Ceylinco Insurance only insurer amongst Sri Lanka’s Top 25 companies for second consecutive year

Monday, 25 November 2013 00:00 - - {{hitsCtrl.values.hits}}

Ceylinco Insurance has been selected as the only insurance company amongst the top 25 companies in Sri Lanka. In its October 2013 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 2012 and 31 March 2013.

The awards ceremony was held at the Colombo Hilton graced by Leader of the House, Minister of Irrigation and Water Resources Management Nimal Siripala de Silva as the Chief Guest, Leader of the Opposition Ranil Wickremesinghe as the Guest of Honour whilst the Governor of the Central Bank of Sri Lanka Ajith Nivaard Cabral delivered the keynote address amidst a distinguished gathering of business leaders, religious leaders and parliamentarians. Criteria for selection 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 corporates that have always been key players that has the resilience and the acumen to adapt to any environment,” the October issue of Business Today revealed, regarding the selection of the country’s top companies. Ceylinco Insurance performance During the year 2012, Ceylinco Insurance recorded a premium income of Rs. 21.9 billion. Meanwhile, the first half of 2013 saw Ceylinco Insurance yield a total premium income of Rs. 11.2 billion. Additionally, as at 30 June 2013, the total assets of the company stood at Rs. 78.3 billion, signifying an increase of Rs. 9.4 billion, when compared with Rs. 68.9 billion in December 2012. Moreover, the company’s investments stood at Rs. 59.4 billion, while the company paid out Rs. 5.5 billion as claims during the first half of 2013 which represents an increase of 37 % over the same period last year. Having been hailed as the undisputed market leader in the insurance industry for the 9th consecutive year, Ceylinco Insurance enjoys the distinct privilege of being voted by the Sri Lankan people, as the People’s Insurance Company, for the seventh consecutive year. The company has also been feted with the Gold Award at the National Business Excellence Awards for the past four years, which further signifies the company’s contribution towards the socio-economic development of Sri Lanka through the adoption of efficient methodologies and proper business ethics.