Manama: Bahrain-based insurer LIC (International), a subsidiary of Life Insurance Corporation (LIC) of India, has seen 18 per cent growth year-to-date in terms of policies issued, the company’s top official has said.
LIC (International) managing director and chief executive Rajesh Kandwal told the GDN that the full-year premium target has been achieved much in advance.
“While the targets in single premium and total first premium were achieved in June itself, the target in non-single premium was achieved last month,” he said.
Mr Kandwal said this after the 92nd meeting of the company’s board at the Mövenpick Hotel Bahrain yesterday.
Total assets of the company increased to $1.467 billion during the last six months and the company is confident of achieving its goal of becoming a $2bn enterprise by 2020, he said.
The company’s investment income as on September 30 was $41 million and profit earned was $3.3m.
According to Mr Kandwal, a number of bancassurance agreements have been signed with banks like ADCB, RAK Bank, Mashreq Bank in Dubai and Qatar, which has contributed substantially to new premium.
“Underwriting guidelines have been revised and liberalised to a great extent making it easy for new customers to take policies without much hassle,” he added.
Besides Mr Kandwal, directors who attended the meeting included LIC of India chairman S K Roy, LIC of India managing director V K Sharma and Intercol director Abdulrahman Ali Alwazzan.
Intercol is the chief agent of the company.
Mr Alwazzan also signed a new product marketing agreement with Fakhro Insurance Services executive director Abdulla Esam Fakhro on the sidelines of the meeting.
The company also launched a completely revamped website developed with latest responsive web design on the occasion (developed by Apps House).
The website is designed in such a way that it would be very customer friendly, contemporary and provides volley of information regarding the Company, its products and services.
Ratings agency A M Best has given LIC (International) a B++ rating in financial strength with stable outlook and issuer credit rating of bbb+ with stable outlook.