LIC Int’l Board of Directors appreciates performance

Manama: The 93rd meeting of the Board of Directors of LIC (International) BSC (C), held at Movenpick Hotel yesterday, appreciated the good performance of the company, particularly in the area of marketing for 2015. 

Detailed review of the New Business Performance, financials and also investments for 2015 was made in the meeting.  

Targets in single Premium and Total FPI were achieved on June 30 2015, Non Single Premium on October 30, 2015 and NOP on December 31, 2015.  The following countries could also achieve their targets in different counts: Bahrain – NOP, Single Premium and Total FPI, Dubai-NOP, NSP, SP and Total FPI, Qatar – NOP, SP and Total FPI.

Twenty-four Net Addition could be done in Number of Consultants reflecting an increase of 15 per cent.  Record number of 28 MDRTs, 3 COTs and 1 TOT could qualify in the year 2015. After a long gap 2 new conventional products (SAHI and PTA) were introduced during the year.

A co-branded credit card was launched with First Gulf Bank from September 1, 2015.  The company entered into Bancassurance arrangements with ADCB, RAK Bank, Mashreq Bank in Dubai and Mazhreq Bank in Qatar. 

Agreements were entered into with reputed brokers of the region by different Chief Agents – Nexus (Bahrain and Kuwait), Crescent (Bahrain) and Fakhro (Bahrain). The Group Insurance Vertical was made operational by completing the first scheme in Dubai during the year.

Host of activities were taken up across all territories in all formats of media – newspaper, Radio, Billboards, sponsoring of events etc.  A user friendly LIC Intl Mobile Application was launched by S.K. Roy, Chairman in March last year, which provides a wide range of information like policy status, paid up value, bonus and branch location etc.

A revamped and redesigned website was launched later in November.  It has entered into a new Reinsurance Treaty Agreement with Munich-Re for its Individual Life business for all the new business written by the company on or after January 1, 2013.

AM Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” of Life Insurance Corporation (International) BSC © (LICI, Bahrain).  The outlook for both things remains stable.

The Brand Manual for the company was designed and adopted so that a strong and separate Brand Identity can be developed over the next few years. USD 116.67 million was paid to policyholders by way of claims and other payments against USD 85.2m of 2014. 

The total assets of the company increased to USD 1504m from USD 1240m in 2014, a growth of 27pc.  The company earned a profit of USD 11.9m last year. It is poised to post excellent results  in 2016 also. V.K. Sharma, Managing Director, LIC of India,  Abdulrahman Ali Alwazzan, Director, Intercol,  Rajesh Kandwal, CEO & Managing Director, LIC (International) attended the meeting.