LOLC embarks on insurance

LOLC, has recently secured formal approval from the Insurance Board of Sri Lanka to offer Life Insurance and General insurance as a licensed insurer. LOLC Insurance Company Ltd. is the latest addition to the LOLC Group, an already well diversified financial solutions provider.

With the addition of the Insurance arm, the LOLC group will be offering insurance solutions to customers, in addition to the wide array of financial solutions they provide to the corporate, SME and the Microfinance sectors.

The large existing customer base of the Group, is a captive audience for LOLC Insurance Co. Ltd. And will enable it to make steady inroads into the insurance industry.

LOLC, the pioneering leasing and factoring company in Sri Lanka has grown into a financial services conglomerate today offering not only leasing and factoring to its customers but a wide range of financial solutions in hire purchases, loans, factoring, microfinance, fleet management services backed by a fully fledged vehicle maintenance facility, local currency savings and fixed deposits and foreign currency deposits (NRFC and RFC Accounts) offered through its subsidiary, Lanka ORIX Finance Co. Ltd. LOLC Micro Credit, LOLC’s Micro Business arm is the largest agriculture equipment financier in the country.

LOLC group, along with its fully owned subsidiary Commercial Leasing Co. Ltd, has 104 outlets including a strong presence in the North and the East.

LOLC Insurance Company Ltd is planning to offer insurance solutions for both the General market as well as Life Insurance market targeting the SME and the Micro sectors where the group has strong roots.

The insurance operation of LOLC will benefit from the full backing of its parent company ORIX Corporation of Japan.