*Reports consolidated income of Rs 40.7 billion for 2021
*Life Fund grows 12% to Rs 119.6 billon
*Total assets up 15.2% to Rs 173.7 billion
*Value of investment portfolio increases by 15.5% to Rs 154.4 billion
Ceylinco Life has retained its market leadership in Sri Lanka’s life insurance sector for the 18th consecutive year with gross written premium income growing by 15.8 per cent to Rs 25.565 billion for the 12 months ending 31st December 2021, a company news release said.
“With investment and other income of Rs 15.129 billion for the year, the Company ended 2021 with consolidated income of Rs 40.694 billion, an improvement of 10 per cent over 2020. Ceylinco Life’s investment portfolio grew by Rs 20.748 billion or 15.52 per cent over the 12 months to Rs 154.455 billion at the end of the year,” it said.
The Company’s Life Fund grew by 12 per cent to Rs 119.634 as at 31st December 2021, consequent to a transfer of Rs 11.803 billion, which was 25 per cent higher than the transfer made in respect of 2020.
Total assets grew by Rs 22.9 billion or 15.23 per cent over the year at a monthly average of more than Rs 1.9 billion to reach Rs 173.762 billion at the end of the year reviewed.
Commenting on the company’s performance in what he described as a year of snowballing challenges, Ceylinco Life Managing Director/CEO Mr Thushara Ranasinghe said: “Our figures for 2021 demonstrate the importance of not allowing external factors to distract us from our fundamental purpose, which is to de-risk the future for more and more Sri Lankans through life insurance. The pressures of economic uncertainty and mercurial policies did pose a challenge to most businesses in 2021, but Ceylinco Life maintained its growth momentum by focusing on the evolving needs and concerns of its customer base.”
The Company paid Rs 12.736 billion in net claims and benefits to policyholders for the year under review, an increase of 3.8 per cent over the preceding year, and transferred Rs 4.5 billion to the shareholders fund, which stood at Rs 44.194 billion at the end of 2021.
Ceylinco Life’s basic earnings per share for the year amounted to Rs 137, while net assets value per share stood at Rs 883.88 as at 31st December 2021, an increase of 15.8 per cent.
Among the highlights of the year reviewed was the launch of two ground-breaking market responsive new products – ‘Future Saver’ and ‘Education Protector.’ Future Saver is a new paradigm life insurance product that offers protection as well as wealth accumulation, with an emphasis on the latter. It is designed to enable policyholders to plan for long-term goals by passionately saving for a short period during which their financial stability is at its peak. Education Protector is an insurance plan designed exclusively for the purpose of ensuring the continued education of children. It enables a parent to, with just a single one-time premium payment, secure the future education prospects of a child in the event of his or her inability to do so due to death or total and permanent disability.
Adjudged Sri Lanka’s Service Brand of the Year by the Sri Lanka Institute of Marketing (SLIM) and voted the ‘Most Popular Service Provider’ in Sri Lanka’s Life Insurance industry in 2021, Ceylinco Life has been the country’s leading life insurer for more than half of the 33 years it has been in existence. The company was ranked the ‘Most Valuable Life Insurance Brand’ in Sri Lanka by Brand Finance also in 2021, during which it was also named one of the 10 Most Admired Companies in Sri Lanka by the International Chamber of Commerce Sri Lanka (ICCSL) in collaboration with the Chartered Institute of Management Accountants (CIMA), was voted the ‘Peoples Life Insurance Service Provider of the Year’ for a record 15th consecutive year, was certified as a ‘Great Workplace’ in Sri Lanka by Great Place to Work® and was named the ‘Best Life Insurer in Sri Lanka’ for the eighth consecutive year by World Finance.
Ceylinco Life has close to a million lives covered by active policies and is acknowledged as a benchmark in the local insurance sector for innovation, product research and development, customer service, professional development, sustainability, and corporate social responsibility.
Sri Lanka’s economic confidence index plummets
‘No one has rated Sri Lanka’s economic condition as excellent. 1.8 % rated it as good and 1.3 % rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022, a wide ranging Verite Research public opinion survey reveals.
Key findings of the survey:
Government approval rating drops from 10% to 3%
The second round of the Gallup Style “Mood of the Nation” poll was conducted in June by Verité Research. It assessed the approval, satisfaction, and confidence of the nation in relation to the government, the country, and the economy.
The poll was conducted as a part of the syndicated survey instrument by Verité Research. This instrument also provides other organisations the opportunity to survey the sentiments of Sri Lanka.
1. Government approval rating | 3% | To the question, “Do you approve or disapprove of the way the current government is working?” only 3% said they approve. In January 2022 this rating was at 10%.
2. Sri Lanka satisfaction | 2% | To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” only 2% said they were satisfied. This rating was at 6% in January 2022.
3. Economic confidence | negative (-) 96 | Multiple choice questions on the condition and trajectory of the economy are used to generate an economic confidence score. The score can range from negative (-) 100 to positive (+) 100. A score above zero means more people see the economic conditions positively rather than negatively. If everyone thinks the economy is in either excellent or good condition, and everyone also thinks it is getting better, the score will be (+) 10. If everyone thinks that the economy is in a poor condition, and everyone also thinks it is getting worse, the score will be a (-) 100. No one rated the economic condition as excellent. 1.8% rated it as good; and 1.3% rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022.
Implementation of “Mood of
The poll is based on an island wide nationally representative sample of responses from 1,052 Sri Lankan adults, conducted in June 2022. The sample and methodology was designed to ensure a maximum error margin of under 3% at a 95% confidence interval. The polling partner was Vanguard Survey (Pvt) Ltd.
Decline in share market in the wake of rate hike reports
By Hiran H.Senewiratne
CSE trading activities began on a positive note yesterday but during the latter part of the day the market experienced a dip on account of the overall supply chain economy being subjected to a contraction, stemming from the fuel crisis. Consequently, CSE activities were relatively low keyed, market analysts said.
“We are reverting to the negative. There is uncertainty on all fronts, from the political to the economic. Therefore, we are expecting a rate hike on Thursday. This is creating a bit of a cloud and we may see this continuing further, a top market analyst said.
Even if top level decision- making is happening in Sri Lanka the impact is not felt at the grassroots level. This has resulted in unrest in the country, the analyst said.
Amid those developments, both indices moved downwards. The All- Share Price Index went down by 97.9 points and S and P SL20 declined by 34.3 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in JKH, which crossed 600,000 shares to the tune of Rs 73.2 million, its shares traded at Rs 122.
In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 611 million (7.3 million shares traded), Expolanka Holdings Rs 173.9 million (one million shares traded). LOLC Holdings Rs 47.4 million (120,000 sha4es traded), Hayleys PLC Rs 46.5 million (697.000 shares traded), Browns Investments Rs 46.3 million (6.4 million shares traded), JKH Rs 21 million (173,000 shares traded) and Softlogic Holdings Rs 20.5 million (794,000 shares traded). During the day 109 million share volumes changed hands in 15000 transactions.
The International Monetary Fund said last Thursday its talks with crisis-hit Sri Lanka had been “constructive”, thereby raising hopes it would soon grant preliminary approval for a desperately needed financial support package, observers said.
Meanwhile, the Colombo Consumer Price index rose 54.6 per cent year-on-year in June against a 39.1 per cent rise in May, according to the Statistics Department.
Yesterday the US dollar rate was Rs 360.73, which is now being controlled due to the prudent fiscal and monetary policies of the Central Bank.
Dialog Club vision members receive access to an exclusive screening of ‘Jurassic World Dominion’
In a bold and breath-taking new global adventure, the epic conclusion to the Jurassic film franchise ‘Jurassic World Dominion’ hit theatres across the world on June 10. Just a day after its global premiere, Dialog Club Vision Red members and their loved ones received special access to an exclusive screening of the film at the Kandy City Centre Multiplex on June 11.
The explosive end to the Jurassic era sees two generations of the film’s franchise unite for the first time with Hollywood’s Chris Pratt and Bryce Dallas Howard joined by Oscar winner Laura Dern, Jeff Goldblum and Sam Neill. Dialog Club Vision members were some of the first to witness the utopian world where Dinosaurs and humans co-exist.
With the best interests of its members and their loved ones at heart, Dialog Club Vision continues to deliver a world of exclusivity and privileges such as personalized care, exclusive discounts and offers, lifestyle and entertainment events and more. To explore more exciting offers available for Dialog Club Vision members, and to learn more about Sri Lanka’s premier loyalty programme, customers can visit the MyDialog App or visit dialog.lk/club-vision
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