Reply to thread

Message: <blockquote data-quote="sherlock" data-source="post: 10820047" data-attributes="member: 106046">·         Ceylinco Insurance (CINS), the only Sri Lankan insurance company to operate an on the spot claim settlement system is the market leader in Life and runners up in Non Life segment while commanding a 30% market share (while been the leader) in the composite insurance industry.   ·         Net profit has increased by 193% YoY to LKR58.05 mn in 2Q2011 chiefly driven by healthy operational ratios and growth in net earned premium. This was further bolstered by the dip of 41% in finance cost largely due to lower interest rates.  ·         The overall Gross Written Premium (GWP) of CINS has increased by 19% to LKR4,853.5 mn in 2Q2011. The non life segment has contributed 51% to total GWP and has recorded a 21% YoY growth, while the life segment which contributed 49% to overall GWP has grown by 18% YoY. ·         The Claims ratio remained at 44% in 2Q2011, well below the industry average of 68% despite the expense ratio standing at 26% in 2Q2011, above the industry average of 22%. Concurrently, the combined ratio amounts to 70%, below the industry average of 89%.  ·         We maintain our net profit forecast, of LKR1,358.3 mn (up 37% YoY) in 2011E, on the back of the overall industry having grown 15% YoY thus far and the life insurance penetration been just 1.2% (total GWP as a % of GDP) indicating high potential with the growing income levels.  ·         The Voting share is highly attractive on 12.5X forecast 2011E earnings, 9.1X projected 2012E net profit. Further, the voting counter trades on 1.9X PBV (2011E) and 1.6X (2012E). The Non-Voting share currently trading near 52% discount to the voting share and is highly attractive on 0.9X PBV (2011E) and 0.8X PBV (2012E)</blockquote>

Verification: Winadiyakata thappara keeyak tibeda?

Top Bottom