CEYLINCO SECOND QUARTER PROFITS UP

GROWTH in gross written premium and a boost from investment income helped lift second quarter profits at Sri Lanka's Ceylinco Insurance. The company reported a profit for the quarter of Rupees109.4m, a 48% year-on-year increase. A 59% increase in investment income to Rupees252.6m helped lift the result. The group also saw a 22% increase in gross written premium in the quarter to Rupees4.92bn. Over the first half, revenue was up 23% to Rupees9.34bn, but net profit fell year-on-year by 18% to Rupees252.6m.