Co-operative Insurance to open IPO tomorrow
Sri Lankan insurer Co- operative Insurance will open its Initial Public Offering (IPO) tomorrow in the Colombo Stock Exchange.
In a media release, the company said that it secured a strong financial performance for the past year and was able to grow its Net Earned Premium (NEP) by 5 per cent in a challenging, economically-crippling environment impacted by the COVID-19 pandemic to post a profit of Rs. 695 million for the fiscal year 2020, up by 155 per cent from the year before.
"This IPO is an important milestone for Co-operative Insurance, and is a firm testament to the continued dedication and passion of our staff and the firm loyalty of our clientele. Right now, we are bullish on what Co- operative Insurance can achieve during our IPO, and in turn how it will help elevate our portfolio in 2022," Co-operative Insurance Chairman Susil Weerasekera said.
"Our robust cost management initiatives, proactive drive to innovate, digital-first process re-engineering efforts, and most importantly the strength of our passionate and deeply dedicated team have helped propel Co- operative Insurance to an elite league of top insurance providers within the country,” noted Co-operative Insurance Managing Director Wasantha Ranasinghe.
Established in 1999 with the aim of taking the concept of insurance beyond the borders of urban and suburban Sri Lanka, Co-operative Insurance operates the third largest branch network amongst all local insurance company today.