While reiterating the company name will not be changed, Ceylinco Insurance PLC directors called for some credit for themselves by the shareholders at the company Annual General Meeting (AGM) held recently.
“We will not change the name of Ceylinco. Our brand value is Rs. 6.4 billion,” Ajit Gunawardena, Deputy Chairman Ceylinco Insurance said, responding to a question by a shareholder at the AGM.
When the same shareholder asked to reduce the number of directors as there are 13 of them with huge amounts paid out by the company to them as director fees, R. Renganathan, Deputy Chairman Ceylinco - General Insurance said that all the board directors have been with Ceylinco for the last 15 years.
“Some directors worked their way up, while others were appointed according to the Colombo Stock Exchange requirement as independent directors.
We all deserve some credit for the hard work we did in helping to collect first shares for this company,” he said.
Mr. Gunawardena said the company recorded a total premium income of Rs 4.3 billion, out of which Ceylinco General Division contributed Rs 2.5 billion whist Life Division recorded Rs 1.8 billion. Profitability of the company stood at Rs 120 million.
“As at 31 March 2009, total assets of the company increased to Rs 39.7 billion, recording an increase of Rs 2.3 billion when compared to Rs 37.4 billion in December 2008 .”
He noted that Ceylinco has paid out Rs 2.3 billion as claims during the first quarter 2009 compared to Rs 1.8 billion paid during the first quarter of 2008, an increase of 30%. |
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