LIC International's 139th Board Meeting Reviews Q1 2024 Performance in Dubai, Approves Financial Results, and Launches New Products

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

The 139 th Meeting of the Board of Directors of LIC (International) BSC (c) was held on 26 th June, 2024 at Dubai. Mr. Siddhartha Mohanty, Chairman and Mr. M Jagannath, Deputy Chairman of the Board of LIC (International) BSC (c) & other Directors of the Board attended the meeting at Dubai and through video-conference.

A detailed review of the new business performance, unaudited financial results, investment income, and the operating performance of the Company for the 1st Quarter of 2024 was presented in the meeting. The unaudited financial results of the Company for the quarter ended on 31 st March 2024 were approved. 

Income from Investment of the Company for the quarter ended 31 st March 2024 was BD 6.56 million compared to BD 7.29 million in the corresponding period of the previous year. The Company settled claims to the tune of BD 53.31 million in the quarter ended 31 st March 2024 compared to BD 17.31 million in the corresponding period of the previous year.

Company launched 5 new products during the year 2024. 4 products (ULIPs, Term Plan & Single Premium Endowment) were designed for UAE market and one product (Single Premium Endowment) for Bahrain market. During the year 2024, 2 Consultants have qualified for MDRT. Board members expressed their confidence that with more new products, the Company will register significant growth in new business during the year 2024.