Sri Lanka’s Ceylinco Insurance Dec net up 27-pct

Feb 26, 2012 (LBO) – Sri Lanka’s listed Ceylinco Insurance said it had earned profits of 929 million rupees in the December 2011 quarter up 27 percent from a year earlier partly helped by other income. The firm reported earnings of 35 rupees for the quarter. In the year to December the group reported earnings of 51.95 rupees, on profits of 1.37 billion rupees, up 43 percent from a year earlier. The stock last closed at 684.70 rupees.

In the year to December 2011, gross written premium grew 12 percent to 20.1 billion rupees un-audited accounts filed with the Colombo Stock Exchange showed.

In the December quarter, gross written premium grew 5 percent to 5.3 billion rupees and net premium after re-insurance of 718 million grew 2 percent to 4.6 billion rupees.

Total benefits and losses grew only 1 percent to 3.5 billion rupees.

Investment income grew 12 percent to 1.23 billion rupees and other income rose to 219 million rupees from 3.6 million a year earlier.

The firm said other income included a profit of 213 million rupees on the disposal of motor vehicles in the last quarter.

Ceylinco Insurance group gross assets rose to 64.2 billion rupees up from 50.6 billion rupees