LIC International hold AGM

Manama : The annual general meeting and 98th board meeting of the Board of Directors of LIC (International) were held yesterday at Movenpick Hotel. Board welcomed the two new independent non-executive directors; A.K. Roy, former chairman-cum-managing director, General Insurance Corporation of India and Dr. S.N. Sarma, Associate Professor, University of Bahrain.

The financial results of the company for the year 2016 were approved. The bonus rates for different plans for the year 2016 were also approved. In spite of the prevailing difficulties in the overall investment atmosphere, the company could increase the bonus rates by half a dollar per 1000 Sum Assured for all the plans and terms.

An amount of 10 per cent was approved as dividend to the shareholders.

Seven Consultants could also qualify for MDRT during the year so far.

The investment income of the company as on March 31, 2017 was USD22.37 million showing a growth rate of 38.36 per cent. An amount of USD14.04 million has been paid out as claims to customers during the year upto march 31, 2017.

The total comprehensive income for the company as at March 31, 2017 was USD30.46 million.