LOLC General Insurance secures position as fastest-growing brand in 2023

Kithsiri Gunawardena Director/CEO LOLC General Insurance PLC

LOLC General, the General Insurance arm of 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 stands as 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 twenty five countries in Asia, Africa and Australia, the company has earned its reputation for excellence.

The company’s remarkable growth can be attributed to its proactive approach in developing customer focussed 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. This success is evidenced by a thirteen-point increase in the Band Strength Index Score, the highest growth in this metric across the entire ranking.

LOLC General also concluded the last fiscal year with a resounding success, achieving its best-ever performance to date. Notably, 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.

LOLC General Insurance PLC Director and Chief Executive Officer Kithsiri Gunawardena stated; “I am immensely proud of our team’s dedication and resolute commitment to delivering customer-centric solutions. Our remarkable growth on the Brand Finance Index 2023 reflects the trust and support of our stakeholders and it is a tribute to the hard work and innovative spirit of every individual at LOLC General. 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”

LOLC General consistently demonstrate their firm commitment to conducting business with transparency, fairness, equity, and sustainability, all the while striving to improve the lives and livelihoods of individuals across the nation.

Brand Finance Lanka, renowned for its brand valuation and strategy expertise, recently unveiled its 20th annual review of Sri Lanka’s 100 most valuable brands.

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