Sri Lanka Ceylinco Insurance net up 9-pct in March

May 18, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance Company said net profits for the March 2010 quarter were up 9 percent to 110.5 million rupees from a year earlier though gross written premiums were flat at 4.4 billion rupees with lower general business. Basic earnings per share were 4.19 rupees for the quarter, interim accounts filed with the Colombo Stock Exchange showed. The stock last traded at 260 rupees.

Revenues from its general insurance business fell to 1.87 billion rupees in the March quarter from 2.1 billion rupees a year earlier. Life insurance revenues rose to 2.68 billion rupees from 2.51 billion rupees.

The firm paid 1.6 billion rupees in claims, down 19 percent from a year earlier and premiums ceded to re-insurers fell 22 percent to 476 million rupees.

Total benefits, losses and expenses were flat at 3.3 billion rupees.

Income from investments rose 6 percent to 848 million rupees. Operating expenses were down 13 percent to 1.0 billion rupees.

The group had gross assets of 44.5 billion rupees at the end of March, up from 43.4 billion in December 2009 and net assets of 6.98 billion rupees, up from 6.87 billion in December.

Top shareholders of the firm were Ceisot (Pvt) Ltd with 23.5 percent of the stock, Pic