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LIC premium income surges 36 per cent.

MANAMA: LIC (International) registered first premium income of $371 million for the first 10-and-a-half months this year, a growth of more than 36 per cent.

This was revealed at the 100th meeting of the board of directors of LIC (International) held at Movenpick Hotel Bahrain yesterday.

The meeting was attended by LIC of India chairman V K Sharma, managing director Usha Sangwan, Intercol director Abdulrahman Ali Alwazzan and LIC (International) Bahrain chief executive and managing director Rajesh Kandwal.

The board took note of the new business performance of the company as of November 17, 2017.

The profit of the company as of end-September is over $17 million, higher than last year.

The company said it has already achieved its full year total first premium income and also non-single premium target.

In terms of new policies written, the company registered a growth of more than 6pc.

While reviewing the results, the board noted that the company's investment income grew about 21pc to $70m.

Total premium shows a growth of over 25pc as of September.

With the appointment of P K Arora as signing actuary, the risk management framework of the company will get further strengthened and it will be able to launch innovative products, said a statement.

LIC (International) also plans to shortly launch "an innovative medical product" which will also provide critical illness benefits from a broad range of illnesses.

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Publication:Gulf Daily News (Manama, Bahrain)
Geographic Code:7BAHR
Date:Nov 25, 2017
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