Co-operative Insurance opens IPO on Dec. 20
Leading Sri Lankan insurer Co-operative Insurance recently announced the date of their Initial Public Offering (IPO), which is set to take place on December 20, 2021. The IPO will be managed by the Merchant Bank of Sri Lanka.
“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. 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” Co-operative Insurance Chairman Susil Weerasekera said.
The past year, Co-operative Insurance’s (general) market share has increased to 4.42%, in comparison to 4.27% as in 2019. (ircsl.gov.lk, 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 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%.
“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,” remarked Co-operative Insurance Managing Director Wasantha Ranasinghe.