LOLC General Insurance leading the brand race, as Sri Lanka’s fastest-growing brand in 2023

Thursday, 10 August 2023 00:06 - - {{hitsCtrl.values.hits}}

LOLC General Insurance Director/CEO

Kithsiri Gunawardena

LOLC General, the general insurance arm of the renowned LOLC Group, has secured its position as the fastest-growing brand in the country with an impressive 36% increase in brand value, reaching Rs. 513.39 million, on the Brand Finance Index 2023.

LOLC General Insurance PLC stands as one of Sri Lanka’s premier and rapidly expanding general insurance providers, driving a transformative shift in the country’s insurance landscape through their innovative solutions. As a fully-owned subsidiary of the esteemed LOLC Group, a conglomerate with an extensive presence across 25 countries in Asia, Africa, and Australia, the company has earned its reputation for excellence.

The company’s remarkable growth can be attributed to its proactive approach in developing customer focussed Insurance solutions during the socio-economic challenges over the past years, which has not only enhanced brand familiarity, but also promoted customer consideration and loyalty among stakeholders. This success is evidenced by a thirteen-point increase in the Band Strength Index Score, the highest growth in this metric across the entire ranking.

Amidst all headwinds, the company experienced a robust financial growth and expanded their footprint significantly. LOLC General inaugurated 29 new branches during the last financial year, reaching 82 branches across the island providing accessible insurance services to policyholders. Unveiling of their ‘Honours’ loyalty program in October 2022 also marked one of the most important milestones for LOLC General. This pioneering concept, which offers a cash back to customers, empowers them with merchant discounts and loyalty points earned from a vast partner network of 100 plus merchants.

LOLC General also concluded the last fiscal year with a resounding success, achieving its best-ever performance to date. Notably, the consolidated Gross Written Premium (GWP) for LOLC General Insurance (motor and non-motor) as of 31 December 2022, amounted to Rs. 8.551 billion, representing a prominent 17% improvement compared to the preceding financial year.

Commenting on the outstanding feat, LOLC General Insurance PLC Director/Chief Executive Officer Kithsiri Gunawardena stated, “I am immensely proud of our team’s dedication and resolute commitment to delivering customer-centric solutions. Our remarkable growth on the Brand Finance Index 2023 reflects the trust and support of our stakeholders, and it is a tribute to the hard work and innovative spirit of every individual at LOLC General. The future of LOLC General remains bright, and we are poised to continue making a significant impact in the insurance landscape of Sri Lanka. As we forge ahead with branch expansion and embrace the ever-changing needs of our customers, we are confident that LOLC General will remain a dominant force in meeting customer needs, setting new benchmarks and elevating the industry standards”