This not only fortified the company’s service portfolio to outperform its competitors but strengthened its positioning as an insurance company of the people.Ĭo-operative Insurance also lead the establishment of the country’s first training academy installed by an insurance company for its over 1500 employees, naming it the Coopinsu Training Academy. As a result, customers were afforded the convenient opportunity to obtain motor insurance policies by visiting our website.
#Wal katha lokaya 2015 upgrade#
One of the major factors influencing the company’s resilience since 2015, was its significant investment in technology to both upgrade and streamline processes to better equip its employees and customers to access the Co-operative Insurance’s diverse portfolio. The strategic expertise of its management and its proven financial stability has enabled the company to continue to deliver dividends higher than the general Weighed Average Treasure Bill Rate.
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Rooted in a strong foundation of excellence in customer service, progressive work culture, enriched experience, consistent commitment to innovation and an equal measure of heart, the company was the first in the country to introduce flexible insurance solutions to suit the large portion of motorcycle and three-wheeler owners located across rural Sri Lanka.įurther affirming its financial strength, the company was awarded a Fitch Rating of BBB+ Positive outlook over the past few years. I believe these traits have helped prepare us for this IPO and continue to offer unparalleled standards of insurance to people from all different backgrounds across Sri Lanka,” remarked Co-operative Insurance Managing Director Wasantha Ranasinghe.Įstablished 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. 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. “We are delighted to announce that our Initial Public Offering will take place on the 20th of December, 2021 following a strong financial performance this past year. Profit before tax (PBT) grew by 120 % compared to previous year to stand at Rs. Profit after tax (PAT) for 2020 rose to Rs. Co-operative Insurance also notes that its contribution to increasing general insurance penetration in the country has increased during 2020 with 945,743 policies issued by CICL. The company reported a 05-year Average Annual GWP Growth Rate of 21% of GWP, while the general insurance industry 05-year GWP Average Annual growth was at 8.95%. (, 2020) Compared to the general insurance industry GWP growth, which was -2.24% during the past year, the company recorded GWP growth of 2%. The past year, Co-operative Insurance’s (general) market share has increased to 4.42%, in comparison to 4.27% as in 2019. Right now, we are bullish of 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 steady, undeterred performance continued to demonstrate stability and resilience during a period that was characterized by numerous restrictions forced into play by the global pandemic. “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. This enabled it to make an indelible mark as one among the top 10 insurance companies in the country, affirming the success of the company’s vision of delivering unparalleled insurance solutions and services to all Sri Lankans across the island. 695 million for the fiscal year 2020, up by a commendable 155% from the year before.
The IPO will be managed by the Merchant Bank of Sri Lanka.Īffirming its financial strength, the company, which secured a strong financial performance for the past year, was able to grow their Net Earned Premium (NEP) by an impressive 5% in a challenging, economically-crippling environment impacted by the COVID-19 pandemic to post a profit of Rs. Leading Sri Lankan insurer Co-operative Insurance, recently announced the date of their Initial Public Offering (IPO), which is set to take place on the 20th of December, 2021.
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