Sunday Times (Sri Lanka)

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.

Newspapers in English

Newspapers from Sri Lanka