LIC Intl achieves targets

Manama : LIC (International) yesterday said it achieved its targets in all counts for the year 2016 reporting a profit of US$13.75 million for the year 2016.
Investment income during the period rose to US$81.93m from US$63.02m  recorded in 2015.
The company during the year paid US$173.18m to policyholders by way of claims and other payments against US$116.67m made in 2015.  
Total assets increased to US$1800.46m in 2016 from US$1504m in 2015, showing a growth of 19.7
per cent.
The results were announced during the 97th Meeting of the Board of Directors of LIC held in Movenpick Hotel, Bahrain, yesterday.
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, LIC (International) were present at the meeting. Detailed review of the New Business Performance, financials and investments for the year 2016 were discussed during the meeting.
The board appreciated the performance of the company particularly in the area of marketing for the year 2016 and announced achieving all its targets in all counts for the year 2016 (NOP-104pc, NSP-129pc, SP-110pc, TFPI-112pc) and that there was growth in all the counts with 25pc in NSP.  
Software launched A software to be used by the intermediaries for marketing the products of the company was launched by the Chairman.  The software is designed to help the consultants not only in making a need analysis for the customers, but also in providing the right kind of solution to their financial problems.
The company said it could consolidate its position under group insurance by covering approximately 13,000 lives and US$800,000 premium, which was completely profitable for the company.
Looking ahead, the company said it is poised to post excellent results in all the areas in 2017 with A.M. Best affirming its financial strength rating of B++(Good), like the previous year.