LIC announces surplus of $8 million

Manama : LIC (International) announced generating a surplus of US$8 million for the quarter ended 31 March 2018, despite making heavy claim payments.
The company also said it has decided to develop new categories of business namely Unit Linked Products and Group Business. New products will be launched in these categories in various markets in due course.
This, LIC said, would help it build up other new business portfolios, apart from conventional business.
The decisions were revealed during its Board Meeting held at Movenpick Hotel, Bahrain. LIC International is a joint venture Company of India’s giant life Insurance Company LIC of India and Bahrain’s prestigious business house ‘International Agencies Company Ltd. (Intercol).  The company has been providing life insurance services to its customers since the year 1989.
V.K. Sharma, Chairman, LIC of India, Usha Sangwan, Managing Director, LIC of India,  Abdulrahman Ali Alwazzan, Director, Intercol and Rajesh Kandwal, CEO & Managing Director were present for the meeting.
The investment income of the Company was $26.92 million showing a growth rate of 20.32 percent.  $56.48m has been paid out as claims to customers during the year as compared to $14.04m paid during the same period of last year.