CEO of Arpico Insurance PLC Harsha De Alwis (centre) exchanging the MOU with CEO of Richard Pieris Finance Ltd Lohika Fonseka. Also present are (L-R) Nelushan Gunewardena, Head of Marketing; Sawan Rodrigo, AGM; Toni Kitchilan, GM; Melanga Doolwala, GM from Arpico Insurance PLC; and Ajith Ranasinghe, CFO; Imruz Kamil, AGM; Randil Keerthipala from Richard Pieris Finance Ltd.
With a reputation for being the most innovative Life Insurance provider in the country, Arpico Insurance PLC stepped up to create an exclusive policy that provides a life cover of up to Rs. 1,000,000 to customers of Richard Pieris Finance Ltd. The MOU in this regard was signed on the 27th of August 2020 in the presence of senior officials of both companies.
Richard Pieris Finance boasts an asset base of Rs. 18 billion with fixed deposits totaling to Rs. 8 billion, both monumental achievements having forayed into the industry only seven years ago. With over 15 branches strategically located island-wide and over 300 dedicated professionals, Richard Pieris Finance claims an extensive product portfolio, ranging from vehicle leasing, fixed deposits, savings, business financing, to home loans, Arpico furniture financing, supplier financing, and alternative financial solutions.
Lohika Fonseka, CEO of Richard Pieris Finance Ltd, said ‘We continuously seek ways to add value to our customers in everything we do. The signing of this MOU marks a very important milestone to us. With this initiative in place, we look forward to further strengthen our relationship with Arpico Insurance PLC and work more closely on a number of shared goals that is sure to give our customers the best of both worlds.’
Both companies are backed by the strength and stability of its parent entity Richard Pieris & Company PLC, which is one of Sri Lanka’s most successful and respected conglomerates and a name that has an outstanding reputation for championing the hearts of Sri Lankans for over eighty five years.
‘We take great pride in joining hands with Richard Pieris Finance to provide all their customers with a comprehensive life insurance cover. This agreement accurately reflects our business philosophy and the shared values of our parent company. Being in existence for less than a decade, we are immensely proud to be one of Sri Lanka’s fastest growing and most trusted Life Insurance companies today,’ said Harsha De Alwis, CEO of Arpico Insurance PLC.
Arpico Insurance PLC have embarked on an aggressive growth plan that will see them increasing their geographical footprint through several branch openings, the addition of new products and services to their already expansive portfolio as well as building and fostering new partnerships that are certain to benefit all stakeholders.
Excluding its Group Life revenue, the company recorded its highest ever monthly sales figure in January of this year, exhibiting over a 100pct growth in new business for the month, in comparison to January last year. It was also one of the first companies to provide medical and life cover during the Covid-19 pandemic.
The renowned insurance provider presently offers a range of products such as endowment, term assurance, education, investment, retirement, group assurance and loan protection amongst others. Arpico Insurance PLC was named ‘Most Trusted Life Insurance Brand in Sri Lanka’ for 2019 and ‘Most Successful Life Insurance Company in Sri Lanka’ for 2018 by Global Brands Magazine, and was also awarded the ‘Fastest Growing Life Insurance Company in Sri Lanka’ in both 2017 as well as 2018 by Global Banking & Finance Review Awards.