Ceylinco Life pays Rs. 2.87 b in claims in Q1 | Sunday Observer

Ceylinco Life pays Rs. 2.87 b in claims in Q1

   R. Renganathan   &  Thushara Ranasinghe
R. Renganathan & Thushara Ranasinghe

Ceylinco Life paid Rs 2.87 billion in gross benefits and claims to policyholders in the three months ending 31st March 2020, an increase of 17.7 per cent over the first quarter of 2019.

Unfazed by the projected adverse impacts of the COVID-19 pandemic, the company transferred  Rs 1.81 to its Life Fund in respect of the first quarter of the year, taking the fund to Rs 98.12 billion as at March 31, 2020.

Healthy volume gains in core business and investments before Covid-19 necessitated shutdown of businesses in mid-March, enabled Ceylinco Life to generate gross income of Rs 8.11 billion for the three months, with Gross Written Premium Income growing by 10.5 per cent to Rs 4.73 billion, and Investment and Other income increasing by a noteworthy 16.6 per cent to Rs 3.38 billion.

“This was a good start to a year that is going to be extremely challenging,” Ceylinco Life Chairman R. Renganathan said. “What our first quarter performance does is underline the inherent strength and stability of Ceylinco Life and demonstrate the Company’s determination to face external challenges and overcome them. While every business sector is expected to be adversely affected by the shutdowns necessitated by the pandemic, businesses like Ceylinco Life which are fundamentally sound are better geared to weather the crisis.”

Ceylinco Life Managing Director Thushara Ranasinghe said the Company’s unwavering focus on best practices in the sphere of life insurance as well as its strong and proven credentials in astute investment management underpin its financial strength and stability.

Ceylinco Life’s total assets grew by 12 per cent over the three months reviewed to Rs 149.6 billion as at March 31, 2020.

Ceylinco Life ended 2019 on a characteristically strong note as well, with consolidated income of Rs 32.1 billion for the 12 months ending 31st December 2019, reflecting top line growth of 9.9 per cent. The Company reported gross written premium income of Rs 18.7 billion, retaining its statusas the market leader for life insurance in Sri Lanka for the 16th consecutive year.