Arpico Insurance PLC was incorporated as a Public Limited Company in 2011, and received the license as a Life Insurer in the same year by the Insurance Board of Sri Lanka primarily providing life insurances. The company reached a GWP of Rs. 100 mn within the first year of its commercial operations.
It was the Group Chairman, Dr. Sena Yaddehige’s visionary leadership thinking that made the group venture into the insurance business in 2011.
The company completed the year 2016 on a high note, recording a GWP of Rs. 740 mn and with a profit of Rs. 107 mn, which is a growth of 56% and 328% respectively.
“Our company is built on values which are its pillars of strength and the force behind its success. As a growing insurer, we believe that it’s important to be unequivocally ethical and authentic in all our actions,” says Acting Chairman Viville Perera in the company’s Annual Report 2016.
‘Insurance for the Living’ the company’s tag line boosted to its pinnacle in the insurance industry, highlighting a new concept of customer benefits. Arpico Insurance PLC has 33 branches and will expand its network up to 45 branches by March 2018. Life insurance is a segment that is yet to penetrate among the people in Sri Lanka, especially in rural regions. According to statistics, only about 14% of the population is said to have obtained life insurance covers and the awareness is now steadily picking up. With 1st of September being declared as the National Insurance Day, spreading awareness across the country has positively influenced and the government and the IBSL have been actively involved in this venture. Arpico Insurance has taken steps to educate people especially in the rural areas spreading awareness about the importance of a life insurance cover.