LIC (Lanka) Ltd., a Joint Venture Life Insurance Company between Life Insurance Corporation of India, the No.1 Life Insurance Company of the World in number of customers, and the Bartleet Group of Companies of Sri Lanka, has further improved its growth trajectory for the year 2017 on all key parameters of operations.
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 52ndBoard Meeting of the Company.
Eraj Wijesinghe, Chairman of the Bartleet Group is also a Director in the company along with Judhajit Sen, CEO and MD of the company. While declaring the results of the year 2017, Sen informed that the company has grown on a year to year basis by more than 22% 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 30% in its investment income due to its prudent investment strategy and it maintains a healthy solvency margin of 262% as on 31st December 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 manifold. It is really a matter of great pleasure that LIC (Lanka) Ltd. is on a growth trajectory for the last four years and continued to grow by more than 22% in GWP in the current year also, despite challenging circumstances.” The company is showing nine times more profit for the year 2017 as compared to 2016.
LIC (Lanka) Ltd. employs around 108 Sri Lankan citizens in Managerial and administrative capacities in its 31 Branches all over the Island. Madawa Gunaratna, an experienced veteran 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 the members of its more than 2100 marketing personnel 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 local 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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