LIC Lanka shows impressive results

LIC (Lanka) Ltd, a joint venture company between LIC of India, the largest life insurance company in the world as far as number of polices are concerned and a blue-chip corporation owned by the Government of India and the Bartleet Group of Companies of Sri Lanka, has shown excellent results so far for the year 2019.

LIC (Lanka) Ltd CEO and MD Judhajit Sen said: “As at end of 31st March, 2019, in gross written premium, the company has grown by more than 30 percent and continues to remain as one of the fastest growing life insurance companies in Sri Lanka.”

He said that from the beginning of the year the company has focused on four Pillars, in essence, the number of new policy, single premium, non single premium and gross written premium, and the company is showing a good growth trajectory in all these four pillars.

Sen also said that the company has completed the construction of its Iconic G plus 4 building ‘LIC (Lanka) Towers’ at Jaffna and the building is ready for occupation. The total cost of the building is Rs.150 million and the building will be inaugurated soon and dedicated to the policy holders of Sri Lanka.

The company has 100 percent investments in Sri Lanka and has 18 branches all over the island, generating employment to more than 100 Sri Lankans. Around 1,000 marketing personnel for sales and servicing is also engaged by the company.

Sen has completed his tenure in Sri Lanka and will be going back to Mumbai, India as a Senior Executive with a pan-india role at the LIC Housing Finance Ltd, soon.

He remembered the experience of the Sri Lankan insurance market fondly and said that it has been a great learning experience. S.C. Pattanayak, who is currently in the National Insurance Academy, Pune, the leading insurance learning centre in South Asia will be replacing Sen shortly.