Ceylinco Insurance PLC
TypePublic
CSE: CINS.N0000
ISINLK0176N00004
Industry
Founded1987 (1987)
Headquarters
Colombo
,
Sri Lanka
Key people
  • Ajith R. Gunawardena (Executive Chairman/Chief Executive Officer)
  • R. Renganathan (Deputy Chairman)
RevenueIncrease LKR77.020 billion (2022)
Increase LKR16.281 billion (2022)
Increase LKR13.256 billion (2022)
Total assetsIncrease LKR261.680 billion (2022)
Total equityIncrease LKR81.895 billion (2022)
Owner
Number of employees
Decrease 3,767 (2022)
SubsidiariesSee text
Websiteceylincoinsuranceplc.com
Footnotes / references
[1]

Ceylinco Insurance PLC is the largest private sector insurance company in Sri Lanka. The company is also engaged in the education and renewable energy sectors. The company offers both life insurance and all classes of general insurance.[2] The company was incorporated in 1987 when the government ended its state monopoly over the insurance sector and the company was listed on the Colombo Stock Exchange the following year. Ceylinco Insurance is an LMD 100 company, an annual list of public companies in Sri Lanka by revenue and ranked 23rd in the 2020/21 edition.[3]

History

The company traces its origin to the founding of Ceylon Insurance Company by Hugh C. Weeresekere in 1939.[4] Due to an illness, Weeresekere left the company to Justin Kotelawala, who managed the company for 25 years.[5] The insurance industry in Sri Lanka was a state monopoly from its nationalisation in the 1960s to 1988. Prior to the independence of Sri Lanka, the industry was dominated by the private sector and the industry was led by Ceylon Insurance Company.[6] In 1987, Ceylon Insurance Company was renamed Ceylinco Ltd. and incorporated as a limited liability company.[7] In 2008, Golden Key Credit Card Co., a subsidiary of Ceylico Insurance's parent Ceylinco Consolidated, crashed.[8] The board of directors of Ceylinco Consolidated, including Chairman Lalith Kotelawala, was indicted for 91 charges.[9]

Pictet & Cie, a Swiss private bank acquired 10.68% of the company's shares in 2009.[10] In 2014, Ceylinco Insurance emerged as the second-largest insurer by assets in the country. Ceylinco controlled 22.6% of total insurance assets behind Sri Lanka Insurance Corporation's 40%.[11] Global Rubber Industries (Pvt) Ltd, the largest shareholder of the company sought legal action against the board of directors of the company alleging irregular deals and payments. Global Rubber Industries (Pvt) Ltd alleged that the directors had compensated themselves more than three other private insurance companies combined while paying less in dividends.[12] The Commercial High Court rejected all 15 interim orders sought by Global Rubber Industries.[13] The company was included in S&P Sri Lanka 20 Index in June 2018. To mark the occasion, Managing Director cum CEO Ajith Gunawardena rang the opening bell of the Colombo Stock Exchange on 26 June 2018.[14]

Operations

The company invested LKR40 million in building La Serena, a retirement community resort in Uswetakeiyawa.[15] Ceylinco Insurance was ranked 9th in the Most Respected and Admired Corporates list, compiled by LMD in 2021.[16] Ceylinco Life retained its position as the most valuable life insurance brand with a brand value of LKR3.8 billion in 2022.[17] Meanwhile, Ceylinco General became a close second in the most valuable general insurance provider with a brand value of LKR3.6 billion against the market leader, Sri Lanka Insurance's LKR4.1 billion brand value. Ceylinco Life ranked 28th and Ceylinco General 31st in overall brand valuation rankings.[18] At 16th SLIM-Kantar Peoples Awards in 2022, the company was voted as the most popular life insurance provider.[19] In 2022, Ceylico Life was recognized as one of the ten best workplaces by the Great Place to Work network.[20]

Subsidiaries

Ceylinco Insurance controls a number of subsidiaries.

Subsidiaries of Ceylinco Insurance
SubsidiaryStake
Serene Resorts Ltd100%
Ceylinco Healthcare Services Ltd99%
Ceylinco Investcorp (Pvt) Ltd75%
Ceylinco Insurance Company (Pvt) Ltd (Maldives)79%
Energy Lanka Holdings Ltd100%
International College of Business & Technology Ltd64%
Ceylinco General Insurance Ltd100%
Ceylinco Life Insurance Ltd100%
CEG Education Holdings (Pvt) Ltd63%
American Education Centre Ltd41%

Source: Annual Report, 2021[1]

See also

References

  1. 1 2 "Annual Report 2022" (PDF). cse.lk. Ceylinco Insurance PLC. Retrieved 4 May 2023.
  2. ↑ "Ceylinco Insurance PLC". ft.com. Financial Times. Retrieved 16 June 2022.
  3. ↑ "Financial Profile". LMD 100. Media Services Pvt Ltd. Retrieved 17 June 2022.
  4. ↑ "Ceylinco Insurance books impressive history". Daily FT. Wijeya Newspapers. 14 October 2011. Retrieved 17 June 2022.
  5. ↑ Perera, Quintus (16 October 2011). "Tribute to Lalith Kotalawela in new book on Ceylinco saga". The Sunday Times. Wijeya Newspapers. Retrieved 17 June 2022.
  6. ↑ Gunawardena, Charles A. (2005). Encyclopedia of Sri Lanka. Sterling Publishers Pvt. Ltd. p. 194. ISBN 978-1-93270-548-5. Retrieved 16 June 2022.
  7. ↑ "Company History". ceylincolife.com. Ceylinco Life Insurance Limited. Retrieved 17 June 2022.
  8. ↑ Sirimane, Shirajiv (19 December 2011). "Three years after Ceylinco scandal". Daily News. Associated Newspapers of Ceylon Limited. Retrieved 17 June 2022.
  9. ↑ Fernando, Susitha R.; Thajudeen, Farook (11 July 2011). "Golden Key collapse: Lalith K and others finally indicted on 91 charges". Daily FT. Wijeya Newspapers. Retrieved 17 June 2022.
  10. ↑ "Foreign fund gets 10% in Ceylinco Insurance". The Sunday Times. Wijeya Newspapers. 11 October 2009. Retrieved 16 June 2022.
  11. ↑ The Report: Sri Lanka. Oxford Business Group. 2016. p. 93. ISBN 978-1-91006-859-5. Retrieved 16 June 2022.
  12. ↑ "Sri Lanka's Ceylinco Insurance shareholder seeks forensic probe, ousting of directors". Economy Next. Echelon Media (Pvt) Ltd. 8 December 2014. Retrieved 16 June 2022.
  13. ↑ "Court rejects all 15 interim orders against Ceylinco Insurance sought by shareholder". Daily FT. Wijeya Newspapers. 19 October 2015. Retrieved 17 June 2022.
  14. ↑ "Ceylinco Insurance opens trading at CSE to mark S&P SL 20 inclusion". Daily FT. Wijeya Newspapers. 27 June 2018. Retrieved 17 June 2022.
  15. ↑ Daniel, Devan (27 January 2017). "Ceylinco Life invests for demographics transition". echolon.lk. Echelon Media (Pvt) Ltd. Retrieved 16 June 2022.
  16. ↑ "Ceylinco Insurance ranked in 9th position amongst SL's Most Respected Corporates". dailymirror.lk. Wijeya Newspapers. 16 Aug 2021. Retrieved 16 June 2022.
  17. ↑ "Ceylinco Life crowned Lanka's Most Valuable Life Insurance Brand in 2022". The Island. Upali Newspapers. 15 May 2021. Retrieved 17 June 2022.
  18. ↑ "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. pp. 14–15. Archived from the original (PDF) on 3 June 2022. Retrieved 17 June 2022.
  19. ↑ "Ceylinco Life voted Sri Lanka's most popular life insurer for record 16th year". adaderana.lk. Ada Derana. 24 March 2022. Retrieved 17 June 2022.
  20. ↑ "Ceylinco Life among Great Place to Work '10 Best Workplaces' in Banking, Finance & Insurance". The Island. Upali Newspapers. 20 March 2022. Retrieved 17 June 2022.
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