LIC (International) reports premium income of US$33.24 million

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

LIC (International) reported financial results for the halfyear period ending on 30th June 2023, posting a total premium income of US$ 33.24 million against US$ 47.61 m for the corresponding period of last year.

During the period, LIC said it paid US$ 85.89 m as claims to policy holders, when compared to US$ 72.96 m paid during the corresponding period of last year.

The total investment income of the Company was US$ 44.14 m as against US$ 43.50 m during the corresponding period of last year.

The results were announced during a board meeting held on Thursday in Bahrain in the presence of Siddhartha Mohanty, Chairman of the Board, M Jagannath, Deputy Chairman of the Board and other directors, The meeting reviewed New Business Performance, Financials, Investment Income and the Operating performance of the Company.

LIC further said six consultants have qualified for MDRT (as compared to seven during the corresponding period of previous year), as on 31st July 2023.

The company also said it launched three new products during 2023.

Two products (ULIP & Child Plan) were designed for UAE market and one product (ULIP Plan) for Bahrain market. ULIP regular premium product will be launched in Sept.

2023 for Bahrain Jurisdiction.

Board members expressed their hope that with more new products in the pipeline, the Company will revert back to normal growth in new business during the remainder of the year 2023.