Feb 28, 2014 (LBO)- Profits at Sri Lanka’s Ceylinco Insurance Plc, rose 28 percent to 1.8 billion rupees in the December 2013 quarter from a year earlier, helped by investment income and lower claims, despite weak premiums, interim accounts showed. Net assets had grown to 18.3 billion rupees from 14.4 billion rupees.
The group reported earnings of 71.4 rupees per share for the quarter. In the year to December the group reported earnings of 98.7 rupees on total profits of 2.6 billion rupees, which were up 34 percent.
Life insurance gains are included in the December quarter.
Gross written premium fell 01 percent to 5.9 billion rupees in the December 2013 quarter from a year earlier. After re-insurance fees of 868 million rupees, which were flat, net written premiums fell 2 percent to 5.0 billion rupees.
Sri Lanka is recovering from a balance of payments crisis and currency depreciation, which tends to hurt disposable income of people, while interest rates also go up to correct previous imbalances.
Investment income rose 26 percent 2.4 billion rupees. Insurance claims fell 19 percent to 2.1 billion rupees.
Ceylinco Insurance had gross assets of 87.4 billion rupees by December 2013 up from 73 billion rupees a year earlie