Sri Lanka’s Ceylinco Insurance profits fall in Dec on life insurance transfers
ECONOMYNEXT- Sri Lanka’s Ceylinco Insurance said net profits for the December quarter fell 15 percent to 3.09 billion rupees from a year earlier on higher life insurance transfers.
Ceylinco reported 116.93 rupees in earnings per share for the quarter. The firm earned
Gross written premiums grew 7 percent to 10.64 billion rupees while premiums ceded to reinsurers grew 47 percent to 2.37 billion rupees, leading to net written premiums of 8.28 billion rupees, unchanged from a year earlier.
Insurance claims and benefits edged up 1 percent to 4.62 billion rupees.
Life insurance contracts grew to 95.35 billion rupees from 87.19 billion rupees a year earlier, while general insurance contracts grew to 12.47 billion rupees from 12.35 billion rupees.
Investment and other income grew 7 percent to 4.66 billion rupees. The life insurance fund grew 122 percent to 2.96 billion rupees.
Operating profits were down 24 percent to 3.83 billion rupees.
Finance costs grew 98 percent to 130.57 million rupees on borrowings of 2.68 billion, up from 2.20 billion.
Net assets grew to 53.06 billion rupees from 45.76 billion rupees.
Kithmina Hewage- Institute of Policy Studies