Record 315 % Ceylinco Insurance dividend to shareholder
View(s):Ceylinco Insurance PLC has announced, what it calls, “an incomparable dividend” of Rs.31.50 per share to its shareholders for the year 2017, which constitutes a 315 per cent dividend of the original share price.
This is also an increase of 14.5 per cent of the dividend declared for 2016. Ceylinco said in a media release 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 exceeded Rs. 44.3 billion in 2017 with its insurance sector contributing Rs. 41 billion, the education sector Rs. 2.4 billion, the power and energy sector Rs. 545 million, with the others contributing the balance. After tax profit stood at Rs. 11.7 billion.
Ajith Gunawardena, Managing Director / CEO of Ceylinco Insurance, said: “Our exceptional financial performance this year has enabled us to extend a generous dividend to our valued shareholders, one of the highest declared by a company in the financial sector.”
R. Renganathan, Director of Ceylinco Insurance PLC and Managing Director of Ceylinco Life said: “The impressive shareholder returns generated by the company are all the more noteworthy when considering Ceylinco Life Insurance’s record of claim settlement and payment of benefits to policyholders, as well as its commitment to the community.”
Patrick Alwis, Managing Director of Ceylinco General Insurance commenting on the performance said “Ceylinco General Insurance has always maintained an undisputed and unmatched reputation for settling all claims ‘On The Spot’ enabling our customers to return to normalcy in the fastest possible time.”