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Co-operative Insurance set to open Initial Public Offering on December 20

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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. The IPO will be managed by the Merchant Bank of Sri Lanka.

Affirming 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. 695 million for the fiscal year 2020, up by a commendable 155% from the year before. 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.

“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. 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.

The past year, Co-operative Insurance’s (general) market share has increased to 4.42%, in comparison to 4.27% as in 2019.[ CITATION irc20 \l 1033 ] 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%. 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. Profit after tax (PAT) for 2020 rose to Rs. 695 million, an increase of 155% YoY. Profit before tax (PBT) grew by 120 % compared to previous year to stand at Rs. 940 million.

“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. 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. 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.

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. 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.

Further affirming its financial strength, the company was awarded a Fitch Rating of BBB+ Positive outlook over the past few years. 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.

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. As a result, customers were afforded the convenient opportunity to obtain motor insurance policies by visiting our www.ci.lk website. This not only fortified the company’s service portfolio to outperform its competitors but strengthened its positioning as an insurance company of the people.

Co-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. Through this, the company’s employees are given access to powerful local and foreign training programmers and high quality educational facilities to fortify their skillset and further their horizons on a regular basis, a strategy that directly impacts the quality of service provided to its customers. Also this academy is registered institute for Chartered Insurance Institute in UK (CII) Exam in Sri Lanka.

As one of the foremost insurers in the country and one of the biggest claims provider, Cooperative Insurance works to offer affordable premiums to match the requirements of a wider proportion of customers across the nation. With this ethos, Co-operative Insurance forges ahead to continue to change the viewpoint of rural and urban communities on insurance, while providing affordable solutions to customers by working hard to understand and cater to their rapidly evolving needs.



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HNB Assurance Recognized with Merit Award at the Great HR Awards 2025

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Team HNBA at the Great HR Awards

HNB Assurance PLC was recognized at the Great HR Awards 2025, receiving the Merit Award in the Finance, Insurance, Real Estate, and Investment sector. This recognition reflects the company’s continued commitment to strengthening its people strategy, nurturing a progressive culture, leveraging technology and maintaining strong industrial relations.

Sharing his thoughts on this accomplishment, Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “This recognition reiterates our belief that people are the true drivers of our success. Over the years, we have invested significantly in building an environment where our teams feel inspired and supported to deliver their best. As we continue to grow as one of Sri Lanka’s best insurance companies, this award reflects our ongoing efforts to build a workplace where both our people and our business can thrive. My sincere thanks go out to our HR team for continuously driving these initiatives.”

Commenting on the award, Navin Rupasinghe, Head of HR / DGM at HNB Assurance PLC, said, “Our people-first philosophy shapes every HR initiative we design, from strengthening learning pathways and leadership development to enhancing employee well-being and engagement. This recognition validates our ongoing efforts to build a workplace culture grounded in trust, inclusivity and performance. As we look ahead, we remain committed to evolving our HR practices to meet the expectations of our people and the future of work. My sincere thanks to the CIPM for this recignition.”

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MullenLowe Sri Lanka named Creative Agency of the Year in South Asia

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MullenLowe Sri Lanka has been awarded Gold as the Rest of South Asia’s Creative Agency of the Year at the Campaign Agency of the Year Awards 2025, held recently at Mumbai’s ITC Maratha Hotel. The accolade marks a landmark year for the agency, driven by breakthrough ideas, ambitious brands, and a surge in economic activity.

Campaign Agency of the Year – South Asia 2025 (Rest of South Asia – Creative Agency) awarded to MullenLowe Sri Lanka

Guided by a clear creative vision and extensive category expertise across 111 brands in 33 sectors, MullenLowe strengthened its position through strategic leadership appointments, talent acquisition, and the integration of AI-enabled tools. These initiatives created an environment where creativity, learning, and commercial impact worked in tandem, supporting long-standing client relationships and consistent new business momentum.

Thayalan Bartlett, Executive Chairman, said, “Our growth is rooted in a people-first, creative-centred culture. By attracting top talent and focusing on continuous upskilling, we have enriched both our creative and strategic capabilities.”

The agency’s innovation was further enhanced by Fever, its AI-enabled production studio, and LoweGo, a subscription-based design unit, enabling faster and more scalable solutions for modern marketers. Training programs, including an international AI workshop in Baku for top creative minds, helped unify teams around technology-driven creativity, leading to MullenLowe’s highest Effie points haul in a decade.

Harendra Uyanage, Senior Vice President and Executive Creative Director, added, “This recognition celebrates a team that constantly stretches its creative boundaries, transforming every brief into opportunity.”

The win adds to a series of recent accolades, including Most Effective Agency of the Year at the 2024 Effie Awards, and multiple awards at Dragons of Sri Lanka and SLIM Digis 2025, cementing MullenLowe’s vision to become Sri Lanka’s most commercially impactful creative company by 2030.

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ComBank named Sri Lanka’s Best Trade Finance Bank at Euromoney Awards 2025

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Com Bank honoured for outstanding support to Sri Lanka’s trade sector

The Commercial Bank of Ceylon PLC was named Sri Lanka’s Best Trade Finance Bank at the prestigious Euromoney Transaction Banking Awards 2025, in recognition of the Bank’s strong performance and continued contribution to supporting Sri Lanka’s export and import sectors.

This global recognition from Euromoney, a leading authority in financial markets, celebrates institutions that demonstrate innovation, leadership, and measurable impact in transaction banking across cash management, payments, trade finance, and technology. Commercial Bank is Sri Lanka’s clear market leader in trade finance, commanding a 21% share in exports and a 14.26% share in imports, demonstrating its strong presence across both segments.

In 2024, the Bank supported over US$ 5 billion in trade transactions, underscoring its unmatched role in enabling the flow of goods, services, and foreign exchange. Its leadership has also been recognised regionally by the Asian Development Bank (ADB), which named Commercial Bank its Leading Partner Bank in Sri Lanka for the fourth consecutive year under the Trade and Supply Chain Finance Programme.

At the forefront of Commercial Bank’s recent innovations is ComBank TradeLink, Sri Lanka’s first fully integrated, end-to-end digital trade finance platform. The system brings all trade finance operations – from Letters of Credit to export collections and shipping guarantees – into one secure online interface, providing customers real-time visibility, faster processing, and paperless convenience. This digitalisation drive has redefined the client experience, reduced manual processes and improved turnaround times across thousands of transactions.

The Bank’s commitment to advancing Sri Lanka’s trade sector extends beyond technology. Through initiatives such as the ComBank Trade Club, which facilitates connections between buyers and suppliers both locally and internationally, and ComBank LEAP | GlobalLinker, a digital business networking platform for SMEs, the Bank is actively building bridges between Sri Lankan entrepreneurs and global markets. Its Diribala Exporter Development Programme further empowers micro, small, and medium enterprises to become export-ready, providing access to expert guidance, training, and financial support.

Reflecting on the award, Commercial Bank said the recognition from Euromoney was a tribute to the trust placed in the Bank by Sri Lanka’s exporters and importers, and to the dedication of its trade finance teams who continue to innovate and deliver excellence in a rapidly evolving global landscape.

As Sri Lanka’s largest private sector bank and the first to surpass US$ 1 billion in market capitalisation, Commercial Bank continues to lead in supporting national trade, driving digital transformation, and shaping a more inclusive and resilient export economy, the Bank said.

Commercial Bank was the first bank in the country to be listed among the Top 1000 Banks of the World, and has the highest Tier I capital base among all Sri Lankan banks. The Bank is the largest private sector lender in Sri Lanka and the largest lender to the country’s SME sector. Commercial Bank is also a leader in digital innovation and is Sri Lanka’s first 100% carbon-neutral bank.

Commercial Bank operates a network of strategically located branches and automated machines island-wide, and has the widest international footprint among Sri Lankan banks, with 20 branches in Bangladesh, a fully-fledged Tier I Bank with a majority stake in the Maldives, a microfinance company in Myanmar, and a representative office in the Dubai International Financial Centre (DIFC). The Bank’s fully owned subsidiaries, CBC Finance Ltd. and Commercial Insurance Brokers (Pvt) Limited, also deliver a range of financial services via their own branch networks.

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