Ceylinco Insurance feted for third consecutive year

Ceylinco Insurance again earned the honour of being the only insurance company among the top 25 companies in Sri Lanka for 2013-2014, at a ceremony at the Hilton recently.

This marks the third consecutive year that Ceylinco Insurance has been named among the top 25 companies in Sri Lanka, and being the only insurance company, during the past three consecutive years, to be among the top 25 companies in Sri Lanka, makes the achievement all the more unique.

The chief guest was Defence and Urban Development Ministry Secretary Gotabaya Rajapaksa and Chief Justice Mohan Peiris was a special guest. Business Today’ magazine, in its November issue, unveiled the Top 25 Companies in Sri Lanka, selected on the basis of impressive financial performance, during the financial year ending December 31, 2013 and March 31, 2014.

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.

Two years ago, ‘Business Today’ introduced an assessment method for corporate governance among the evaluation criteria. It is widely believed that using such a method will 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 is a reflection of corporates which have shown its strength, perseverance in performing under any circumstance,” the November issue of ‘Business Today’ revealed, outlining the criteria relating to the selection of the country’s top companies.

During 2013, Ceylinco Insurance recorded a premium income of Rs.22.7 billion, while the first half of 2014, saw Ceylinco Insurance yield a premium income of Rs.11.7 billion.

As at June 30, 2014, the total assets of the company stood at Rs.93.3 billion, an increase of Rs.11.1 billion, compared to Rs.82.2 billion, in December 2013. It’s investments stand at Rs.70.9 billion.

The company has paid Rs.7.8 billion, as claims, up to the third quarter of 2014.

“Having been hailed as the undisputed market leader in the Insurance Industry for the 10th consecutive year, Ceylinco Insurance enjoys the distinct privilege of being voted by the Sri Lankan people, as the People’s Insurance Company, for the eighth consecutive year, which further signifies the company’s contribution towards the socio-economic development of Sri Lanka, through the adoption of efficient methodologies and proper business practices,” a company spokesman said.