Ceylinco Insurance announces record 350% dividend | Sunday Observer

Ceylinco Insurance announces record 350% dividend

Ajith Gunawardena
Ajith Gunawardena

Ceylinco Insurance PLC, announced a dividend of Rs. 35 per share to its shareholders for 2018, which constitutes a 350% dividend of the original share price. This is an increase of 11% of the dividend declared for 2017.

The company was able to declare this dividend due to the exceptional results of its two wholly owned subsidiaries, Ceylinco General Insurance Ltd and Ceylinco Life Insurance Ltd., a company spokesman said.

The revenue of Ceylinco Insurance was over Rs. 49.4 billion in 2018 with its insurance sector contributing Rs. 45.5 billion, the education sector Rs. 2.8 billion, the power and energy sector Rs. 834.4 million, with the others contributing the balance. The consolidated results recorded an imposing expansion, with the profit before tax reaching an exceptional Rs. 11.1 billion, and the after tax profit standing at Rs. 8.7 billion.

Managing Director / Chief Executive Officer of Ceylinco Insurance, Ajith Gunawardena said, “Our customers are the lifeblood of the company and we remain dedicated to innovating and adding value to their experience.

Good governance, coupled with sound management principles and far-seeing strategies that maximised resources and skills, also helped the company achieve this level of success,” he said.

Chairman of Ceylinco Life Insurance, R. Renganathan said, “We define life insurance as ‘a relationship for life’ with our policyholders and their families, but shareholders are an equally important stakeholder segment, and our record of dividend payments reflects not only the success of the business, but the Company’s commitment to treating its shareholders equitably. Nevertheless, all stakeholder segments have benefited from our success.”

Managing Director / CEO of Ceylinco General Insurance, Patrick Alwis said, “The main contributor to the success of the group was the Insurance sector, which recorded a mammoth after tax profit of Rs. 7.5 billion, for the year ended December 31, 2018.

Contributing to this remarkable performance, Ceylinco General Insurance recorded a profit after tax of Rs. 1.8 billion.