Ceylinco Insurance announces another fat dividend
Ceylinco Insurance PLC has announced a dividend of Rs.27.50 per share to its shareholders for the year 2016, which constitutes a 275 percent dividend of the original share price.
This is also an increase of 22.2 percent of the dividend declared for 2015. Ceylinco Insurance PLC said that 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. Revenue of Ceylinco Insurance PLC exceeded Rs.39.8 billion in 2016 with its insurance sector contributing Rs.37 billion, the education sector Rs.2.4 billion, power and energy sector Rs.211 million, with the others contributing the balance.
The consolidated results recorded an imposing expansion, with the profit before tax reaching an exceptional Rs.5.8 billion and the after-tax profit standing at Rs.4.8 billion.
Ceylinco Insurance PLC Chairman Godwin Perera said, “2016 was an outstanding year as both Ceylinco General Insurance and Ceylinco Life Insurance achieved the highest premiums ever. This enabled the directors to recommend a dividend of Rs.27.50, which again is the highest dividend paid so far.”
“Good governance, coupled with sound management principles and farsighted strategies that maximised resources and skills, also helped the company achieve this level of success,” Ceylinco Insurance PLC MD/ CEO Ajith Gunawardena said.
Ceylinco Insurance PLC Director and Ceylinco Life Insurance Managing Director R. Renganathan said the impressive shareholder returns generated by the company are all the more noteworthy when considering Ceylinco Insurance’s record of claim settlement and payment of benefits to policyholders, as well as its commitments to the community.
According to Ceylinco General Insurance Ltd Managing Director Patrick Alwis, the unprecedented amount of money provided in lieu of claim settlement reflects the company’s continuing commitment to ensuring timely claim settlement to all customers.