LIC International on a roll in Bahrain
Manama : LIC International yesterday announced it has achieved the annual target of 112 per cent in Non-Single Premium, 105pc in Single Premium and 105pc in Total First Premium Income as on 31st October 2016.
The company also said it is very much poised to achieve its Number of Policies (NOP) target as well much before the year-end. LIC has recorded a 22pc growth in NOP.
This was revealed during the 96th Meeting of the Board of Directors of LIC (International) BSC (C) held at Movenpick Hotel yesterday. V.K. Sharma, Chairman (In Charge), LIC of India, Abdulrahman Ali Alwazzan, Director, Intercol and Rajesh Kandwal, CEO & MD, LIC International Bahrain attended the meeting.
According to the latest figures released by CBB, the market share of LIC International has increased to 95.03 per cent from 88.88pc in Number of Policies and to 47.48pc from 38.11pc in Total Premium Income.
Looking ahead
As a part of its expansion strategy, the company said it has applied for Branch Licence in Abu Dhabi and obtained the same in the month of September 2016. After the final process of obtaining different other approvals are over, the Company is going to start its full-fledged operation in Abu Dhabi soon.
B++ rating
The rating of the company by the International Rating Agency M/s. A.M. Best has been retained as B++ (Good) like the previous year.
Consultants honoured
V.K. Sharma honoured 10 consultants from different units who could qualify for MDRT 2017 by 15 May 2016. The consultants who were honoured are Bahrain: K.K. Praveen; Dubai: Sandesh Kitlekar, Anantharaman T.V, Premkumar Harris, Mofijuddin Khan, Kiran Jain, Baiju Balan; Qatar: R. Sreeivasa Rao, K.C. Surendran.
VK Sharma Chairman
LIC International has elected V.K. Sharma, new Chairman (In Charge) of LIC of India as the Chairman of the board of the company.
Sharma takes over from S.K. Roy who had resigned from his post with effect from 16th September 2016. The appointment follows the approval of CBB.
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