The Insurance arm of the LOLC Group, one of Sri Lanka’s fastest-growing companies in the Life and General insurance sectors, recorded a healthy half-yearly performance for FY2016. The Life insurance segment posted significant numbers by recording 73% growth in GWP in the first half of 2016 over the corresponding period in FY2015, which is an indicator that the Life Insurance business will most likely end this financial year on a sound note. The company closed first half of FY 2016 with an overall GWP growth of 47% over the previous year, recording Rs. LKR 2,537 Mn in GWP.
The company’s General Insurance business grew by as much as 37% over the previous year’s first half. The company’s Non Motor business grew by 137% over the previous year’s first half result to record LKR 261 Mn. The Motor vehicle insurance business, which contributes the major chunk of revenue for the company, grew by 27% to record LKR 1,441 Mn in the first six months of 2016.
Commenting on the company’s performance, the Chief Operating Officer of LOLC General Insurance Ltd and LOLC Life Assurance Ltd, Nilanga Wickramasinghe, said that the insurance sales force of both Life and General companies is poised to further penetrate the segment in the year ahead via all channels. The company offers customers access through 173 outlets in the LOLC Group’s network.
Kapila Jayawardena, Group Managing Director/Chief Executive Officer (CEO), LOLC Group, commented, “The company can avail of strong group synergies and resources of the LOLC Group. Thus far, the company has evolved well even post-segregation, while maintaining the growth momentum.”