LOLC General Insurance announces IPO plans

• Seeks secondary board listing offering 120mn shares at Rs.7.90 per share 
• Scheduled to officially open on Dec. 16

Sri Lanka’s fifth largest general insurance player LOLC General Insurance Limited (LGEN) is planning to raise Rs.948 million via an initial public offering (IPO) on the Colombo Stock Exchange (CSE), offering 120 million ordinary voting shares, at Rs.7.90 per share.

The CSE yesterday announced that it has approved in principle the listing application submitted by LOLC General Insurance, a fully-owned subsidiary of LOLC Holdings. 

Accordingly, the IPO is scheduled to open on December 16 and the shares are expected to be listed on the Diri Savi Board of the CSE.

The prospectus of the issue will be made available to member firms/trading members, today.  

LOLC General Insurance operates across agency channels, bancassurance and broker channels. In terms of gross written premium (GWP), the company was ranked at the fifth position amongst the industry players at the end of last financial year.

Last year, LOLC General Insurance became the fastest in the general insurance industry to achieve Rs.6 billion in GWP—a feat achieved in less than a decade.  

The company remains as one of the three players in the industry engaged in Takaful insurance and the company has focused on this segment with the expansion to the eastern zone as well as strategic recruitments in certain areas.

According to LOLC Holding’s 2020/2021 annual report, LOLC General Insurance’s all 70 million shares were owned by LOLC Holdings.