Sri Lanka:Life business pushes up group profits for Ceylinco in 2017

Ceylinco Life Insurance doubled its profit after tax to LKR6 billion (US$38.7 million) for the year ended 31 December 2017, from LKR3.08 billion for 2016. The stellar results contributed to a 77% surge in consolidated after tax profit of LKR8.3 billion for 2017 over 2016 for Ceylinco Insurance which is the holding company of Sri Lanka's insurance giants Ceylinco General Insurance and Ceylinco Life Insurance.

The group profit before tax stood at an exceptional LKR9.2 billion for 2017 compared to LKR5.9 billion in 2016.

Ceylinco General Insurance recorded profits after tax for 2017 of LKR1.4 billion (2016: LKR1.3 billion), reported Colombo Page.

The Managing Director cum CEO of Ceylinco Insurance, Mr Ajith Gunawardena commenting on 2017's impressive performance, said: "The insurance sector recorded an impressive premium income of LKR33.7 billion in 2017, with Ceylinco General Insurance surpassing LKR18 billion; an increase of over LKR1.9 billion year on year, just as Ceylinco Life Insurance registered a premium income of LKR15.7 billion.”

The figures represented growth of 11.8% for Ceylinco General Insurance in 2017 over 2016 while growth for Ceylinco Life Insurance was 4.7% in 2017.

In comparison, group premium income stood at LKR 31.1 billion in 2016, with Ceylinco General Insurance recording LKR16.1 billion in premiums marking growth of 18.9 %; while Ceylinco Life Insurance registered a premium income of LKR15 billion, marking growth of 11.7 %.