LIC records 34pc growth in premium

Manama : LIC (International) announced achieving its new business targets for the year 2017 recording a growth rate of 34 per cent in first premium income and 8pc in number of policies.

The company, during a board meeting held yesterday in Movenpick Hotel, said it has written a first premium income of US$385 million, which is the highest till date.

The meeting was held in the presence of Usha Sangwan, Managing Director, LIC of India, Abdulrahman Ali Alwazzan, Director, Intercol and Rajesh Kandwal, CEO & Managing Director, LIC (International)

The total net premium revenue reported growth of 34pc to US$534m in 2017 as against US$400m in 2016. 

The total revenue of the Company was US$631m as compared to US$493m last year showing growth of about 28pc. 

The investment income of the Company increased to US$98m from that of US$82m in 2016 showing growth of 20pc.

The company earned a profit of US$16.74m for the year 2017.

An amount of US$198.16m was paid to policyholders by way of claims and other payments against US$173.00m of 2016.  

The total assets increased to US$2.2bn in 2017 from US$1.8bn in 2016, showing a growth of 24pc.  

During the review, the board appreciated the good performance of the Company particularly in the area of marketing for the year 2017.