Corporate

SLT group moves forward with positive results

Sri Lanka Telecom Group, the country's number one integrated telecommunication service provider, with its subsidiary companies continued to be aggressive in the expanded telecommunication market in fixed, mobile, data, internet, IPTV, international and other diversified areas, achieving revenue and generating a subscriber base of more than 5 Million customers as at the end of the first half of 2009. The Group's after tax net profit was Rs. 1,346 million. Eventhough the result is a 57% dip from Rs. 3,163 million of the same period of last year, the group achieved these favourable results despite severe competition within the industry and the economic downturn which affected all industries.

Releasing the results, the Group Chairperson Mrs. Leisha De Silva Chandrasena stated that 'In spite of the adverse economic scenario and critical financial conditions prevailing worldwide, SLT has been able to show resilience to weather the storm and bring about performance. SLT and its subsidiaries is of the view that the diversification strategies and customer centric business operations have paid off and resulted in achieving positive results in the face of turbulent economic conditions'.

Seylan Bank's foreign remittances cross Rs. 12 b

The Seylan Bank has disbursed over Rs. 12.7 Bn in foreign remittances for the first half of 2009.

Worldwide money transfers such as Money Gram, Xpress Money, Instant Cash, SAMBA, Speed Cash, Ez Remit, AFX Fast Remit, and also SWIFT remittances via Banks and also other financial institutes such as exchange houses have contributed to this volume.

Chairman of the Seylan Bank Eastman Narangoda attributed the increase in such foreign remittances to the faith and confidence the Sri Lankan diaspora and expatriate workers living and working overseas had in the newly structured Seylan Bank.

'We are both happy and honoured to assist Sri Lankan overseas to conveniently make remittances to their loved ones back home. Seylan Bank, a pioneer in the inward remittance business, today embraces nearly 170 countries and territories around the world and is spread over around 128,000 locations. We're indeed proud to service our loyal and growing clientele in the Middle East, Australia, Europe, UK, USA and other parts of the world', the Chairman said.

'We have, in fact, put in place a totally holistic approach in harnessing the earnings of Sri Lankan expatriates. This not only helps swell the country's foreign currency reserves, but also facilitates hassle-free remittances to their dependants', he added.

The Seylan Bank has harnessed the resources of the print and electronic media to reach Sri Lankan expatriates overseas. The Bank's website also receives several thousand hits a day from all parts of the world.

Ceylinco Insurance records Rs. 8.2 b premium income

Ceylinco Insurance , recognised as the country's leading insurance company, announced impressive results for the 01st half of 2009. Announcing the results, said, Jt Deputy Chairman Ceylinco Insurance Ajith Gunawardena During the first half of 2009 , the company recorded a total premium income of Rs. 8.2 billion, out of which the General Division contributed with Rs. 4.5 billion while Life Division recorded Rs. 3.7 billion. Company has earned a profit before tax of Rs. 279 million for the same period. As at 30 June 2009, total assets of the company increased to Rs. 38.2 billion, recording an increase of Rs. 800 million when compared with December 2008. Company's investments stood at Rs. 23.8 billion.

In keeping with its promise of timely settlement to customers, the company has paid out Rs. 4.3 billion as claims during the 1st half of 2009 when compared to Rs. 3.7 billion paid during the first half of 2008, showing an increase of 16% . The insurance industry recognises Ceylinco Insurance as the only company that settles all claims on the spot, an achievement unmatched as yet. Our unique claim settlement on the spot has resulted in increased customer confidence. It also means the customers can get their claim settled without hassle, said Gunawardena.

The company's Unearned General Insurance Fund stands at Rs. 5.6 billion with a Solvency Margin of 165% for the General Division and 613% for the Life Division.

Janakshakthi records PAT of Rs. 265.6 m

Janashakthi Insurance PLC (JIPLC) recorded a Profit after Tax of LKR 265.6 Mn as against LKR 82.2 Mn of the Prior Year Half year, resulting in a very impressive growth rate of 223%!

The Unaudited Interim Statement as at 30th June 2009 of the Company, reflected a Revenue of LKR 2.961 Bn, which is a growth of 11.65% over the Prior Year Value of LKR 2.652 Bn.

Managing Director of Janashakthi Insurance PLC, Prakash Schaffter said General Insurance business registered an growth of 5% to reach LKR 2.060 Bn. The Performance of Life Insurance Business has also increased by 5% to reach LKR 702 Mn. The relatively low growth was mainly due to the prevailing economic conditions, which is now expected to improve considerably.

Elaborating further, Prakash Schaffter said, that the Company has managed to record impressive results as at the half-year, mainly through the management of operating expenditure, which recorded a saving of 3% over the Prior Year and prudent underwriting practices which resulted in Net Claims and benefits paid also being lower than that of the Prior Year by 2%.

Despite the value being less than the Prior Year, the Company incurred a value of LKR 1.144 Bn in respect of claims to customers during the first half of 2009.

The Company had also recorded, a value of LKR 499 Mn in respect of Investments and Other Income as against a value of LKR 448 in the Prior Year, reflecting a growth of 11%.

The Managing Director went on to say Irrespective of fierce competition in the market and the challenging economic conditions, we have managed to record a growth due to our wide ranging insurance product portfolio which offers unmatched benefits to policyholders, exceptional service standards which helped us to retain our existing customers, rapid expansion of a professional and aggressive sales force together with timely settlement of claims which amounted to LKR 2.5 Bn in 2008 and over LKR 1 Bn in the first half of 2009.

During the year 2009, our focus will be to extend the benefits of our flagship brands such as Janashakthi Full Option, Janashakthi Life Unlimited, Janashakthi Awaranaya and further introduce a number of innovative products in keeping with the current economic and consumer needs.