Ceylinco Life has once again asserted its dominance in Sri Lanka’s life insurance sector, recording a gross written premium income of Rs. 37.14 billion and total income of Rs. 65.54 billion in 2024. This marks the company’s 21st consecutive year as the market leader in life insurance, a milestone backed by robust financial performance and unwavering consumer trust.
According to audited financial statements for the year ending 31st December 2024, the company’s premium income grew by 11.16%, while investment income saw a modest 1.5% increase to Rs. 28.4 billion. Overall consolidated income rose by 6.7% compared to the previous year.
Ceylinco Life’s dominance was underscored by a lead of over Rs. 5.5 billion in premium income against its closest competitor. “The figures tell the story,” said Executive Chairman R. Renganathan. “Our success is rooted in financial strength, principled operations, and a deep commitment to the communities we serve.”
Net claims and benefits paid to policyholders stood at Rs. 25 billion, marking an 8.2% rise. The Life Fund expanded by 14.8% to reach Rs. 180.89 billion, supported by a Rs. 23 billion transfer. Meanwhile, total assets crossed Rs. 250 billion for the first time, closing the year at Rs. 251.43 billion, with the investment portfolio growing 12.32% to Rs. 222.5 billion.
The company’s strong financial health was further highlighted by a profit before tax of Rs. 10.05 billion, up 19.1%, and a net profit after tax of Rs. 7.07 billion, up 21.88% from 2023. Earnings per share rose to Rs. 141.43, and net assets value per share climbed to Rs. 1,214.91.
Ceylinco Life also reported an impressive Risk-based Capital Adequacy Ratio (CAR) of 448%, more than 3.7 times the regulatory minimum of 120%, underscoring its stability and preparedness for future growth.
A multiple award-winner, Ceylinco Life was named ‘Brand of the Year’ in both 2022 and 2023 and was recognized as one of Sri Lanka’s 10 Most Admired Companies in 2023 by the ICCSL and CIMA. It also earned the title of ‘Most Valuable Insurance Brand in Sri Lanka’ across all categories in 2023 by Brand Finance.
Having led the industry for 21 of its 37 years in existence, Ceylinco Life continues to provide innovative insurance solutions that offer security and peace of mind to millions of Sri Lankans.