Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Ceylinco Life reports enhanced net profit of Rs. 9.4 billion for 2017
Thu, May 24, 2018, 11:50 am SL Time, ColomboPage News Desk, Sri Lanka.

May 24, Colombo: Ceylinco Life has announced that its net profit for the year ending 31st December 2017 was Rs 9.467 billion, including a one-off surplus of Rs 3.456 billion generated by a change in the basis of the valuation of Life Funds under Section 96A of the Regulation of Insurance Industry Act No 43 of 2000.

On the same basis, the Company's profit before tax has been re-stated as Rs 9.807 billion, the company said.

Consequently, Ceylinco Life's Earnings per Share for the 12 months increases to Rs 189.35 from Rs 120.22 prior to the change mandated by the Insurance Regulatory Commission of Sri Lanka (IRCSL), and reflects an increase of Rs 127.77 since 31st December 2016. Net Assets Value per Share grows to Rs 412.94 for 2017, Return on Equity to Rs 45.85 and Return on Assets to Rs 8.92.

"We have welcomed the regulator's decision to change the basis of the valuation of the life fund, but it is important to note that this results in a one-off gain that would impact on growth rates for the current year," Ceylinco Life Managing Director/CEO Mr R. Renganathan said. "It must also be stressed that the company had recorded very respectable growth rates of 95 per cent and 70 per cent respectively in net and pre-tax profits, before the transfer of the one-off surplus."

Ceylinco Life has already reaffirmed its market leadership in Sri Lanka's life insurance industry for the 14th successive year, with premium income of Rs 15.7 billion in 2017.

Total income, comprising of premium income and investment and other income stands at Rs 25.6 billion for the year. Investment and other income improved by 17 per cent to Rs 10.3 billion in the 12 months reviewed, reflecting the success of the investment strategies deployed by the company.

Ceylinco Life sold126,838 new life policies in the year reviewed at an average of 10,570 per month and paid out Rs 6.7 billion in net claims and benefits to policyholders.

The company’s Life Fund, post valuation on the new basis, recorded growth of 4.87 per cent to reach Rs81.7 billion at the end of 2017, following a transfer of Rs 7.3 billion for the 12 months, after the final shareholder transfer.

Total assets grew by a noteworthy 10 per cent to Rs 106 billion in 2017.

 

ColomboPage - Recent 10 Stories ::
Pakistan reaches out to uplift Sri Lankan youth through scholarships
-- [1 hour and 46 minutes ago]
Sri Lanka government urges people to share information on missing persons with the OMP
-- [1 hour and 58 minutes ago]
Striking postal employees to launch indefinite fast from today
-- [7 hours ago]
Retired Senior DIG Ravi Waidyalankara re-appointed to head FCID
-- [7 hours ago]
Commercial Bank adjudged Best Internet Bank in Sri Lanka for 3rd year in a row
-- [8 hours ago]
Two Australians killed in road accident on expressway in Sri Lanka
-- [9 hours ago]
Former police OIC, DIG arrested over Lasantha Wickrematunge's killing further remanded
Police fire tear gas and water cannons to disperse SAITM protesters
Sri Lanka captain Chandimal suspended for one Test after being found guilty of changing the condition of the ball
Sri Lanka to exempt VAT from private medical services from 1st July

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.