Sri Lanka Ceylinco Insurance Dec net up 137-pct, full year up 42-pct

Mar 01, 2010 (LBO) – Sri Lanka’s Ceylinco Insurance said net profits for the December 2009 quarter rose 137 percent to 356 million rupees from a year earlier while full year profits rose 42 percent to 691.8 million rupees despite weaker premiums. For the full year revenues fell 3.0 percent to 19.50 billion rupees. Gross written premium fell 15.0 percent to 17.0 billion rupees and net premium after re-insurance fell 14 percent to 14.4 billion rupees.

Net claims and benefits rose 7.0 percent to 7.40 billion rupees.

Its under-writing results fell 43 percent to 2.0 billion for the year.

For the full year investment income was up 21 percent to 3.61 billion rupees. Ceylinco Insurance is reporting gross assets of 42.8 billion rupees and net assets of 6.96 billion rupees.

The firm is reporting earnings per share of 26.19 rupees.

In the December quarter total revenue fell 8.0 percent to 5.2 billion rupees. Gross written premium fell 9.0 percent to 4.60 billion rupees and net premium after paying re-insurance fell 15.0 percent to 3.60 billion rupees.

Net claims rose 2.0 percent to 1.9 billion rupees. Investment income fell 4.0 percent to 1.07 billion rupees but unspecified other expenses rose to 222 million rupees from 89 a y