|
|
 |
 |
 |
| Tuesday, 25 May 2004 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
Ceylinco Life pays record Rs. 370 m in bonuses Hot on the heels of its industry-first, home-delivered cash bonuses last month, top insurer Ceylinco Life has despatched its annual bonus certificates to policyholders island-wide. Following a statutory actuarial valuation of its Life Fund by Messrs Watson Wyatt Worldwide, the company said this week it had disbursed Rs. 370 million as bonus payments to some 200,000 policyholders. "Ceylinco Life has much to celebrate, despite the fact that falling interest rates have eroded investment returns," the company's Director/General Manager R. Renganathan said and added that according to the valuation certified by the company's international consulting actuaries, Ceylinco Life's solvency margin was four times that specified by the new statute. The company's Life Fund, which grew by a healthy 26 per cent to Rs. 8.7 billion as at December 31, 2003, has recorded healthy surpluses from participating business notwithstanding the declining interest rates. As much as 90 per cent of the surplus has been set aside for bonus payments, and Rs 100 million transferred to shareholders out of the balance, Ceylinco Life Director Amali Seneviratne said. She said the bonuses being paid this year will contribute significantly to the overall returns to policyholders, whose policies on maturity would yield well above what was promised. For example, 15-year policies which matured in 2003 would on average have paid 70 per cent more than promised, Mrs. Seneviratne said. "Consistent increases in bonus payments reflect stability and are a good indicator of the health of the company," she said. Ceylinco Life, whose 90-strong branch network is the country's largest in the insurance sector, achieved a record Rs. 3.042 Billion in premium income in 2003. They sold 89,000 new policies during the year at an average of nearly 7,500 per month. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
