LIC Lanka secures Rs. 2000mn capital infusion from parent company

Prameela Chittazhi Ramanadhan

LIC (Lanka) Ltd announced that it has secured Rs.2000 million in capital infusion from its parent company LIC of India. 

Life Insurance Corporation (Lanka) Ltd is a joint venture of Life Insurance Corporation of India and Bartleet Transcapital Ltd and has been providing life insurance and financial coverage to people of Sri Lanka for the past 23 years. 

The company is serving through its network of 24 branches  spread across the country. LIC (Lanka) offers a diversified suite of 18 need-based offerings (products & riders) catering to diverse customer segments augmenting various investment options. 

The CEO & MD of the company Prameela Chittazhi Ramanadhan thanked Government of India and  LIC of India for the investment and keeping faith in the company’s vision and strategy. In her statement she said that this additional capital infusion has come at a time when the country is looking for Foreign Investment and thereby represents a key milestone in LICL’s next stage of growth.

The CEO further said, “LIC of India is the largest life insurer in India and globally the third strongest insurance brand. Being the major shareholder and parent company, LIC of India has continued to support the company throughout these years. 

We are confident that this investment will significantly advance the company’s mission through new growth initiatives while optimising its cost structure. The company has plans to launch new products and expand into new markets aiming at world class benefits and service to its customers.