Sri Lanka’s Ceylinco Insurance June quarter net profit up 75-pct
ECONOMYNEXT – Sri Lanka’s Ceylinco Insurance Plc said net profits rose 75 percent in the June 2017 quarter to 894 million rupees from a year earlier.
Ceylinco Insurance reported earnings of 33.84 rupees per share for the quarter, according to interim results filed with the stock exchange. The share last traded at 1,400 rupees.
Net written premiums after re-insurance costs grew 5.0 percent to 6.9 billion rupees, the accounts showed. Non-life premiums grew 11.5 percent and life rose 3.2 percent.
Investment income increased 31 percent from a year earlier to three billion rupees in the quarter.
Claims rose 11 percent to 3.6 billion rupees. Income tax expenses more than doubled to 284 million rupees. Ceylinco Insurance is liable to income tax at the rate of 28%.
The company said in a statement its investment portfolio reached 92.4 billion rupees as at 30th June 2017, up 14 per cent since 31st December 2016.
“We believe this performance is a good illustration of the momentum that has kept the company ahead of the competition for the past 13 years,” Ceylinco Life Managing Director/CEO R. Renganathan said.
“General business sentiment remains somewhat subdued and the insurance market is fiercely competitive.”
Total assets grew to 144.5 billion rupees from 130.8 billion rupees in December 2016.
(COLOMBO, August 16, 2017)