LIC (Lanka) to open 29th branch in Pettah today

Vijay Kumar Sharma, Chairman in Charge and Managing Director of Life Insurance Corporation of India and Chairman (LIC) Lanka Ltd. is in Colombo in his first visit after assuming charge as the Chairman of LIC of India on 16 September. Sharma has 35 years of experience in all facets of life insurance and he is well conversant in the insurance landscape of Sri Lanka. 

In Sri Lanka, LIC is in a partnership with Bartleet Group of Companies forming a joint venture company, LIC (Lanka) Ltd. J. Sen, CEO and MD of LIC (Lanka) Ltd. said: “The company is in an expansion mode and to take its world class services closer to the customers. Sharma will be inaugurating its 29th branch in Pettah.”

Sen said that LIC (Lanka) Ltd. has shown continuous growth in its premium income, assets under management, marketing force and various other key parameters year after year. 

“For the current fiscal year the company is growing by more than 50% in first premium income and the investment income is showing a growth of more than 30%. The company has assets of more than Rs. 2.1 billion, which is fully invested in Sri Lanka in Sri Lankan Government bonds, fixed deposits in banks and reputed companies in Sri Lanka. LIC (Lanka) Ltd. is also a major player in the equity market in Sri Lanka.”

Eraj Wijesinghe, Chairman of Bartleet Group of Companies and Director of LIC (Lanka) Ltd., will also be joining Sharma to inaugurate the Pettah branch today, 15 December, at No.3, Sea Street, 1st Floor, Colombo 11.

Sharma will also be attending the Board Meeting of LIC (Lanka) Ltd. to guide the company for further consolidation and development in the life insurance market in Sri Lanka.