LIC reports financial results for Q1, launches new products

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

LIC (International) BSC (c), a prominent insurance company, convened its 134th Board of Directors meeting in Bahrain yesterday.

The meeting, conducted via video-conferencing, was attended by Siddhartha Mohanty, Chairperson of LIC of India and Deputy Chairman of the Board of LIC (International) BSC (c), along with other Directors.

During the meeting, a detailed review of the company’s new business performance, financials, investment income, and operating performance for the first quarter of 2023 was conducted.

The unaudited financial results for the first quarter ending March 31, 2023, were also approved.

The company’s premium income for the quarter was $16.71 million, compared to $23.8m for the same period in the previous year.

The company paid out $45.79m in claims to policyholders during the quarter, compared to $36.15m during the same period in the previous year.

The company’s total investment income for the quarter was $19.29m, compared to $22.32m for the same period in the previous year.

The company showed a net profit of $8m during the quarter.

The company’s total comprehensive income for the quarter was $5.62m, compared to a comprehensive loss of $17.5m for the same period in the previous year.

During the year 2023, the company launched three new products: two products (ULIP & Child Plan) were designed for the UAE market and one product (ULIP Plan) for the Bahrain market.

The board members expressed hope that with more new products in the pipeline, the company will revert back to normal growth in new business during the year 2023.