ECONOMYNEXT- Sri Lanka’s Ceylinco Insurance net profits shot up 159 percent to 1.7 billion rupees in the September 2019 quarter from a year ago, according to interim accounts filed with the stock exchange.
Earnings per share were 62.83 rupees. For the nine months ending in September, earnings per share were 206.52 rupees. The Ceylinco share last traded at 1,850.
Net written premiums after reinsurance costs in the September quarter was stagnant at 8.2 billion rupees while transfers to the life insurance fund fell 36 percent to 1.6 billion rupees.
Investment and other income grew 14 percent to 4.0 billion rupees.
Insurance claims were up 13 percent to 5.2 billion rupees.
Ceylinco Insurance’s total assets grew to 188 billion rupees at the end of the September quarter from 161 billion rupees at the start of the financial year in January, mainly owing to a sharp increase in available-for-sale financial assets.
Ceylinco Life unfazed by conditions, posts impressive 9-month results
Ceylinco Insurance said in a statement profit after tax grew 36.8 percent to 4.5 billion rupees in the nine months to September 2019 from a year ago.
It attributed the lower rate of growth to higher provisions made by the company for income tax due to a change in the basis of income tax computation under the new tax regime.
“These figures represent a forceful performance in terms of life insurance sales and management of investments during a period of economic uncertainty and political upheaval, to which businesses like life insurance are especially vulnerable,” Ceylinco Life Managing Director Thushara Ranasinghe said.
(COLOMBO, 19 November 2019)