Business
Ceylinco Life retains market leadership for 19th consecutive year in 2022
Ceylinco Life policyholders received a mammoth Rs 18.9 billion in net claims and benefits in 2022, as the Company achieved its 19th consecutive year of market leadership in Sri Lanka’s life insurance sector with gross written premium income of Rs 29.16 billion for the 12 months ending 31st December.
Premium income grew by a healthy 14 per cent despite the unprecedented challenges of the year, and the figure of Rs 18.9 billion for net claims and benefits represented a growth of 48.9 per cent over the Rs 12.7 billion paid in respect of 2021, and was the highest net claims and benefits paid in Ceylinco Life’s history, the Company said.
Total revenue for the year grew by 21 per cent to Rs 49.2 billion, with investment and other income improving by an impressive 33 per cent to Rs 20 billion, an announcement by Ceylinco Life said.
The Company’s Life Fund grew by 12.7 per cent to Rs 134.9 billion as at 31st December 2022, after a transfer of Rs 4.8 billion to the Shareholders Fund in respect of the year under review.
Ceylinco Life’s total assets grew by Rs 17.8 billion or 10.2 per cent to stand at Rs 191.5 billion at the end 2022, while its investment portfolio recorded an increase of 7.4 per cent in value over the 12 months to reach Rs 165.9 billion as at 31st December 2022.
“Our performance in a year that saw disposable incomes contract alarmingly due to the additional financial burdens placed on the populace, reflects the value of the trust and confidence we have built over more than three decades, and the importance of our unrelenting focus on business fundamentals,” Ceylinco Life Managing Director/CEO Thushara Ranasinghe commented. “We have always believed that the business of life insurance is about paying claims and benefits, which is clearly reflected in our figures for 2022, and is one of the foundations for the trust of our customers.”
Ceylinco Life’s basic earnings per share for the year amounted to Rs 152.64, an improvement of 12.7 per cent while net assets value per share stood at Rs 987.98 as at 31st December 2022. Return on assets for the year was 3.98 per cent and return on equity 15.45 per cent.
Adjudged Sri Lanka’s ‘Brand of the Year’ and ‘Service Brand of the Year’ by the Sri Lanka Institute of Marketing (SLIM) and ‘Best Life Insurer in Sri Lanka’ by World Finance for the ninth consecutive year in 2022, Ceylinco Life has been the country’s leading life insurer for more than half of the 35 years it has been in existence. The Company was also ranked the ‘Most Valuable Life Insurance Brand in Sri Lanka’ by Brand Finance and certified a ‘Great Workplace’ in Sri Lanka for the third consecutive year in 2022. Ceylinco Life has close to a million lives covered by active policies and provides innovative life insurance solutions which offer protection while de-risking the goals and ambitions of the Company’s policyholders.
The Commercial Bank of Ceylon Group has posted robust results for the first quarter of 2025, reporting a net profit of Rs 14.97 billion—up 38.52% year-on-year—on the back of healthy growth in income, assets, and loan advances.
In a stock exchange filing, the Group, which includes Sri Lanka’s largest private sector bank, its subsidiaries, and an associate, reported a 4.27% increase in total assets to Rs 2.999 trillion as of March 31, 2025.
Gross income rose 9.85% to Rs 88.1 billion, while net interest income surged 23.53% to Rs 34.21 billion. Operating income grew by 33.4% to Rs 46.62 billion, and net operating income increased by 25% to Rs 39.39 billion.
Despite a 110.44% increase in impairment provisions, pre-tax profit grew by 34.77% to Rs 22.56 billion, with after-tax profit rising sharply due to effective cost management and improved asset quality.
Chairman Sharhan Muhseen highlighted the milestone of nearing Rs 3 trillion in assets, while MD/CEO Sanath Manatunge noted gains in net interest margin, CASA ratio (now at 39.51%), and a significantly improved Stage 3 loan ratio of 2.58%.
With a capital adequacy ratio well above regulatory requirements and a liquidity coverage ratio exceeding 500%, Commercial Bank remains firmly positioned for continued growth in 2025.
Ceylinco Life, Sri Lanka’s life insurance market leader, recently celebrated its top sales officers at a spectacular two-day event held at Cinnamon Life, Colombo’s premier leisure and entertainment destination. The event combined the company’s ‘High Flyers Day’ and Annual Awards gala, honoring over 250 elite sales officers with 350 awards, including automobiles, for their outstanding achievements in 2024.
The celebrations featured fine dining, entertainment, and overnight accommodation for the honorees. The Annual Awards ceremony, themed ‘Crowning the Titans,’ was graced by distinguished guests from Swiss Re Asia Pacific, Daisy Ning and Sunayana Mahansaria.
2024 marked Ceylinco Life’s 21st consecutive year of market leadership, with gross written premiums reaching Rs 37.14 billion and consolidated income at Rs 65.54 billion. The company paid a record Rs 25 billion in net claims and benefits, while its Life Fund and investment portfolio grew significantly.
Top awardees included M. Manojan (Best Agency Head), S. Ragini (Best Agency Supervisor), A. I. P. Manjula (Best Life Insurance Advisor), and J. Meera (Best Regional Sales Manager).
Dr. Sachini Aththanayaka, Director of Sayora Healthcare (Pvt) Ltd, has been awarded the Excellency Award in the Beauty, Health, and Wellness Services category at the prestigious Entro Queen Excellence – Leading Lady in Business Awards 2025. Recognised for her pioneering work in integrative wellness, Dr. Sachini has transformed Sayora Healthcare into a hub for holistic care, blending modern medicine with natural therapies.
“This recognition motivates me to keep raising the bar, not just for Sayora Healthcare, but for the entire industry,” she said, dedicating the award to women striving for impact in business and beyond.
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