Ceylinco Life posts Rs. 4.18b PAT for nine months | Sunday Observer

Ceylinco Life posts Rs. 4.18b PAT for nine months

8 November, 2020

Ceylinco Life has posted a consolidated income of Rs. 26 billion for the nine months ending September 30, 2020, achieving top line growth of 14 per cent in a period dominated by adverse conditions for business.

Ceylinco Life reported a profit of Rs. 5.29 billion before tax and Rs. 4.18 billion after tax for the nine months, recording declines of 8.4 per cent and 6.7 per cent, on account of a lower transfer of Rs. 2.9 billion to shareholder profits as against Rs. 3.3 billion for the first nine months of 2019.

Gross Written Premium income grew by 13.8 per cent to Rs. 15.5 billion, while investment and other income increased by 14.3 per cent to Rs. 10.8 billion, the Company reported.

Ceylinco Life transferred Rs. 6.7 billion to its life fund for the period under review, enlarging the life fund to Rs. 103.6 billion as at September 30, 2020 and transferred Rs. 2.9 billion to the shareholders’ fund in respect of the nine months, increasing the shareholder fund to Rs. 35.8 billion at the end of the third quarter.

The Company said it paid Rs. 9.1 billion in net claims and benefits to policyholders for the period, an increase of 12.8 per cent over the corresponding nine months of the previous year.