Ceylinco Insurance, Sri Lanka profits down 13-pct

May 15, 2014 (LBO) – Profits at Sri Lanka’s Ceylinco Insurance Plc, the largest insurer by revenue fell 13 percent to from a year earlier to 285 million rupees in the March 2014 quarter, interim accounts showed. Gross assets rose to 90.9 billion rupees by end March 2014 from 87.4 billion rupees in December. Net assets rose to 18.7 billion rupees from 18.3 billion rupees. The group reported earnings of 10.82 rupees per share for the quarter.

Gross written premium rose 5 percent t 6.4 billion rupees with premiums after re-insurance also rising 5 percent to 5.5 billion rupees. General insurance grew 5.5 percent to 3.5 billion rupees and life grew 4.7 percent to 2.8 billion rupees.

Insurance claim and benefits rose 1 percent 2.3 billion rupees.

Investment income rose 14 percent to 1.97 billion rupees. An increase of 2.1 billion rupees in the life insurance fund was charged to the profit and loss account.