Sri Lanka’s Ceylinco June net up with lower life insurance transfers
Tuesday August 13, 2019 13:31:00
ECONOMYNEXT- Ceylinco Insurance Plc said that its profits grew 215 percent to 1.8 billion rupees in the June quarter from a year earlier with smaller transfers to the life insurance fund.
Earnings per share were 69.07 rupees. For the six months ending in June, earnings per share was 143.68 rupees. The Ceylinco share closed trading at 1,859 rupees on Friday.
Net written premiums after reinsurance costs in the June quarter grew 1 percent from a year earlier to 7.8 billion rupees.
Investment and other income grew 20 percent to 3.9 billion rupees.
Insurance claims were up 7 percent to 4.6 billion rupees.
Transfers to the life insurance fund fell 49 percent to 1.4 billion rupees, contributing most to the growth in profit margins.
Acquisition costs grew 6 percent to 973.9 million rupees.
Ceylinco Insurance’s total assets grew to 180.3 billion rupees at the end of the June quarter from 160.9 billion rupees at the start of the financial year in January, due to a rise in loans and receivables. (Colombo/Aug13/2019)