LIC (Lanka) improves growth trajectory

Tuesday, 28 November 2017 00:00 - - {{hitsCtrl.values.hits}}

LIC (Lanka) Ltd., a Joint Venture Life Insurance Company between Life Insurance Corporation of India, the global insurance giant, and the Bartleet Group of Companies of Sri Lanka, has further improved its growth trajectory as at Q3 of 2017.

The Chairman of LIC of India V.K. Sharma, who is also the Chairman of LIC (Lanka) Ltd. and Hemant Bhargava, Managing Director of LIC of India and Director in the Board of LIC (Lanka) Ltd. are visiting Colombo for the 51st Board Meeting of the Company. Eraj Wijesinghe, Chairman of the Bartleet Group is also a Director in the Board of the Company along with Judhajit Sen, CEO and MD of the Company.

While declaring the results of the Year Q3 2017, Sen informed that the Company has grown on a year to year basis by more than 19% in Gross Written Premium and this is over and above the growth shown for last consecutive 4 years. The Company has shown an increase of more than 26% in its investment income due to its prudent investment strategy and it maintains a healthy solvency margin of 252% as on 30th September 2017, which is substantially higher than the Regulatory requirement. Sen said, “The safety and security of the fund deployed by our policyholders is of utmost importance to the Company and that is the reason why the Company is maintaining a high solvency margin and the Life Fund has increased by almost 31.5%. It is really a matter of great pleasure that LIC (Lanka) Ltd. is on a growth trajectory for the last four years and continues to grow by more than 20% in GWP in the current year also, despite challenging circumstances.” Sen also said that LIC (Lanka) Ltd. embarked upon an aggressive media campaign with the tag line “LIC Lanka Your lifeline for life” which has helped the company to further consolidate its position.

Madawa Gunaratna, an experienced marketer in life insurance market in Sri Lanka now heads the Marketing and Distribution of the Company. The Company has embarked upon a grand plan of competence and capacity development by giving international training to its members through Insurance Institute of India, Mumbai, and National Insurance Academy, Pune to bring global best practices in Sri Lanka, besides continuous in-house training by experienced Consultants.

The Board members bring a wealth of experience and expertise on the table and Sen said that the Board will continue to give its strategic direction for the Company to occupy the position of “Insurer of Choice” in Sri Lanka.

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