Ceylinco Life attains 20 years of unbroken market leadership in 2023 - Adaderana Biz English

Ceylinco Life attains 20 years of unbroken market leadership in 2023 – Adaderana Biz English

  • High quality revenue enhances by 14.6% to Rs 33.4 billion
  • Pays Rs 23 billion in net promises and advantages to policyholders
  • Lifetime Fund grows by 16.8% to Rs 157.5 billion
  • Car or truck increases to 344% nearly triple the minimum need

Ceylinco Daily life has realized the milestone of two many years of unbroken market place management in Sri Lankas existence insurance industry, submitting impressive high quality cash flow and consolidated money development in the calendar year ending 31st December 2023.

Policyholders received a document Rs 23 billion in internet promises and rewards in 2023, up by 22 for every cent 12 months on yr, as the Organization posted gross created top quality revenue of Rs 33.41 billion and investment and other cash flow of Rs 28 billion, reflecting advancements of 14.6 for each cent and 39.5 per cent respectively.

As a result, consolidated profits for the 12 months, at Rs 61.4 billion represented topline development of 24.7%, a noteworthy achievement in the context of the socio-economic difficulties that prevailed in the year, the Company said.

Ceylinco Lifes Fund grew by Rs 23 billion or 16.8 per cent to Rs 157.5 billion as at 31st December 2023, following a transfer of Rs 1.97 billion to the Shareholders Fund in respect of the 12 months.

Complete belongings grew by Rs 33.2 billion or 17.3 for every cent to achieve Rs 224.7 billion at the conclusion of 2023, while the Companys investment portfolio recorded an raise of Rs 32.2 billion or 19.4 per cent in price more than the 12 months to achieve Rs 198.1 billion as at 31st December 2023.

Economic and political uncertainty ongoing to preoccupy enterprises as very well as individuals in the yr concluded, creating expenditure selections much more complicated, Ceylinco Lifestyle Taking care of Director/CEO Mr Thushara Ranasinghe commented. Our potential to continue to outperform the opposition to document our 20th consecutive year of sector management is a obvious demonstration of the depth of the have faith in and self esteem that Ceylinco Existence has built for its proposition of de-jeopardizing the foreseeable future for policyholders.

Notably, Ceylinco Lifes Risk-dependent Cash Adequacy Ratio (Automobile) enhanced to 344 for every cent at conclude 2023, properly earlier mentioned the bare minimum Automobile of 120 for each cent needed by the sector regulator.

The Companys primary earnings for each share for the 12 months amounted to Rs 116.04, although internet belongings value for every share stood at Rs 1087.47 as at 31st December 2023. Return on equity for the calendar year was 10.7 per cent.

Adjudged Sri Lankas Brand of the Year for the next successive calendar year in 2023, Ceylinco Lifestyle has been named the Best Lifetime Insurer in Sri Lanka by Environment Finance for 9 yrs, and was conferred the title of Peoples Existence Insurance policies Services Company of the Year at the 2023 Trim Kantar Peoples Awards for the 17th consecutive 12 months. The Organization was also named a single of the 10 Most Admired Firms in Sri Lanka in 2023 by the Global Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), was ranked the Most Useful Insurance policy Manufacturer in Sri Lanka throughout the two everyday living and standard insurance categories in 2023 by Manufacturer Finance, and qualified a Terrific Office in Sri Lanka for the third consecutive calendar year in 2022.

The 2022 Yearly Report of Ceylinco Lifetime gained the joint Gold Award for Greatest Offered Annual Report in the Lifestyle Insurance sector at the South Asian Federation of Accountants (SAFA) Awards and was adjudged the most effective in the Finance Products and services and Insurance coverage classification at the Sustainability Reporting Awards offered by the Affiliation of Chartered Certified Accountants (ACCA).