LIC posts US$17 million profit in third quarter

Manama : LIC (International) yesterday said it achieved a profit of over US$17 million in the third quarter of 2017. 

This was announced during the 100th meeting of the board of directors of LIC (International) BSC held at Movenpick Hotel, Bahrain. 

The board also announced launching an innovative product, “which shall cover not only the protection, but also provides critical illness benefits from a broad range of illnesses”. The meeting was attended by V.K. Sharma, Chairman, LIC of India, Usha Sangwan, Managing Director, LIC of India, Abdulrahman Ali Alwazzan, Director, Intercol, Rajesh Kandwal, CEO & MD, LIC (International) Bahrain.

While reviewing the Q3 financial results, the board said that the company’s investment income shot up 21 per cent to over US$70m, and total premium recorded a healthy growth of over 25pc as at September 2017.  

The company, board said, has already achieved its New Business target in terms of Total First Premium Income and also Non Single Premium. 

The total First Premium Income achieved as on 15 November 2017 is over US$371m, registering a growth of over 36pc.     

In terms of new policies written, the Company registered a growth of over 6pc.   As on 15 November 2017, 18 Consultants have qualified for MDRT and 2 for COT.

The board also revealed that the Company has achieved over US$2 billion in terms of assets and reduced its operating costs by tightening the expenses.