Ceylinco Insurance PLC announces record 350 % dividend

Ceylinco Insurance PLC has announced a dividend of Rs. 35 per share to its shareholders for the year 2018, which constitutes a 350 per cent dividend of the original share price at the AGM of the company held recently.

This is an increase of 11 per cent of the dividend declared for 2017. Ceylinco Insurance PLC in a media release said that the company was able to declare this dividend due to the exceptional results of its two subsidiaries, Ceylinco General Insurance Ltd and Ceylinco Life Insurance Ltd.

Addressing the gathering, company chairman Godwin Perera stated that as a responsible pubic entity, it unhesitatingly and totally condemns the ruthless attacks on innocent civilians on Easter Sunday.

Revenue of Ceylinco Insurance PLC exceeded Rs. 49.4 billion in 2018 with its insurance sector contributing Rs. 45.5 billion, education sector Rs. 2.8 billion, power and energy sector Rs. 834.4 million, with the others contributing the balance. “The consolidated results recorded an expansion, with the profit before tax reaching an exceptional Rs.11.1 billion, and the after tax profit standing at Rs. 8.7 billion,” it said.

Commenting on the achievement, Ajith Gunawardena, Managing Director/ CEO of Ceylinco Insurance PLC, said: “This record dividend, one of the highest declared by a company in the financial sector, was made possible by the firm confidence placed in us by our customers and our shareholders and our staff, who went that extra mile to ensure the company maintained the highest standards in customer care.”

R. Renganathan, Chairman of Ceylinco Life Insurance, 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.”

Pat r i ck Alwis, Managing Director/CEO of Ceylinco General Insurance Ltd, 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 31st December 2018. Contributing to this remarkable performance, Ceylinco General Insurance recorded a profit after tax of Rs. 1.8 billion. This is after paying claims to the tune of Rs. 9.4 billion in 2018.”