Life Insurance Corp. of India has secured regulatory approval to start a life insurance unit in Sri Lanka.
Teaming up with the Bartleets Group, LIC has invested Rs.
100 mn to purely cater to the local life insurance business.
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rnLIC controls 75 percent of The Life Insurance Co (Lanka) Ltd with Bartleets owning the balance.rn
rnCEO R Gopinathan says a public offering is also on the cards as LIC steps up its operations to deepen insurance penetration.rn
rnThe local life insurance sector is not developed with the life insurance ratio as a percentage of GDP at 0.5 percent, as against 1.39 percent in India. Just under six percent of Sri Lankans own a life insurance policy.
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rnThe Bartleet Group has been in the forefront of the plantation industry as brokers of tea, rubber and produce. Over the past years the company has expanded its activities into the fields of financial services, IT, engineering, imports, exports and mineral processing.
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rnWith over 800,000 agents, LIC of India sold over 23