LOLC Life and LOLC General on a steady growth path
View(s):The insurance arm of the LOLC Group declared this week that it half-yearly performance for FY2016 was ‘satisfactory’. In a media release, the Life insurance segment posted significant numbers by recording 73 per cent growth in gross written premiums (GWP) in the first half of 2016 over the corresponding period in FY2015, which is an indicator that this sector will most likely end the financial year on a sound note. The company closed first half of FY 2016 with an overall GWP growth of 47 per cent over the previous year, recording Rs. 2,537 million in GWP. The company’s General Insurance business grew by nearly 37 per cent with the non-motor business growing by 137 per cent to reach Rs. 261 million in the period under review.
The motor vehicle insurance business, which contributes the major chunk of revenue for the company, grew by 27 per cent to Rs. 1,441 million. Chief Operating Officer of LOLC General Insurance Ltd and LOLC Life Assurance Ltd, Nilanga Wickramasinghe, said, “Our insurance business has, within a short duration of five years, positioned itself on a competitive note in the industry, backed by a diverse portfolio. The company is led by a dynamic strategic plan, which clearly chalks out our goals and priorities. Kapila Jayawardena, Group Managing Director/Chief Executive Officer (CEO), LOLC Group, noted, “I must commend the team for their strong focus on growing the company’s market share whilst aptly balancing conventional insurance with innovation and effective delivery of services”.