LIC on a growth path

Thursday, 8 September 2016 00:00 - - {{hitsCtrl.values.hits}}

LIC of India and LIC (Lanka) Ltd. Chairman S.K. Roy and LIC of India Managing Director and LIC (Lanka) Ltd. Director Usha Sangwan are in Colombo to attend the Board Meeting of LIC (Lanka) Ltd. along with Bartleet Group Chairman and LIC (Lanka) Ltd. Director Eraj Wijesinghe to guide the company for further consolidation and development in the Life insurance market in Sri Lanka.

The Life insurance Corporation of India is celebrating its diamond jubilee year in India. In spite of tremendous competition for more than a decade in India, LIC has a market share of more than 76.99% in number of policies and 73.67% in premium income.

LIC is the largest insurer in the world in terms of number of customers and has more than 30 crores of policies in India. The Corporation has got global footprints in Gulf countries, Singapore, Kenya, U.K. Mauritius, Nepal, Bangladesh and Fiji besides Sri Lanka, either in the form of fully-owned branches or joint venture or wholly-owned subsidiaries.

In Sri Lanka, the LIC is in partnership with the Bartleet Group of Companies forming a joint venture company, LIC (Lanka) Ltd.

According to LIC (Lanka) Ltd. CEO and MD Judhajit Sen: “The company is continuously growing in its premium income. Assets under management, agency force and various other key parameters, year after year. For the current fiscal year the progress of the company is further enhanced and it is showing almost 18% growth in premium income and the investments have increased by almost 23% as at August 2016. The entire assets of the company are invested in Sri Lanka in Sri Lanka 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. As a commitment to provide world class marketing experience to the customers of Sri Lanka, 35 top supervisors and branch managers are being sent to College of Insurance, Mumbai, a training centre of global repute for this purpose.”

The company has more than 17 products catering to the population, and 28 branches all over the island.