Co-operative Insurance Company achieves record profitability in 1Q

Further demonstrating its excellence, Co-operative Insurance Company PLC (CICPLC) has managed to reach a stronger position in the first quarter of this year than the first quarter of the previous year.

CICPLC, which has written a different chapter in the insurance industry in Sri Lanka, has shown exceptional profitability according to the financial reports of the first quarter of 2024 by facing the competition very effectively in the face of various obstacles.

With a commendable profit before taxation (PBT) of Rs.233.4 million, CICPLC was able to record a 136 percent increase in its PBT, compared to the previous financial year.

Earning such profitability in a period when the country was not showing much economic success is a situation that clearly shows the financial accuracy of CICPLC. Apart from the profitability, the EPS value also shows a growth of 136 percent compared to the first quarter of the previous year.

Not only the company but also the profit of the Co-operative Insurance Group increased to Rs.278.3 million PBT, which shows the effectiveness of the entire group.

It is also a 111 percent growth compared to the first quarter of the previous year.

The management tactics used by them and the technical revisions used to attract the customer have further led to such amazing achievements.

In addition to this, updating the claim payment processes, revising its insurance plans to suit the needs of the customer and designing the business process to adapt to modern social changes helped to such great achievements.