader in Sri Lanka’s life insurance industry for 14 of the 30 years it has been in operation. Adjudged Sri Lanka’s Best Life Insurer by World Finance for the past four years, the company has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance industry for innovation, product research and development, customer service, professional development and corporate social responsibility.