- Total income tops Rs 65.54 billion, with investment income of Rs 28.4 billion
- Total assets cross Rs 250 billion milestone
- Pays Rs 25 billion in net claims and benefits to policyholders
- Life Fund grows by 14.8% to Rs 180.9 billion
- CAR improves to 448%, 3.7 times the minimum requirement of 120%
Ceylinco Life has emphatically reaffirmed its continuing supremacy in Sri Lanka’s life insurance industry with gross written premium income of Rs 37.14 billion and total income of Rs 65.54 billion in 2024, the company’s 21st year of unbroken market leadership.
Premium income grew by a healthy 11.16 per cent, while investment income at Rs 28.4 billion reflected growth of 1.5 per cent, resulting in consolidated income for the year improving by 6.7 per cent, according to the company’s audited financial statements for the 12 months ending 31st December 2024.
The growth in life insurance business as represented by gross written premium income confirms that Ceylinco Life retained its position as the largest life insurer in Sri Lanka in 2024, by a margin of more than Rs 5.5 billion over the second-placed life insurance company.
“The figures tell the story,” commented Ceylinco Life Executive Chairman Mr R. Renganathan. “We have completed the first year of our third decade of market leadership in Sri Lanka’s life insurance industry, thanks to the unwavering trust and confidence of the millions of lives we protect and touch. Ceylinco Life’s demonstrated financial strength and stability, its uncompromising adherence to the core values and principles of its business, and its deep-rooted commitment to the community, remain the bedrock of the company’s growth and progress.”
Ceylinco Life paid Rs 25 billion in net claims and benefits to policyholders for the year under review, an increase of 8.2 per cent over the preceding year, and transferred Rs 23 billion to its Life Fund. As a result, the Life Fund grew by a noteworthy 14.8 per cent to Rs 180.89 billion as at 31st December 2024.
The company’s total assets grew by Rs 26.69 billion or 11.8 per cent over the year at a monthly average of more than Rs 2.2 billion to cross the milestone of Rs 250 billion (Rs 251.43 billion) at the end of 2024, while its investment portfolio recorded an increase of 12.32 per cent in value over the 12 months to total Rs 222.5 billion as at 31st December 2024.
Ceylinco Life transferred Rs 3 billion to the shareholders’ fund in respect of the 12 months, and shareholders’ equity grew to Rs 60.74 billion at the end of the year.
The Company posted profit before tax of Rs 10.05 billion for FY 2024, reflecting an increase of 19.1 per cent over the previous year. Net profit after tax for the 12 months reviewed was Rs 7.07 billion, an improvement of 21.88 per cent over 2023.
Ceylinco Life’s basic earnings per share for the year amounted to Rs 141.43, while net assets value per share stood at Rs 1,214.91 as at 31st December 2024, representing growths of 21.8 per cent and 11.7 per cent respectively. Return on assets for the year was 2.81 per cent and return on equity 11.64 per cent.
Significantly, Ceylinco Life’s Risk-based Capital Adequacy Ratio (CAR) improved to 448 per cent at end 2024, more than 3.7 times the minimum CAR of 120 per cent required by the industry regulator.
Adjudged Sri Lanka’s Brand of the Year in 2022 and 2023, Ceylinco Life was also named one of the 10 Most Admired Companies in Sri Lanka in 2023 by the International Chamber of Commerce Sri Lanka (ICCSL) and the Chartered Institute of Management Accountants (CIMA) and was ranked the ‘Most Valuable Insurance Brand in Sri Lanka’ across both life and general insurance categories in 2023 by Brand Finance.
Ceylinco Life has been the country’s leading life insurer for 21 of the 37 years it has been in existence and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
