Sri Lanka Ceylinco Insurance March net down 23-pct

May 17, 2012 (LBO) – Profits at Sri Lanka’s Ceylinco Insurance in the March 2012 quarter fell 23 percent to 220 million rupees, from a year earlier, though premium income rose 13 percent to 5.5 billion rupees, interim accounts showed. The firm reported earnings of 8.35 rupees for the quarter. The stock traded at 900 rupees Wednesday.

The group said revenues from its life business was 2.2 billion rupees and general insurance 3.6 billion rupees.

Interim accounts showed that net earned premium after re-insurance and a reserve for unearned premium rose 10 percent to 4.5 billion rupees. Revenues from other operations rose sharply to 441 million rupees from 156 million rupees.

Claims and benefits rose 11 percent to 4.1 billion rupees. Investment income rose 5 percent to 1,040 million rupees.

Administration expenses rose 23 percent to 1.4 billion rupees.

The group had assets of 64.7 billion rupees by end March 2012, against 64.2 billion rupees in December. Its life insurance provision was 39.9 billion rupees.

Net assets were 10.6 billion rupees against 10.4 billion a quarter earlier.