Sri Lanka’s Ceylinco Insurance Sept down 38-pct
ECONOMYNEXT – Profits at Sri Lanka’s Ceylinco Insurance Plc fell 38 percent from a year earlier to 640.8 million rupees in the September 2018 quarter on slower incomes growth and higher costs, interim accounts showed.
Earnings were 24.26 rupees a share in the quarter. In the nine months to end September, earnings were 180.27 rupees a share on a profit of 4.8 billion rupees, up 49 percent from a year earlier, financial statements filed with the Colombo Stock Exchange showed.
The share closed unchanged at 1,850 rupees on Thursday.
In the quarter, net written premiums after re-insurance costs grew 9 percent to 8.2 billion rupees.
Investment income increased 3 percent to 3.5 billion rupees in the quarter.
Claims and benefits paid rose 27 percent to 4.6 billion rupees. Acquisition costs rose 9 percent to 958 million rupees and transfers to the life insurance fund fell 14 percent to 2.4 billion rupees.
Operating and administrative expenses grew 29 percent to 3.2 billion rupees.
In the nine months to end September 2018, gross written premiums in the general insurance business grew 10 percent from a year earlier to 15.3 billion rupees, while life insurance premiums rose 12.5 percent to 12.5 billion rupees.
Life insurance contracts grew 6.1 percent from nine months earlier to 85.9 billion rupees and general insurance contracts grew 6.4 percent to 12.6 billion rupees.
The insurer’s war chest of retained earnings grew 15 percent from nine months earlier to 30.6 billion rupees.
Ceylinco Insurance’s total assets rose 9 percent to 157.8 billion rupees. (COLOMBO, 15 November 2018)