LIC of India Chairman and LIC (Lanka) Ltd Chairman V.K. Sharma accompanied by LIC of India MD and LIC (Lanka) Ltd Director Hemant Bhargava 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 Bartleet Group of Companies.
Bartleet Group Chairman Eraj Wijesinghe is another Director of LIC (Lanka) Ltd. LIC (Lanka) Ltd is in the process of constructing LIC (Lanka) Towers in Jaffna with a total investment of Rs.150 million.
LIC (Lanka) Ltd CEO and MD J. Sen 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 when the month of September 2017 is being celebrated as the National Insurance Month in Sri Lanka.
He also said that as on June 30, 2017, the company is growing by 39 percent in gross written premium (GWP), the investment income of the company in the year 2017 has shown more than 100 percent growth and the profit of the company has also increased by more than 100 percent as at June 30, 2017. 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.