Co-operative Insurance Company and Co-operative Insurance Group achieve record profitability in Q1 2024

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

In a statement, the CICPLC said it 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 tax (PBT) of Rs. 233.4 million, CICPLC was able to record a 136% 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 profitability, the earnings per share (EPS) value also shows a growth of 136% compared to the first quarter of the previous year.

Not only the company, but the profit of the Co-operative Insurance Group also increased to Rs. 278.3 million (PBT) which shows the effectiveness of the entire group. It is also a 111% growth compared to the first quarter of the previous year. The management tactics used and the technical revisions used to attract customers have further led to such achievements.

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