LIC International records $37.40m investment income

Manama : LIC (International) announced it has achieved 91 per cent of its yearly target in terms of Total first Premium Income. 

This was announced during its 95th Board of Directors meeting held at Movenpick Hotel, Bahrain on 11th August, 2016. Reviewing business performance at the end of first seven months of the year, the board said the company as a whole achieved as on 31st July, 2016, Number of Policies – 6612, Non-Single Premium/Regular – US$25 million, Single Premium – US$208m and Total Premium – US$233m.

The Investment Income as on 30th June 2016 is US$37.40m.  The total assets increased to US$1692m during the last 6 months and the company said it is moving rapidly towards the US$2 Billion benchmark.  The net income is US$6.8m and Comprehensive income is US$12.92m.

The company also said it  has successfully migrated from the IT system of TCS to E-Life, a system developed by its parent company, LIC of India.

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 and Rajesh Kandwal, CEO & MD, LIC (International) Bahrain.