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LIC's Sri Lanka unit to strengthen base

India Infoline News Service | Mumbai |

LIC India Chairman SK Roy said that the insurer was prepared to infuse capital to support its subsidiary for expansion of its operation

Life Insurance Corporation (LIC) of India's subsidiary LIC (Lanka) Ltd said that it will aggressively scale up operations to become the market leader in the life insurance business in Sri Lanka, according to a media report.

LIC India Chairman SK Roy said that the insurer was prepared to infuse capital to support its subsidiary for expansion of its operation, the report added.

As part of LIC Lanka’s strategy, the insurance company will expand the distribution network, geographical reach in terms of branches and will also introduce new products fine-tuned to the local market, the report further said.

At present, LIC Lanka has 28 branches and closer to 1,000 employees including the commission-based agents scattered across the island. LIC India has been in business since 1956.
 

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