Ceylinco Insurance announces record 275% dividend for 2016
View(s):Ceylinco Insurance PLC has announced an ‘incomparable’ dividend of Rs.27/50 per share to its shareholders for 2016, which constitutes a 275 per cent dividend of the original share price.
This is also an increase of 22.2 per cent of the dividend declared for 2015. In a media release Ceylinco Insurance 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, the 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, the release 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 steadfast confidence placed in us by our customers and our shareholders, whose trust we value, and our staff”.
R. Renganathan, Director of Ceylinco Insurance PLC and Managing Director of Ceylinco Life Insurance 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”.
Patrick Alwis, Managing Director of Ceylinco General Insurance Ltd, added: “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”.