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Friday, 26 October 2012 00:01 - - {{hitsCtrl.values.hits}}
Ceylinco Insurance has been selected as the only insurance company amongst the top 25 companies in Sri Lanka. In its October 2012 edition, ‘Business Today’ magazine announced its Top 25 Companies in Sri Lanka, selected on the basis of impressive financial performance during the financial year ending 31 December 2011 and 31 March 2012.
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| Minister of Economic Development Basil Rajapaksa presenting the award to Ceylinco Insurance – General Managing Director/CEO Ajith Gunawardena while the Leader of the Opposition Ranil Wickremesinghe and Ceylinco Life MD/CEO R. Renganathan look on |
Ceylinco Insurance had recorded a premium income of Rs. 19.8 billion during the year 2011 to which the General Division contributed Rs. 10 billion, with the Life Division contributing the balance Rs. 9.8 billion. This signifies an increase of Rs. 1.8 billion over the previous year, with the overall growth standing at 10%.
In addition, Ceylinco Insurance recorded a mammoth profit after tax of Rs. 1,129 million (Rs. 1.1 billion) for the year ended 31 December 2011. The consolidated after tax profit stood at a staggering Rs. 1,393 million, confirming a dynamic growth of 39% year-on-year.
In selecting the Top 25 Companies, the financial criteria under consideration covered revenue, share turnover profit after tax, growth in turnover growth in profit, return on equity, growth in earnings per share, market capitalisation, value of shares transacted and value addition.
It is the first time that Business Today magazine has used an assessment method for corporate governance. It is widely believed that utilising such a method is likely to influence better transparency and enhance accountability in public listed companies, enabling restoration of public trust and confidence in the corporate sector of the country.
“The Business Today Top 25 are a reflection of the companies that are confident of where they stand and know in which direction to go within the prevailing situation. It is a great mix of the established and strong blue chips in the country,” sources close to Business Today revealed regarding the selection of the country’s top companies.
Meanwhile, the first half of 2012 saw Ceylinco Insurance yield a total premium income of Rs. 10.5 billion, with the General and Life Divisions contributing a mammoth Rs. 5.5 billion and Rs. 5 billion, respectively. Additionally, as at 30 June 2012, the total assets of the company stood at Rs. 63.2 billion, signifying an increase of Rs. 1.9 billion, compared with Rs. 61.3 billion in December 2011. Moreover, the company’s investments stand at Rs. 47.9 billion, with the Share Holders Fund at an impressive Rs. 9.4 billion.
The achievement also marked a historical milestone, as Ajith Gunewardena – Managing Director/CEO of Ceylinco Insurance – General, and R. Renganathan – Managing Director/CEO of Ceylinco – Life, celebrated having led the General and Life Divisions of the organisation from its inception, the day the very first public share was issued.
Their contribution has propelled Ceylinco Insurance to unprecedented heights, recording many industry firsts, as well as being the undisputed market leader for the eighth consecutive year. Ceylinco Insurance is a regional player with a presence in several countries in the South Asian region, as well as in the Middle East.
Ceylinco Insurance also enjoys the distinct privilege of being voted by the Sri Lankan people, as the People’s Insurance Company, for the sixth consecutive year. The company has also been feted with the Gold Award at the National Business Excellence Awards for the past three years, which further signifies its contribution towards the socioeconomic development of Sri Lanka through the adoption of efficient methodologies and proper business ethics.
Ceylinco Insurance continues to display a high degree of sustainable market competitiveness, while advocating best practices.
