LIC net premium at $258.5 million

Manama 

The Annual General Meeting and 90th Meeting of the Board of Directors of LIC (International) BSC (C) was held yesterday. The meeting was attended by S.K. Roy, Chairman, LIC of India, V.K. Sharma, Managing Director, LIC of India, Abdulrahman Ali Alwazzan, Director, Intercol, S. Srinivasan, Professor (Finance), University of Bahrain, Rajesh Kandwal, CEO & MD, LIC (Int’l) Bahrain.

 The total number of policies in force as on December 31, 2014 is 95653.  In the year 2014, 11274 new policies with Sum Assured of US$178.79 million were issued.  The net premium collected by the company for the year was US$258.49m.

 An amount of US$.85.18m was paid to policyholders by way of claims. The growth in Non Single Premium was an appreciable 62pc.

The company has also declared enhanced bonus rates ranging from $27.5 to 32 per thousand sum assured.

The performance of the company in the area of investments for 2014 was also commendable with a growth of 52.31pc in investment income.

The company has also finalized bancassurance agreements with two reputed banks of GCC, ie. RAK Bank and Abu Dhabi Commercial Bank (ADCB).  Immediately after signing of the agreement, RAK Bank has contributed US$75m premium.  ADCB is also likely to start the business soon.