LIC Lanka reported a gross written premium (GWP) of SLRs925m ($3.04m) for 2023. Credit: Nisha Dutta/Shutterstock.

Life Insurance Corporation (LIC) of India has increased its stake in its Sri Lankan subsidiary, LIC Lanka, with an investment of Rs140m ($1.67m).  

This move will raise LIC’s shareholding from 90.91% to 93.75% following the allotment of shares.  

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The capital injection is intended to meet the regulatory requirements set by the Insurance Regulatory Commission of Sri Lanka. 

According to a regulatory filing dated 5 July, the additional capital is necessary to maintain the minimum total available capital as mandated by Sri Lankan insurance regulations.  

LIC Lanka reported GWP of SLRs925m for 2023.  

The decision over the capital increase comes in the wake of approval from the Insurance Regulatory and Development Authority of India (IRDAI), which authorised the additional investment on 14 June 2024. 

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LIC India, established in 1956 and wholly owned by the Government of India, has grown significantly over the years.  

With an asset base of $48.35bn, the company’s market presence is substantial, holding a 72% market share in India.  

LIC Lanka, a joint venture between LIC India and Sri Lanka’s Bartleet Group, has been operating in the Sri Lankan market since 2002, although its presence dates back to 1956. 

The Bartleet Group, a diversified conglomerate in Sri Lanka, has a history spanning more than a century, with interests in various sectors including tea, finance and stockbroking.  

Despite exiting the Sri Lankan market in 1962 due to nationalisation, LIC continued to contribute to the development of the local insurance sector by training Sri Lankan officials.  

LIC re-entered the market as LIC Lanka and has since established a strong presence, operating across more than 25 locations on the island and offering a wide range of products and services.