LIC holds 94th Board Meeting, Annual General Meeting

Manama : The Annual General Meeting and 94th Meeting of the Board of Directors of LIC (International) BSC (C) was held yesterday at Movenpick Hotel, Bahrain.

A number of officials including S.K. Roy, Chairman, LIC of India; V.K. Sharma, Managing Director, LIC of India; Abdulrahman Ali Alwazzan, Director, Intercol; and Rajesh Kandwal, CEO & MD, LIC (International) Bahrain attended the event.

The financial results of the company for the year 2015 were approved.

The Bonus rates for different plans for 2015 were also approved. 

In spite of the prevailing difficulties in the overall investment atmosphere, the company could sustain the bonus rates at the prevailing rates for all the plans and terms. 

An amount of 10 per cent was approved as dividend to the shareholders.

The New Business performance for the 1st Quarter (as on March 31, 2016) was appreciated by the Board. The company could complete 2723 policies, USD 90 Million as Single Premium, USD 6 Million as Non-Single Premium with a growth rate of 26 pc, 172pc and 102pc respectively. 

Two Consultants from Dubai could also qualify for MDRT during the Year so far. There was an addition of 5 Consultants for the company during the 1st Quarter.

The investment income for 2016 was USD 16.2 m showing a growth rate of 18pc. An amount of USD 110 m has been paid out as claims to customers during the year up to March 31, 2016.

The total comprehensive income for the Company is USD 11 m. The overall expense ratio for the 1st Quarter was 4.91pc as against 7.34pc of last year. Coming to investment the YTM of Debts portfolio of the Company was 5.95pc. 

The net NPAs stood at 1.27pc.