Ceylinco Life posts impressive premium income growth

• Premium income improves by 14.6% to Rs.33.4bn
• Pays Rs.23bn in net claims and benefits to policyholders
• Life Fund grows by 16.8% to Rs.157.5bn
• CAR improves to 344% nearly triple minimum requirement

Ceylinco Life has achieved the milestone of two decades of unbroken market leadership in Sri Lanka’s life insurance industry, posting impressive premium income and consolidated income growth in the year ending on December 31, 2023.

Th policyholders received a record Rs.23 billion in net claims and benefits in 2023, up by 22 percent year-on-year, as the company posted a gross written premium income of Rs.33.41 billion and investment and other income of Rs.28 billion, reflecting improvements of 14.6 percent and 39.5 percent, respectively.

Consequently, the consolidated income for the 12 months, at Rs.61.4 billion represented a top line growth of 24.7 percent, a noteworthy achievement in the context of the socioeconomic challenges that prevailed in the year, the company said.

Ceylinco Life’s Fund grew by Rs.23 billion or 16.8 percent to Rs.157.5 billion as at December 31, 2023, after a transfer of Rs.1.97 billion to the Shareholders Fund in respect of the year.
Total assets grew by Rs.33.2 billion or 17.3 percent to reach Rs.224.7 billion at the end of 2023, while the company’s investment portfolio recorded an increase of Rs.32.2 billion or 19.4 percent in value over the 12 months to reach Rs.198.1 billion as at December 31, 2023.

“Economic and political uncertainty continued to preoccupy businesses as well as consumers in the year concluded, making investment decisions more difficult,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe commented.

“Our ability to continue to outperform the competition to record our 20th consecutive year of market leadership is a clear demonstration of the depth of the trust and confidence that Ceylinco Life has built for its proposition of derisking the future for policyholders.”

Notably, Ceylinco Life’s risk-based capital adequacy ratio (CAR) improved to 344 percent at end-2023, well above the minimum CAR of 120 percent required by the industry regulator.
The company’s basic earnings per share for the year amounted to Rs.116.04, while net assets value per share stood at Rs.1087.47 as at December 31, 2023. Return on equity for the year was 10.7 percent.