Ceylinco Life has posted impressive premium income and consolidated income growth for the year ending December 31, 2023.
Policyholders received a record Rs 23 billion in net claims and benefits in 2023, up 22 percent year-on- year, as the Company posted 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.
Consequently, consolidated income for the 12 months, at Rs 61.4 billion represented topline growth of 24.7%, a noteworthy achievement in the context of the socio-economic challenges that prevailed in the year, a Company release stated.
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 said.
“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 de-risking the future for policyholders,” he said.
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 1,087.47 as at December 31, 2023. Return on equity for the year was 10.7 percent.
