Richard Peiris ventures in to insurance

Hemanthi GURUGE

One of the largest blue chip companies, Richard Pieris and Company ventured into the insurance industry under the brand “Arpico” with an investment of Rs 500 million.

Richard Pieris and Company Chairman Sena Yaddehige said that the company will invest another Rs 200 million during the next few years to expand and upgrade its business throughout the country.

“Sri Lanka is maintaining a steady economic growth over the past three decades and this has opened up new opportunities. We feel that this is the best time to launch a new insurance company, 80 years of business success. “Insurance for living” would be the theme of this new venture,” he said.

Arpico Insurance would set up 10 branches and it is looking at expanding its branch network to 50 within the next few years. Arpico Insurance currently employs over a 100 strong sales force and 20-25 employees in the back office. The direct and indirect workforce of the company will increase up to 500 by the end of this year,” Yaddehige said.

Their service portfolio includes education plans, hospitalization plans, income replacement plans, retirement plans, health plans, investment plans, loan protection plans and others.

He also said that plans are underway to enter into the leasing and finance sector during this financial year. Richard Pieris and Company, one of the largest and most successful diversified business conglomerates based in Sri Lanka has been ranked 13th best cooperate in the country.

Richard Pieris group posted an all time high profit from operations during last financial year of an impressive Rs 3.4 billion and a post tax profit of 2.2 billion in 2010/2011 with estimated group turnover to reach Rs 32 billion. Arpico Group now has over 42 subsidiaries and employees in excess of 30,000.