Vijay Kumar Sharma, Chairman and Managing Director of Life Insurance Corporation of India and Chairman (LIC) Lanka Ltd. is in Colombo after assuming charge as the Chairman of LIC of India on 16th September 2016.
LIC of India is celebrating its Diamond Jubilee year in India and is the largest insurer in the world in terms of number of policies and has more than 300 million policies in India.
Sharma with 35 years of experience in all facets of life insurance, has headed LIC’s Chennai Zone as the Zonal Manager, headed the Pension and Group Schemes Vertical as Executive Director and has been the CEO and MD of LIC Housing Finance Ltd., a subsidiary company of LIC and has been the Managing Director of LIC of India.
His strategic leadership, proficiency in invigorating performance, re-organizing and developing talent as the head of the largest financial institution of this Region has further strengthened “Brand LIC”, an epitome of trust, both in India and Sri Lanka.
Sharma is well conversant in the Insurance landscape of Sri Lanka, as he has earlier served as a Director in the Board of LIC (Lanka) Ltd. in the year 2014. LIC has got global foot prints in the 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, LIC is in a partnership with Bartleet Group of Companies forming a joint venture Company, LIC (Lanka) Ltd.
J. Sen, CEO & MD of LIC (Lanka) Ltd. said “that 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, the financial heartland of Colombo.”
Sen has further elaborated that LIC (Lanka) Ltd. is showing continuous growth in its premium income, assets under management, marketing force and various other key para meters year after year.
“For the current fiscal year the Company is growing by more than 50 percent in first premium income and the investment income is showing a growth of more than 30 percent. The company has assets of more than Rs.2.1 billion (Lankan rupees) 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” said Sen.
Eraj Wijesinghe, Chairman of Bartleet Group of Companies and Director of LIC (Lanka) Ltd. will also be joining Sharma to inaugurate the Pettah branch on 15th December 2016, 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.