Sri Lanka’s Ceylinco March net down 44-pct
ECONOMYNEXT – Profits at Sri Lanka’s Ceylinco Insurance fell 44 percent from a year earlier to 2 billion rupees in the March 2019 quarter on and higher costs, interim accounts showed.
Earnings per share were 74.62 rupees, while the firm’s share closed at 1,850.10 rupees on Wednesday, flat from Tuesday.
Net written premiums after re-insurance costs grew 7 percent to 8.3 billion rupees in the March quarter from a year earlier.
Investment and other income grew 13 percent to 3.5 billion rupees in the quarter.
Claims and benefits paid rose 14 percent to 4.5 billion rupees. Acquisition costs rose 9 percent to 995.2 million rupees and transfer in life insurance fund fell 1,124 percent to 1.2 billion rupees.
In the three months to end-March 2019, gross written premium in the general insurance business grew 5.3 billion rupees from a year earlier to 5.7 billion rupees, while life insurance premiums rose to 4.2 billion rupees from 3.9 billion rupees in the previous year.
Ceylinco Insurance’s total assets grew to 171.5 billion rupees at end-March from 160.9 billion rupees three months earlier, due to an increase in loans and receivables. (Colombo/May21/2019)