LIC of India Chairman in 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 50th Board Meeting of LIC (Lanka) Ltd., a milestone event in the progress of the company.

LIC of India is celebrating its 61st year in India and is the largest insurer in the world in terms of policies and has more than 300 million policies in India. LIC (Lanka) Ltd. is a joint venture company between LIC of India and the Bartleet Group of Companies. Eraj Wijesinghe, Chairman of Bartleet Group, is another Director of LIC (Lanka) Ltd.  

LIC (Lanka) is in the process of constructing LIC (Lanka) Towers in Jaffna with a total investment of Rs. 150 m. J. Sen, CEO and MD of LIC (Lanka) Ltd., said that it was a momentous occasion that the Chairman of the largest insurer is visiting Colombo for the 50th Board Meeting of LIC (Lanka) Ltd. at a time when the month of September 2017 is being celebrated as National Insurance Month in Sri Lanka.  

He also said that as of 30 June the company has grown by 39% in GWP, the investment income of the company in the year 2017 has shown more than 100% growth and the profit of the company has also increased by more than 100% as at 30 June.  The asset base of the company has exceeded Rs. 2.3 billion, and the entire investment of the company is in Sri Lanka.

Sen further added that the performance of the company has been driven by its commitment towards its policyholders and the company is bringing an array of new products and services for the benefit of its customers.