LIC of India Chairman visits Colombo

V.K. Sharma – Chairman, LIC of India and Chairman, LIC (Lanka) Ltd. – accompanied by Hemant Bhargava – MD of LIC of India and Director, LIC (Lanka) Ltd. – are in Colombo to attend the 49th Board Meeting of LIC (Lanka) Ltd.

LIC of India is celebrating its diamond jubilee in India and is the largest insurer in the world in terms of policies and has more than 300 million policies in India.

Sharma has taken over charge as Chairman LIC (Lanka) Ltd. with effect from 15 December 2016 and Bhargava has been appointed as a Director in the company from 24 April.  LIC (Lanka) Ltd. is a joint venture company between LIC of India and Bartleet Group of Companies.

Eraj Wijesinghe, the Chairman of Bartleet Group, is another Director of LIC (Lanka) Ltd. Sharma and Bhargava will be attending the Board Meeting of LIC (Lanka) Ltd. besides other engagements and appointments.

J. Sen, CEO and MD, LIC (Lanka) Ltd., said that the company did exceedingly well in the last financial year and grew by almost 56% in First Premium Income and 24% in Gross Written Premium– beingone of the top growing Life insurance companies in Sri Lanka.

The asset base of the company has exceeded Rs. 2.3 b and the entire investment of the company is in Sri Lanka. LIC (Lanka) has 30 branches all over the Island and has employed more than 100 employees and 1,900 marketing personnel for providing value added service to the customers. Sen added that in the current year also the company is growing by more than 102% in First Premium as on date and the business performance of the current year shows the trust reposed on the company by the customers in Sri Lanka.