Ceylinco Life remains No 1 for 18th successive year
Ceylinco Life has retained its market leadership in Sri Lanka’s life insurance sector for the 18th consecutive year with gross written premium income growing by 15.8 per cent to Rs 25.565 billion for the 12 months ending 31st December 2021.
With investment and other income of Rs 15.129 billion for the year, the Company ended 2021 with consolidated income of Rs 40.694 billion, an improvement of 10 per cent over 2020. Ceylinco Life’s investment portfolio grew by Rs 20.748 billion or 15.52 per cent over the 12 months to Rs 154.455 billion at the end of the year.
The Company’s Life Fund grew by 12 per cent to Rs 119.634 as at 31st December 2021, consequent to a transfer of Rs 11.803 billion, which was 25 per cent higher than the transfer made in respect of 2020.
Total assets grew by Rs 22.9 billion or 15.23 per cent over the year at a monthly average of more than Rs 1.9 billion to reach Rs 173.762 billion at the end of the year reviewed.
Commenting on the company’s performance in what he described as a year of snowballing challenges, Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe said: “Our figures for 2021 demonstrate the importance of not allowing external factors to distract us from our fundamental purpose, which is to de-risk the future for more and more Sri Lankans through life insurance. The pressures of economic uncertainty and mercurial policies did pose a challenge to most businesses in 2021, but Ceylinco Life maintained its growth momentum by focusing on the evolving needs and concerns of its customer base.”
The Company paid Rs 12.736 billion in net claims and benefits to policyholders for the year under review, an increase of 3.8 per cent over the preceding year, and transferred Rs 4.5 billion to the shareholders fund, which stood at Rs 44.194 billion at the end of 2021.
Ceylinco Life’s basic earnings per share for the year amounted to Rs 137, while net assets value per share stood at Rs 883.88 as at 31stDecember 2021, an increase of 15.8 per cent.