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Saturday Dec 14, 2024
Wednesday, 18 January 2012 00:03 - - {{hitsCtrl.values.hits}}
Insurance giant Life Insurance Corporation of India (LICI), a pioneer in Sri Lanka in life insurance, having begun its operations in the island in 1956, expanded its service network in the country with the opening of its 25th branch in Sri Lanka.
The branch was opened in Kilinochchi on 14 December 2011, under LIC Lanka Ltd., a partnership between LIC of India and Bartleet Transcapital Ltd. LIC Lanka is headed by M. Jagannath, who is the CEO and MD of the local operations.
LIC Lanka is now in Kilinochchi to extend its protection to the populace of the north, to help them begin life anew. With 13 types of life policies including endowment, money back, pure life, investment, pension, etc. to choose from, LIC Lanka caters to the needs of every individual. There is a life insurance policy exclusively for women and children providing unique benefits.
LIC Lanka’s network of branches is spread throughout the island to serve people everywhere in the country. Each and every branch is a fully fledged LIC office with the capacity to underwrite, issue and service policies.
Apart from Kilinochchi, LIC Lanka has branches in Colombo, Negombo, Chilaw, Gampaha, Kalutara, Kandy, Kurunegala, Matara, Nuwara Eliya, Bandarawela, Badulla, Ratnapura, Puttalam, Anuradhapura, Polonnaruwa, Balangoda, Trincomalee, Batticaloa, Vavuniya, Mannar, Chavakachcheri, Jaffna, Point Pedro and Kalmunai. It serves 65,921 policy holders throughout the island.
LIC first began operations in Sri Lanka in 1956, but closed its operations in 1962 as a result of nationalisation life insurance business at that time. In spite of this however, LIC of India continued to service policies until maturity, true to its commitment to its policy holders. It re-entered the Sri Lankan insurance market in 2002, as LIC Lanka, in a joint venture with the Bartleet Group.
At present, the capital of LIC Lanka is valued at Rs. 372 million, of which Rs. 300 million was brought in by LIC of India. A further Rs. 100 million will be infused by LIC of India in the near future.
LIC Lanka recorded a profit more than Rs. 186 million in 2010, a phenomenal growth considering the Rs. 42 million profit in 2009. Further, its total assets are valued at more than Rs. 1 billion at present.
The future, as LIC Lanka sees it, is all about growth, with plans to extend its branch network further. It will also list itself on the Colombo Stock Exchange within the stipulated time frame as fixed by Insurance Board of Sri Lanka. LIC Lanka will also be expanding in terms of service, continuing to offer many more innovative products to the consumers in the days ahead.
LIC of India was established in 1956, with the merger of over 200 life insurers and other life insurance providing entities under the Life Insurance Corporation of India Act,1956. Headquartered in Mumbai, it has branch offices in Fiji, the UK and Mauritius, Singapore and operates as a joint venture company in Bahrain, Kenya, Nepal, Saudi Arabia and of course in Sri Lanka.
The South Asian insurance giant has a regional network spanning 3,216 branches with a sales force of 1.3 million. Its 350 million policy holders in the region can rest assured that their future is in the safe hands, LIC of India has a 162.24 billion dollar capital base to draw upon. Its total worth is valued at US$ 268 billion.
