Six-month premium income up to Rs 4.6 billion:

Ceylinco Life retains top slot with solid 1H growth

Life Fund tops Rs 35 billion:

Ceylinco Life has posted income of Rs 6.391 billion for the six months ending June 30, 2011, with healthy growth in gross written premiums and investment and other income.

MD R Renganathan

Premium Income grew 18.5 per cent over the first half of 2010 to Rs 4.663 billion, an increase of Rs 730 million, while Investment and Other income improved by 8.4 per cent to Rs 1.728 billion, the company reported.

A net transfer of Rs 3.142 billion to the Life Fund resulted in the Life Fund growing by nearly 10 per cent over the six months, from Rs 31.8 billion at December 31, 2010 to Rs 35 billion at the end of the review period.

The transfer to the Life Fund for the six months was 15 per cent more than the Rs 2.728 billion transferred in the corresponding period of last year.

The value of Ceylinco Life’s investments appreciated by Rs 1.97 billion or 6.7 percent over the six months to Rs 31.346 billion as at 30th June 2011, while total assets exceeded Rs 39.8 billion at the end of the first half.

‘These figures speak for themselves,’ Ceylinco Life’s Managing Director and CEO R. Renganathan said.

“Besides confirming that Ceylinco Life continues to be the market leader in the long term insurance segment, they also underline the financial stability of the company and the success of its investment strategy”, he said.

The value of claims paid out in the first six months of the year totaled Rs 231 million and reflected an increase of 6.3 percent.

About 86 percent or Rs 198 million of the claims paid out in this period were in respect of death claims.

Hospital Cash Benefits (HCB), paid out in the six months reviewed, increased by 24 per cent to Rs 31 million.

Ceylinco Insurance was adjudged ‘Peoples Brand of the Year’ in the insurance category in March for the fifth consecutive year