LOLC one of Sri Lanka’s fastest growing brands in 2023

LOLC General, the general insurance arm of the LOLC Group, has secured its position as the fastest-growing brand in the country with an impressive 36 per cent increase in brand value, reaching Rs. 513.39 million, on the Brand Finance Index 2023.

LOLC General Insurance PLC is one of Sri Lanka's premier and rapidly expanding general insurance providers, driving a transformative shift in the country's insurance landscape through their innovative solutions. As a fully-owned subsidiary of the esteemed LOLC Group, a conglomerate with an extensive presence across 25 countries in Asia, Africa, and Australia, the company has earned its reputation for excellence, it said in a media release.

The company's growth is attributed to its proactive approach in developing customer focused insurance solutions during the socio-economic challenges over the past years, which has not only enhanced brand familiarity, but also promoted customer consideration and loyalty among stakeholders.

Amidst all headwinds, the company experienced a robust financial growth and expanded its footprint significantly. LOLC General inaugurated 29 new branches during the last financial year, reaching 82 branches across the island providing accessible insurance services to policyholders.

LOLC General also concluded the last fiscal year notably achieving its best-ever performance to date. The consolidated Gross Written Premium (GWP) for LOLC General Insurance (motor and non-motor) as of December 31, 2022, amounted to Rs. 8.551 billion, representing a prominent 17 per cent improvement compared to the preceding financial year.

Commenting on the outstanding feat, Kithsiri Gunawardena, Director/Chief Executive Officer of LOLC General Insurance PLC stated, “I am immensely proud of our team's dedication and resolute commitment to delivering customer-centric solutions. The future of LOLC General remains bright, and we are poised to continue making a significant impact in the insurance landscape of Sri Lanka. As we forge ahead with branch expansion and embrace the ever-changing needs of our customers, we are confident that LOLC General will remain a dominant force in meeting customer needs, setting new benchmarks and elevating the industry standards.”