Ceylinco Life retains market leadership for 19th consecutive year in 2022
- Pays Rs 19 billion in net claims and benefits to policyholders
- Premium income improves by 14% to Rs 29.16 billion
- Total Revenue up 21% to Rs 49.2 billion
- Life Fund grows by 12.8% to Rs 134.9 billion
Ceylinco Life policyholders received a mammoth Rs 18.9 billion in net claims and benefits in 2022, as the Company achieved its 19th consecutive year of market leadership in Sri Lanka’s life insurance sector with gross written premium income of Rs 29.16 billion for the 12 months ending 31st December.
Premium income grew by a healthy 14 per cent despite the unprecedented challenges of the year, and the figure of Rs 18.9 billion for net claims and benefits represented a growth of 48.9 per cent over the Rs 12.7 billion paid in respect of 2021, and was the highest net claims and benefits paid in Ceylinco Life’s history, the Company said.
Total revenue for the year grew by 21 per cent to Rs 49.2 billion, with investment and other income improving by an impressive 33 per cent to Rs 20 billion, an announcement by Ceylinco Life said.
The Company’s Life Fund grew by 12.7 per cent to Rs 134.9 billion as at 31st December 2022, after a transfer of Rs 4.8 billion to the Shareholders Fund in respect of the year under review.
Ceylinco Life’s total assets grew by Rs 17.8 billion or 10.2 per cent to stand at Rs 191.5 billion at the end 2022, while its investment portfolio recorded an increase of 7.4 per cent in value over the 12 months to reach Rs 165.9 billion as at 31st December 2022.
“Our performance in a year that saw disposable incomes contract alarmingly due to the additional financial burdens placed on the populace, reflects the value of the trust and confidence we have built over more than three decades, and the importance of our unrelenting focus on business fundamentals,” Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe commented. “We have always believed that the business of life insurance is about paying claims and benefits, which is clearly reflected in our figures for 2022, and is one of the foundations for the trust of our customers.”
Ceylinco Life’s basic earnings per share for the year amounted to Rs 152.64, an improvement of 12.7 per cent while net assets value per share stood at Rs 987.98 as at 31st December 2022. Return on assets for the year was 3.98 per cent and return on equity 15.45 per cent.
Adjudged Sri Lanka’s ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence. The Company was also ranked the ‘Most Valuable Life Insurance Brand in Sri Lanka’ by Brand Finance and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022. Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
