Ceylinco Insurance PLC, announced a dividend of Rs. 27.50 per share to its shareholders for the year 2016, which constitutes a 275% dividend of the original share price.
This is also an increase of 22.2 % 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. Ceylinco Insurance PLC believes that its success is a reflection of its resilience and strength, expressed through the shareholder and customer confidence in the company.
The revenue of Ceylinco Insurance PLC was over Rs. 39.8 billion in 2016 with its insurance sector contributing Rs. 37 billion, the education sector Rs. 2.4 billion, the power and energy sector Rs. 211 million, and 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.
Chairman of Ceylinco Insurance, Godwin Perera said, “2016 was an outstanding... year as Ceylinco General Insurance and Ceylinco Life Insurance achieved the highest premiums ever.”
Managing Director / Chief Executive Officer of Ceylinco Insurance, Ajith Gunawardena said, “This nature of a record dividend, one of the highest declared by a company in the financial sector was made possible by the steadfast confidence placed in us by our customers and our shareholders, whose trust we value, and our staff, who went that extra mile to ensure the company maintained the highest standards in customer care.”
Director of Ceylinco Insurance PLC and Managing Director of Ceylinco Life Insurance, R. Renganathan, said, “In 2016, the life insurance company alone paid out Rs 6.8 billion in gross claims and benefits to policyholders, including Rs 3.8 billion in annual bonuses.”Managing Director of Ceylinco General Insurance Ltd., 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. 4.4 billion, for the year ended December 31, 2016.