The symbol of “cooperation” was reopened in the second OTC market

According to monetary financial news, Younes Mazloumi, CEO of Cooperative Insurance Company, at the opening ceremony of the company’s trading symbol entitled “Cooperative”, mentioned membership in OTC Iran as one of the company’s honors and said: “With the cooperation of OTC, we were able to enter the secondary market.” Upgrade.

Mazloumi expressed his happiness that cooperative insurance has been able to be upgraded from the basic and yellow market to the secondary market, saying: The capital of this insurance is currently 150 billion Tomans and will reach 500 billion Tomans by the end of the year.

According to Mazloumi, this insurance company received level 1 financial wealth in 1999, has an active representative in the whole country, and is the only insurance company that has obtained a credit rating from Borhan Rating Institute.

He pointed to the development of a specific strategy for this group and said: “The most important mission of this company is to provide insurance services and innovation to increase customer comfort.”

Emphasizing that cooperative insurance has defined a competitive advantage for itself, Mazloumi said: “The most important competitive advantage of this set is the speed of compensation, which is the fastest insurance in this field and has no game record in payment.”

The CEO of Cooperative Insurance continued: “We are also pursuing to offer new and special products to the community and be agile and innovative.”

Referring to the major customers of this group, he said: “A large number of large companies as major customers cooperate with cooperative insurance, including Iran Khodro and Saipa.” Zar Production Group, the United Nations Credit Institution, a number of companies under the Ministry of Energy, the Cooperative Development Bank and the Welfare Bank are also major customers of this group.

Mazloumi, emphasizing the continuation of the upward trend in gaining market share of this insurance, said: Production premiums have reached nearly 800 billion Tomans by early December this year, 260,000 active insurers and 117,000 health insured are customers of cooperative insurance, in other words 377 thousand Customers of this insurance are.

The CEO of Cooperative Insurance Company said about the profitability of the company: The profitability trend in 1999 had a significant and fundamental leap and this trend continues in 1400, so that in the first 6 months of 1400 operating profit has grown compared to 99.

Referring to the beginning of cooperative insurance in the life insurance sector in late 1399, he said: In the first nine months of this year, 100 billion tomans of life insurance was sold in this complex, and now the sales organization has been activated for this field of insurance and more than 600 people in This is the part of the verb.

The CEO of Cooperative Insurance also referred to the exclusive product of this collection and said: “This product was presented completely exclusively by Cooperative Insurance and saved 3,000 business units.” Thus, cooperative insurance paid for the 3,000 small and medium-sized units that had been shut down as a result of the coronation.

He considered the promotion of this insurance company from the OTC yellow market to the secondary market as one of the important honors of cooperative insurance and said: “This group has been able to maintain level one financial wealth for three consecutive years.” Also, the continuation of increasing the market share is one of the important programs of cooperative insurance, 500 billion Tomans of capital will be provided and the registration of capital increase will be done soon, and after registering the capital, we are looking for new licenses to offer newer products.

Accordingly, during today’s trading, the cooperative insurance symbol was reopened in the second OTC market. The company, which is active in the second market of Farabus with the symbol of “cooperation” from today, during the opening of the symbol with a final price of 1701 Rials per share, completed its work.

It is worth mentioning that the Cooperative Insurance Company announced on January 1, 2010 that its application for acceptance of its shares as the first public joint stock cooperative company was presented at the OTC Admission Board meeting and it was conditionally agreed to be admitted in the second OTC market of Iran.

After that, on November 9, 1400, with the announcement of the OTC Admission Manager of Iran, the Cooperative Insurance Company with the symbol “Cooperation” after fulfilling all the admission conditions, as the two hundred and sixty-eighth trading symbol and the one hundred and sixty-second company in the secondary market. OTC Iran was placed and now on January 5, 2014, Cooperative Insurance Company, with a nominal capital of 500 billion Tomans, was registered as the 110th company in the secondary OTC market.

It can be stated that the presence of Cooperative Insurance Company in the second OTC market of Iran is considered as more financial transparency and as a result, obtaining a credit rating is more desirable.

Due to this presence, the shareholders of this company can also benefit from privileges such as “increasing stock fluctuations from 3 to 5 percent”, “obtaining facilities from the bank with stock collateral”, “tax exemption up to 25 percent” and the like. .

It is worth mentioning that this company started its activity on November 3, 2013 as the one hundred and fifty-second trading symbol of the OTC market in the insurance group and the pension fund, and was the first company to undergo all its underwriting only through the OTC and brokerage network. Done.

This caused the then head of the OTC Market Operations Department of Iran in June 2015, referring to the welcome of the transactions made by the Cooperative Insurance Company, to say: “Cooperatives are the basic market.”

It is worth mentioning: maintaining the level of a financial wealth rank with a ratio of 121 percent, reducing the tax required for the performance of 2017 and 1397 to 40 billion rials, controlling the loss ratio, attracting and retaining customers, continuous follow-up of receivables, proper distribution of insurance risk by Reinsurance and obtaining the ISO 31000 standard risk management certification, along with obtaining a certificate of commitment to organizational excellence, are other items that are included in the financial achievements of the Cooperative Insurance Company to serve all its beneficiaries as much as possible.

It is worth mentioning that the father’s advisor of this company is providing new capital.