LOLC exits from Commercial Insurance Brokers for Rs. 333 m

Wednesday, 2 April 2025 00:30 - - {{hitsCtrl.values.hits}}

LOLC Finance Ltd. on Monday exited from Commercial Insurance Brokers Ltd. (CIBL) for Rs. 333 million.

LOLC Finance (LOFC) held 40% stake in the insurance broking firm and treated it as an associate. The other shareholder is Commercial Bank with 60% stake. The LOFC stake had been acquired by CIBL itself. The company was originally formed as a joint venture between Commercial Bank, Chemanex and LOLC.

For the year ended on 31 December 2024, CIBL recorded a post-tax profit of Rs. 45.192 million up from Rs. 43.8 million in 2023. Its total assets grew to Rs. 834 million from Rs. 815 million.

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