Sept 18, Colombo: Sri Lanka's largest and most successful life insurer, Ceylinco Life has announced that its Life Fund exceeded Rs. 50 billion in August taking the market leader past another milestone.
In a stock market disclosure, the insurer said the company transferred Rs. 5.439 billion to its Life Fund in the first eight months of 2013 swelling the fund to Rs.50.549 billion at the end of August.
The Company which celebrated its 25th anniversary on January 14, 2013 crossed the Rs. 10 billion mark in December 2012.
During this period Gross Written Premium income grew by more than 9 percent to Rs. 7.372 billion and investment and other income improved by 45.5 percent to Rs. 4.088 billion, taking total income to Rs. 11.3 billion, the company reported.
Ceylinco Life's investment portfolio increased by a healthy 16.4 percent in value to Rs. 51.4 billion and total assets exceeded Rs.62.3 billion with an Year-To-Date growth of 17.4 percent.
Net claims and benefits paid during the first eight months of 2013 had grown 56.8 percent to Rs. 3.236 billion.
"We have continued to maintain growth despite the constraints impacting growth of the life insurance sector," Ceylinco Life's Managing Director and CEO R. Reganathan said.
"Chief among there is the pressure on disposable income, which compels people to make buying life insurance protection a low priority," he said.
He said the company's performance in the face of the challenging conditions is principally attributed to the quality of its people, its products and its focus on fundamentals.