News Non-Life20 Jun 2018

Sri Lanka:Ceylinco hands out record-high dividends

20 Jun 2018

Ceylinco Insurance has announced a record-high dividend of LKR31.50 ($0.20) per share to its shareholders for 2017. This is an increase of 14.5 % of the dividend declared for 2016.

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 and Ceylinco Life Insurance, according to a report in Colombo Page.

Mr R Renganathan, Director of Ceylinco Insurance and Managing Director of Ceylinco Life Insurance, 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. In 2017, Ceylinco Life paid out LKR6.7 billion in gross claims and benefits to policyholders, including LKR4.45 billion in annual bonuses. Ceylinco Life recorded a gigantic net profit of LKR9.4 billion for the year and transferred LKR4.5 billion to shareholders' fund."

The net profit included a one-off surplus of LKR3.46 billion arising from a change in the basis of the valuation of Life Funds under insurance regulations.

Mr Patrick Alwis, Managing Director of Ceylinco General Insurance, said that the general insurer recorded a profit after tax of LKR1.4 billion for 2017.

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