LIC’s investment income rises in Q3

TDT | Manama                                                        

The Daily Tribune – www.newsofbahrain.com

The 136th Meeting of the Board of Directors of LIC was held on 23rd November. Siddhartha Mohanty, Chairman of the Board, M Jagannath, Deputy Chairman of the Board and other Directors of the Board attended the meeting through video-conference.

A detailed review of the New Business Performance, Financials, Investment Income and the Operating performance of the Company for the period up to September 30 was made in the meeting.

The Unaudited Financial Statement in the third quarter was approved. The Net Premium Income of the Company was USD 49.40 million in Q3 as compared to USD 77.53 million for the corresponding period of last year.

An amount of USD 275.13 million has been paid as claims to policyholders during the period as compared to USD 210.31 million the previous year. Income from investments of the Company in Q3 was USD 61.16 million as against USD 60.66 million during the same period last year.

The company launched a new product in UAE – LIC International Child Education Plan during the year 2023. Likewise, a new Child Education Plan for Bahrain is likely to be launched in December 2023. Earlier, Non Single Premium Unit Linked Insurance Plan (ULIP) was launched for the UAE and Bahrain Branches.